- Do you operate a Credit Union and want to set up your Facebook Ads Account to increase leads? Check out our Facebook Ads Setup Plans.
- Want to learn how to do Facebook Marketing yourself expand and attract more clients? Enroll in our Facebook Ads Marketing Course!
- You can also give us a call at 1-619-642-2500 to start creating a digital strategy for your Credit Union Business.
Facebook ads are all the rage at the moment, and that’s for a very good reason. Facebook now boasts of over 2.19 billion monthly active users, making it the must be place for any business that seriously wants to achieve growth by attracting new customers. For Credit Unions, Facebook offers an opportunity to increase membership through a wide range of targeting options.
How Credit Unions can benefit from advertising on Facebook
The biggest thing about Facebook is that it has so much potential. Just consider the figures that we gave at the top, and you will understand what we are talking about. However, many of the businesses that advertise on Facebook end up struggling to get meaning returns on their investments. And why is that the case?
Well, the answer to that is that Facebook marketing can be a bit challenging, particularly for beginners. What you don’t want to do is to jump onto the bandwagon for the simple reason that you have heard that others are doing it! What you need is a proper strategy for your Credit Union to achieve growth through the platform, and that can only begin by having a properly laid out set of Objectives for your advertising campaign;
- What is your Objective?
You will notice, when you go to Facebook Ads Manager and begin the process of creating an advertisement for your Credit Union, that the first thing that you are asked to do is to choose your “Objective.”
This step is important. You need to ask yourself, even before beginning the process, what it is that you wish to achieve through your Facebook Marketing campaign.
For a Credit Union, the obvious answer is to attract the right kind of leads, who you will convince that the low cost loans that you have on offer are better and more beneficial than what they would otherwise get from banks.
Available Facebook Ad Objectives
The good thing is that Facebook offers a wide range of Objectives, from which you are required to choose the one that’s most suitable for your campaign. These include;
- Catalog Sales
- Store Visits
- App installs
- Video views
- Lead Generation
- Brand Awareness
Which Objective is best for Facebook Ads for Credit Unions?
The reality of advertising on Facebook is that there is no one Objective that one can say should be specifically used by this or that type of business. The truth of the matter is that your objective is largely going to be dependent on what it is that you are trying to achieve with your campaign.
If, as an example, you wish to have people visit a landing page that you have created, then “Traffic” would be a good Objective. You could also be trying to create brand awareness, or to get people to get in touch with you (Messages) after seeing your ad. For this example, we are going to choose “Messages,” as our Objective.
- The importance of having a clear conversion funnel
Part of the process of having clear cut Objectives for your Facebook Ads includes knowing exactly how you are going to take advantage of the leads that you generate through Facebook. Again, you don’t want to simply flight ads on the platform for the simple reason that others are doing it. It’s important, therefore, for you to have a clear conversion funnel before even starting the process of having Facebook ads for your Credit Union.
For this example, we are going to have people who click on our ad given the option to leave a message that will enable us to get in touch with them later. If your objective is to have them directed to a landing page, either on your website or elsewhere, you should make sure that the page is properly geared towards turning their interest into a conversion. Remember, advertising on Facebook and elsewhere will not work as long as you are only making half hearted attempts to achieve your goals!
- Narrowing down on your chosen audience
Now that you have chosen your Objective and have laid out a clear cut conversion funnel for Facebook Ads for your Credit Union, the next thing that you need to do is define and zoom in on your target audience. Facebook offers a number of options in this regard, all of which are designed to make sure that your ads are only delivered to people who have an interest in what you have to offer;
The nature of today’s business environment is such that many of the businesses that are out there are no longer limited by the bounds of time and space. An online retailer, as an example, can sell and ship products to any part of the globe.
For Credit Unions, the area of reach many not be that far reaching. Still, it is important, as part of the process of creating Facebook ads, to determine the location to which you wish to have your ads delivered. For the sake of our example, were are going to choose California as the area of operation for our credit union. Note that you can choose as many locations as you wish across the globe, and can limit the delivery of your ads to a specific radius.
- Age, Gender, Languages
This is another setting that you can use to really narrow down on the people who you are trying to reach with your ad. For our example, people under the age of 30 are really unlikely to be interested in our services, and we are going to use that as the starting off age. You can also choose to target only men or women who speak a particular language.
Demographics, Interests, Behaviors
This, in our view, is by far the most important of settings when it comes to narrowing down on your target audience. Here, you can choose to have your ad delivered only to people of who fall within a particular demographic group, or who have expressed an interest in a particular subject, or who have exhibited a certain type of behavior.
For our example, we are going to have our ads delivered to people who have stated on Facebook that they are small business owners, and to those who make over 400 thousand dollars a year.
The and/or factor
One thing that we need to point out here is that Facebook allows you to choose to either have your ads delivered only to people who fall within any one of your chosen categories, or only to those that satisfy all the stated demographics, behaviors and interests.
For our example, we are going to have our ad delivered to people who, as stated above, are small business owners who make over 140 thousand per year. Note that because we have separated these settings, our ad will only be delivered to people who satisfy both requirements.