4 Reasons Why Your Bank Should be Advertising on Facebook

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4 Reasons Why Your Bank Should be Advertising on Facebook

When you hear the buzz about social media advertising, there is a reason.

It works!

Let’s zero in on just Facebook advertising. With one billion people active on Facebook, including 200 million just in the US, this is a powerful tool right at your fingertips to reach a lot of people.

If you aren’t actively utilizing this incredible resource to meet your bank’s business objectives, you should consider it. And I’ll give you four reasons why.

4 Reasons Why Your Bank Should be Advertising on Facebook

1. People Spend a TON of Time on Facebook

Facebook is too huge for a financial institution of any size to ignore.

I’m assuming you’ve got a Facebook page, and it’s where your customers (and future customers!) hang out. In fact, the average person spends 30% of their day on social media—that’s almost 2 hours a day.

The average American spends about 50 minutes on Facebook alone– liking and sharing content. Yet Facebook only has 2 million active advertisers? What?

Talk about an opportunity?!

2. Facebook Advertising is Affordable

$500 will get you fantastic results on a Facebook ad campaign. That is a lot less money than billboards or most print ads.

That said, be sure to keep your budget in line with your goals. You won’t accomplish big goals with a teensy budget. And Facebook results are measured against your goals- scale them appropriately.

Want to give Facebook ads a try at your bank? Most of the financial institutions we work with run these types of ads:

  • Brand awareness
  • Clicks to a particular web page
  • Promoting an event
  • Video views
  • Growing their email newsletter

3. Targeting is Amazing

Facebook lets you get WAY more targeted than you might realize.

Banks can target users with Facebook Ads by location, (some) demographics, interests, and behavior. But Facebook can also help you get in front of specific, and motivated, segments of your audience.

Consider these powerful targeting options you probably have never heard of:

  • Life-event targeting
  • Audiences that look like your current fans (“Lookalike Audiences”)
  • Geographical targeting during an event
  • Lifestyle-activity targeting

Amazing, right?!

Facebook’s advanced advertising platform lets you target your ideal audience. Not just the one you have now. That is a powerful and responsible use of your bank’s ad dollars.

4. Facebook Ads Data is Awesome!

When you advertise on Facebook, you can see within hours (yes, that quickly!) how well your ad is performing. Facebook measures results based on the type of ad you select… your “marketing objective.”

Data and ad tracking also allow you to test. Have you heard of “A/B testing” or “Split Testing”?

A/B tests deliver different ads to the same audience, at the same time, to see which one works better. Once you have determined your winner, just turn off the one that isn’t achieving your goal and spend your resources on the ads that do. That power is awesome!

 

So, give Facebook ads a try. We’ve seen them have enormous benefits for financial institutions of all sizes.

Facebook advertising will be worth the time and money you invest. And, they can help turn your social media into a hugely successful tool for your bank.

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About Author

Amy Jones

Amy has been a marketing professional in Huntsville for over 15 years. She has a diverse background in marketing, special events and public relations from the corporate world, shopping center management and non-profit performing arts. As an account manager with Move Digital, Amy enjoys helping clients tell their story through a dynamic digital footprint. Amy is also the web content manager for Our Valley Events, a hyper-local website keeping the Rocket City in-the-know. During her non-screen time, Amy is the busy mom of 2 boys who likes to obsess over musical theatre, Doctor Who and Snapchat (in that order).