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Facebook ads for advisors, part 2

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My previous post outlined why Facebook ads are an important part of your organization’s social media marketing campaign. This second part delves into the technical aspect of Facebook ads and how to implement them successfully.

There are two types of Facebook ads: premium and marketplace ads. Premium ads require you to contact the Facebook sales team and set up your advertising goals together. Marketplace ads are more common and are a self-serve tool. There are four main steps to create your ad:

1. Identify your goals. Do you want to increase sales? Generate awareness with a local audience? Promote a specific event? Or get more people to like your page?

2. Define who you want to reach. Where are they located? Are they all in the same region? Do your customers fit into a specific age range or share an interest in a particular topic?

3. Create your ad and set your budget. Here are some terms to know:

  • Ad pricing types: With cost per click you pay each time someone clicks on your ad, and with cost per thousand impressions, you pay based on the number of people who view your ad.
  • Daily budget: The maximum amount of money you’re willing to spend on an individual campaign per day.
  • Lifetime budget: The maximum amount of money you’re willing to spend over a campaign’s lifetime, a specific period of time.
  • Max bid: The maximum amount of money you’re willing to pay per click or per thousand views of your ad, depending on whether you have a CPC or CPM campaign.
  • Action system: The market sets the price of your ad.

4. Understand Facebook’s advertising policies and ad approval process.

Editor’s note: Read our article on this topic to better understand your role as an advisor in this new media.

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Amy McIlwain is a professional speaker on social media and president of Financial Social Media, an online marketing firm specializing in the financial industry. She can be reached through her website at www.financialsocialmedia.com and on Facebook, LinkedIn, and Twitter.