My $10 Marketing Budget
(You won’t get much from this article if you skim it. I only put necessary things so it would be a short read)
I’ve always had a fear of spending too much money, which has caused me to get creative over the years.
I’m what you would call an “Entrepreneuraholic”. I love starting a new business and seeing how big it can grow. Boot strapping is not a scary word to me, and is actually more of a comforting word than “marketing budget” is.
I have a good sized marketing budget, but those bootstrapping tendencies won’t leave. I treat my budget like it’s my candy money as a six year old, so, $10 for testing out a campaign is about where I draw the line.
If it brings in a good ROI, than I will spend more, but I usually test the waters at about $10.
First off, lets establish one thing: Loan Officers are entrepreneurs. Because you are an entrepreneur, you need a marketing plan, even if that plan is word of mouth.
So, let’s talk marketing . . .
The Least Expensive Marketing Tactic
I’ve heard people talk about how expensive marketing is on Facebook. They must have messed up somewhere. If you put out good “bait”, Facebook will be your cheapest option.
I have seen posts reach 120,000 unique individuals with $40, and it was because of the bait.
Sometimes, I only need to target 500 people, and for $10 bucks it will reach them five times.
$10 to $20 bucks is a great deal, especially when you are only marketing to your target audience. Make sure to take advantage of Facebook’s predictive analytics as well. It will cost more, but it’s great if you don’t have a targeted audience.
Is Facebook the least expensive marketing tool? It is when you know how to fish.
Let’s Go Fishing
Sometimes you catch a bunch of fish, and sometimes you don’t catch anything. Is it the bait? Is it the fishing location? Is it the fish? Yes.
The “bait” is the content. location is your geo-targeting area, and the fish are your target audience. You have to explore and experiment to find success.
What’s The Secret Sauce?
You need to post GREAT content on Facebook, whether it is organic or paid. If you don’t have something good to post, don’t post it at all.
There’s so much noise on social media, and you need to give people a reason to not only view your content, but share it.
Here are 3 tips to get the furthest reach for your ad:
- Create Video. Video is hands down the future of social media marketing. There is a time and place for other mediums, but Video is King. Creating video with subtitles is by far the best way to go. Make sure you use the subtitles. Refer to “The Science of Marketing Boring Products” for more information how to make a viral video.
- Build a street team . You need people to share your video immediately. This strategy has helped me reach between 20,000 to 1 million views.
- Find your target audience . This is actually pretty simple, but it takes a lot of experimenting. First you need to gather the names, emails, and phone numbers of all your leads/customers from the past year. Then you need to go to your Facebook Ad Manager and create a custom audience and input your lead/customers data. After it uploads, create a lookalike audience and continue to customize it (experiment).
Clicks to Website — Under 80 cents
Lead Form — Under $5 (Don’t judge how well this campaign is doing until you get around 30 lead forms. Facebook needs about 30 leads to figure out who your audience is).
Video Views — 1 cent per view or less.
*I wrote this article more for people who have some experience with Facebook ad’s.
If you are a loan officer and would like more marketing tips, join our closed Facebook group, “The Utah LO”.