With 1.49 billion members worldwide and 22 billion ad clicks per year, Facebook is providing businesses with one of the largest mortgage marketing opportunities ever. The average cost per click on Facebook is $1.86, which is a fraction of what other online marketing channels cost. Once you’ve found an audience that converts, you can literally clone that audience using lookalike audiences to target other leads with similar properties.
Let’s break down the process to get your first Facebook mortgage marketing campaign up and going!
Step 1: Set up a business page
The first step to getting started with Facebook ads for mortgage is to create a business page from which you can advertise. To create a page, just click the + button in the top right corner and select “Page”.
Step 2: Create an ad
Open your business Page from your computer, and click the blue button on the lower left. Then choose what you want your ad to help you do. If you’re a loan officer and you want to get more people to check out on your website, you’d pick “Get More Website Visitors”. If you are looking to get more leads, choose “Get More Leads”.
Next, add images or videos and text for your ad. Facebook might suggest an image and text, but feel free to change them. For loan officers, a short educational video might be a good idea. Your text should be short, simple and catchy.
Step 3: Create an audience
This step is where you tell Facebook who you want to reach. Due to Facebook’s non-discriminatory policies, mortgage brokers and anyone in this line of business would fall under special categories (Credit, Employment or Housing). This means you cannot edit age, gender, or target audiences by ZIP code. Some demographic, behavior and interest options are also unavailable. Make sure to adhere to these guidelines or your ad may be rejected.
Step 4: Determine a budget
With Facebook ads, even a modest budget can go a long way. Tell Facebook how long you want your ad to run and how much you’d like to spend. You’ll never be charged more than the budget you choose, and you can even see an estimate of how many people your ad may reach. Then, pick how you want to pay.
Step 5: Review and publish
Once you complete your ad, it’ll go through a review process to check that it doesn’t violate any of their ad policies. If it’s approved, it should start running right away.
Once you see how your ad is performing, if you’re not happy with the results, you may be able to edit it or pause it.
Extra Step: Facebook Pixel
Whether you want to retarget or track your customers’ journey, it is a good idea to install a Facebook pixel. Pixel is a few lines of code from Facebook that you copy into the header section of your website. This code allows the pixel to receive information about the actions taken on your site to make your Facebook ads for mortgage more relevant to your audience.
Before you begin, make sure you have a website and are able to update your website’s code. To create a Facebook pixel:
- Go to Facebook Events Manager > Pixels.
- Select Create a Pixel.
- Enter the name for your pixel and select Create to confirm.
- Choose your installation method
There are a wealth of mortgage marketing benefits that come with setting up a Facebook pixel, such as to deliver a campaign to reach people who visited a product page but didn’t complete a purchase to encourage them to go back to the website to do so. You can also create an audience of everyone who’s visited your website in the past 30 days.
Check out the video below to see how else you can benefit from Facebook ads for mortgage!