In recent times, we’ve seen social media take over the world of advertising. If we looked back ten years, we couldn’t have imagined just how the likes of Facebook would go on to transform the advertising niche. Although it started as a free source where we could communicate with customers and drop the odd advertising post, it now mostly requires paid ads.
Each year, Facebook ramps up the focus on ads and it means that businesses are having to move some of their marketing budget across to the platform. Just like leaflets back in the day, however, Facebook ads is the technique that everybody is now utilizing. Today, we want to look at three reasons why Facebook ads dominate.
Whenever we spend even one dollar on advertising, the most important requirement is that it reaches our target market. Whenever a single dollar of advertising goes towards somebody who doesn’t have any interest in the brand, this has been wasted. Luckily, Facebook has highly-advanced audience-targeting filters.
When attempting to generate real estate leads, you can target specific markets depending on age and location. Suddenly, you’re generating leads who you know are nearby and are the right age to take advantage of your service. Even if they don’t have an interest right now, they;
- Will bear you in mind for the future
- May recommend your service to friends/family/colleagues
As the Facebook ad platform continually expands, it’s getting easier to create hyperlocal campaigns too and this is essential for real estate agents.
In fact, it’s also becoming possible to target specific markets depending on the property type. For example, some real estate agents are able to send five-bedroom homes to older demographics. Meanwhile, the younger audience will be sent new downtown loft listings and properties likely to catch their attention.
If you were to accept the words of some as gospel, you would think that Facebook ads are becoming more expensive. If you were to look at CPM (the amount it costs for 1,000 people to see advertisements) and even cost per impression and engagement, you would think this is the case. However, to only look at these metrics would be to do Facebook a disservice. Why? Because, for many, cost per lead is actually decreasing.
Sure, you could be paying more overall and it might cost more to get your brand in front of your audience (probably due to increased competition), but it CAN cost less to generate leads. Of course, the emphasis is on ‘can’ because this will only be the case when you focus on the things you can control. You can’t control the competition, but you can optimize your ad with a great headline, description, call to action, landing page, videos, and images.
Finally, advertising also requires a return on investment to make it worthwhile and it’s fair to say Facebook ads provide this. Although these numbers will vary based on your location, many real estate agents are able to generate up to 80 leads each month by spending between $500 and $1,000. While this might seem a heavy investment, we have to remember the high return on real estate leads.
In many cases, just one lead converting into a customer can produce a return. Once you consider their repeat business in the future and recommendations to others, this investment actually looks tiny.
If you didn’t know why Facebook ads dominate, hopefully you now have more of an insight. If you’re looking for some extra advice for your own ads, here are some quick-fire tips;
- Implement a lead follow-up system
- Match the audience size with your own goals
- Home in on your location
- Don’t be afraid to spend money
- Keep campaigns short and look to continually improve
- Get on the timeline of your target audience
- Make sure the ad has a clear message
- Add a clear CTA