Facebook Advertising: Best Practices Applied for Financial Institutions
JULY 26, 2012:
Jason Douglas, Interactive Marketing Strategist
Social Media Marketing Strategy Results
An ongoing debate in the online advertising world has been surrounding the legitimacy of Facebook Advertising as a lead generation tool. Shortly before the Facebook IPO went public, GM pulled all of their ads from Facebook
stating that paid ads on the site have little impact on consumers’ car purchases.
I agree. But that should have been known ahead of time. When the wrong expectations are set, it can change how results are measured.
Jason Keath from SocialFresh compiled a list of 105 Facebook Advertising Case Studies
from all industries. Let’s look into a few examples that could work in the financial and healthcare world:
American Express ran a promotion called “Small Business Saturday” asking AMEX card holders to shop local. AMEX created a Facebook page around Small Business Saturday, launched marketplace ads and premium reach blocks to drive people to the AMEX Facebook page. Results:
What this means for you:
Small businesses saw a 28% increase in revenue YOY
The AMEX Facebook page received over 1.4 million fans
The event received over 3,000 mentions in the press nationwide
Yes, AMEX is an international brand. But you can do something similar on a local scale. This would require reaching out to specific companies in your area and partnering with them to offer discounts, cross-promotions, etc. Don’t expect 1.4 million fans, but your customers and members could discover a new hot spot in town. And, your financial institution may gain new customers and members who are loyal to your business.
In 2010, Nokia released a new platform that offered a free download of a map app, Ovi. The goal was to reach a wide audience of users age 13+. Nokia took out two Reach Block ads targeted to their demographic and including a video showing Ovi’s features and it called for users to connect (like) the Nokia Facebook page. Results:
What this means for you:
Nokia Facebook page received over 100,000 connections in the first two months
After six months, the page had over 1 million connections
The video on the Reach Block ad was viewed over 175,000 times
People are becoming more mobile savvy and want access to everything they are a part of wherever they are. Healthcare companies are coming out with mobile applications such as Blue Cross Blue Shield’s Goal Getter, which acts like a personal nutritionist to help you get in shape, track what you eat and how many calories you burn from working out. There is a large demographic that may own a smart phone but are not mobile savvy. Creating an app for your patients to help them live a healthy lifestyle with informative how-to videos could help engagement and long-term loyalty.
It is a shame when a good idea with good execution is ruined by the wrong expectations. Setting the right goal is essential in any advertising or marketing campaign and should be done first before strategy and execution are discussed.