Facebook advertising: Is change a good thing?

Written by: Skott McKinney, Director of Marketing & Creative services, Asset Marketing Systems

In the shadow of the Facebook privacy “scandal,” Facebook recently revealed that they’d made significant changes in their platform. I believe that this is a tactic to divert the public’s attention away from data hoarding to focus more on Facebook as a company of equal opportunity.

So, what really changed and how does this affect the financial services industry?

In a nutshell, Facebook has decided to remove approximately 5,000 targets that they felt had the potential to be misused, financial data targeting included. Facebook also states that they’ll be rolling out a new and required certification to all U.S. advertisers through its Ads Manager tool. This tool will require advertisers to register their compliance with Facebook’s non-discrimination policy before they can post ads.

Here’s a quick explanation of FB targeting:

Ads get optimized for affluent prospects. Up until recently, advertisers had been targeting potential clients by spending habits, debt, age, race, income, net worth, liquid assets, married, engaged, in relationships, birthdays, and the list goes on and on. Based on these targets, an advertiser could capitalize on your situation and habits to become part of your life and forever be present throughout your online experience.

There are a handful of other tools that help advisors determine the best client approach. A Facebook Pixel can be run hundreds of times a month, capturing user’s engagements from the second they click on an ad. This includes capturing spending habits, interests, etc. by following them across all web channels people visit. This is not changing yet, but it’s important to note because legacy advertisers will be able to leverage this captured data as a way to stay prominent and will not have to rely on the targets that are no longer available.

Many of the resources you rely on to fill your workshops primarily use Facebook. This is mainly due in part to the previous endless landscape of targets, but more specifically more GenX and Baby Boomers are users. In fact, of the 1.45 billion active users this year, 72% are age 52-64, and 62% are age 65+. To compare, in 2017 61% of users were age 52-64 and 56% were 65+.

How will seminar marketing vendors stay successful?

If a vendor has been running ads for a while, they’ll benefit from the learned information their combined ads and pixels have been capturing.

This combination of learned Pixel data and age/location targets will enable vendors to maintain qualified prospects in the changing facebook environment. I’ve learned that this methodology was deployed by a few of our vendors before the Facebook change, as a way to test success. Our vendors are claiming that this methodology is producing results similar to the campaigns sent prior to Facebook’s change.

It’s important to note that Facebook has also improved their algorithms to help offset changes, and they’re doing a better job of optimizing ads utilizing Pixels.

Final thoughts

Through 2019, I think we can expect to see moderate success from companies who have established data points, however, I suspect favorable rates of success will decrease towards the end of 2019 for companies that do not have additional resources to collect demographic data outside of Facebook, i.e., direct mail, continuously running a needs analysis to blind audiences, or list purchasing, which add complexity to the organization and may ultimately drive campaign costs up.

I believe that a change of platform is inevitable and advisors will need to turn attention to other platforms geared towards engaging the public’s desire to buy products, such as Amazon. These companies aggregate data to determine a buyer’s persona and ultimately market other products based on the buyer’s previous purchases. Imagine knowing how your clients spend money to better position you to interact with them.

Be on the lookout for future posts on the subject of alternative platforms.

It’s never too late to start your social media strategy. Click here to download Hootesuite’s 8-step guide to developing your social media presence. 

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National Western – Extended 1% Commission Bonus

More Time to Earn Your 1% Commission
Bonus on Annuity Business


The 1% commission bonus has been extended! The bonus now applies to annuity applications* received between September 15, 2017 and November 15, 2017, and issued-and-paid by December 29, 2017.
*Excludes NWL Prevail Seven® and all SPIAs. Bonus is payable to the writing agent only. In the event the writing agent is contracted as a Special Producer receiving no compensation from NWL®, the bonus is paid to the recruiting Agent/Agency receiving the compensation.
Questions:
Contact the Marketing Department
at 1-800-760-3434 or by email at mktg@nationalwesternlife.com.

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National Western Life Insurance Company®
850 East Anderson Lane, Austin, Texas 78752
Agent Hotline: 1-800-760-3434 | Fax: 512-339-8350
Email: mktg@nationalwesternlife.com | Website: www.nationalwesternlife.com
For Agent Use Only – This document has not been approved under the advertising laws of your state for dissemination to individual purchasers.
2016 National Western Life. All rights reserved.

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10 Ways to Generate More Qualified Leads

10 Ways to Generate More Qualified Leads
By Skott McKinney, Director of Marketing & Creative Services

Balancing client needs and running a business can be tedious enough without having to simultaneously focus on finding new, qualified leads. Prospecting is the top challenge independent producers face (1), and more than a third of independent producers say that finding new clients is the biggest obstacle to growing their business—more so than pricing or the increasingly saturated industry. (2)

The top industry producers focus on building a multi-platform marketing strategy that helps them generate qualified leads consistently each month. Using marketing to maintain a pipeline of engaged leads allows insurance advisors to connect with more people, communicate the value of their services, and build their business more efficiently.

As cold calling becomes a time-consuming tactic of the past, insurance advisors must utilize offline and online methods of traditional and digital marketing to attract more leads. Keep in mind that because different methods will reach different demographics, it is important to test multiple strategies to see what works best for an advisor’s target market.

  1. Direct Mail Seminars

Direct mail seminars are still a tried-and-true offline marketing strategy for insurance advisors. And for advisors who don’t have an extensive network, direct mailers make it possible to reach thousands of community members and invite them to an educational seminar.

  1. Websites

Websites aren’t just for online businesses. Finding and attracting leads online starts with having a web presence. When 50 percent of insurance seekers start their research online, insurance advisors want those prospects to find their website and consider them for their policy needs.

  1. Social Media

Social media is no longer a casual channel for exchanging messages and posting photos; they’re being leveraged to search for products and services. Around 50 percent of consumers use social media (and Facebook, in particular) to research an insurance product and are actively looking for information to help them make a purchasing decision. 

  1. Live Webinars

Seminars have long been a primary marketing strategy among insurance advisors, and live webinars can go hand-in-hand to reach a wider audience. 

  1. Corporate Videos

While content pieces like blog posts and articles are important to feature on a website for educational and SEO purposes, explainer videos can help convert more website visitors into leads. Since visuals are processed 60,000 times faster than text, and 65% of people are visual learners, insurance advisors can use videos to communicate their value proposition and explain the benefits of their services in an engaging format.

  1. Paid Search

Having a website is the first step for an insurance advisor to build online visibility. Paid search can kick online results up a notch. 

  1. Radio Spots

Over 90 percent of Americans over the age of 12 listen to the radio, and despite the heavy focus on digital marketing tactics, radio spots still have the ability to reach over 240 million people each week.

  1. Targeted TV Ads

Television offers an even larger potential audience than radio, and its visual component provides more ad options.

  1. Local Directories

Local directories play an important role in an insurance advisor’s online presence. Nearly 90 percent of consumers who search for a type of local business on a mobile device call that business within 24 hours.

  1. Referrals

Word of mouth is an essential lead generation strategy, as consumers are more likely to trust reviews from other consumers as opposed to a claim a business makes.

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Overcoming Social Media Challenges

Overcoming the Challenges of Social Media for Financial Advisors
By Skott McKinney, Director of Marketing & Creative Services

The power of social media for business can’t be ignored.

70% of people in the United States currently have at least one social media profile, with over half of the population using two or more networks.

In fact, social media users are rising so quickly, it is predicted there will be 2.5 billion users by the year 2018. But it’s not just the sheer number of users that brings attention to businesses and brands. It’s the influence that social media can have on consumers.

According to recent studies, 95% of adults (age 18 to 34) are likely to follow brands on social media. In addition 71% of consumers who have had a good experience with a brand on social media are likely to recommend that brand to people they know.

Unfortunately, not all financial advisors utilize social media marketing to its fullest potential. Social media can do so much more than just help get you in front of consumers. It has the unique power to bring you new clients, increased awareness, and more sales.

Take a look at our complete white paper and learn how social media can help you make an impact with your customers.


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