Did you know Facebook can optimize your ads so that you can get leads at a lower cost?
In today’s 5 minute lead gen tip for real estate professionals you’ll discover how to get Facebook to automatically optimize your ads for you, so you can lower your lead cost and get a more leads from Facebook.
You’ll also get step-by-step instructions so you can implement this right away.
Just to be clear. You should know that you will not be paying Facebook on a CPL (cost per lead) basis. Instead they optimize your CPM (Cost Per 1000 Impressions) campaigns to help you reach your conversion goals at a lower cost.
Their algorithm is pretty amazing. I have been testing ads with this and I found that I can get leads for less than I would typically pay for clicks.
In the post I am going to share my findings with you and show you exactly how to set this up in Facebook.
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Let me start by sharing the results of a campaign I just started running with a small test budget of $15 per day. I ran the test for 3 days and received a total of 29 conversions (leads). The cost per lead from this campaign came out to $1.73.
Note: When you run a brand new campaign start with a small budget of about $15 per day. Don’t touch it for 3-5 days. This gives Facebook’s algorithm a chance to optimize the campaign. After 3 days take a look at your numbers to determine how the campaign is performing.
Now let’s say you wanted to target potential sellers who want to know what they can get for their home.
You would be paying about $3.00 per click (in the Los Angeles area) to run a PPC campaign in Adwords.
If you had a very high converting landing page and were able to get a 20% conversion (1 lead for every 5 clicks) then you would be paying $15 per lead.
I am not saying you should give up on AdWords.
Search is still a powerful advertising platform because people are looking for answers so their intent is usually greater. Just be aware that you are going to pay more for that.
Definitely a lot more than you would pay with Facebook.
That’s because, when set up properly, Facebook’s algorithm works behind the scenes to show the best performing ad to the best people (those most likely to become a lead).
You will still need to set up multiple images for your ads and target your audience correctly.
In this case, I wouldn’t recommend narrowing the targeting to only homeowners who are likely to move. It is best to go as wide as possible (without waste) and let Facebook improve your targeting.
Facebook’s analytics automatically looks at the characteristics of the people who are converting and serves your ads to people with similar characteristics. If you limit them too much you won’t get the best results.
This video will give you the official explanation from Facebook
Step-by-Step: How To Get More Leads From Facebook
Step 1: Login to Facebook and click on create ads
Step 2: Select “Increase conversions on your website” as the objective for your campaign
Step 3: Enter the URL of the page you want people to land on when they click your ad and select leads as the type of conversion you want to measure.
Step 4: Name the tracking pixel. And click the button (under the name field) that says “Create Pixel”
Step 5: If you have a web developer who can insert the code for you, send it to him. Otherwise select “I can add the pixel to my website”. (Don’t let the code scare you. This is just copy and paste.) Click on the code and right click your mouse to copy it.
Step 6: Paste the code to your website in the header section of the page a person is taken to when they complete a lead gen form. This is usually a thank you page.
If you have a WordPress site you can use a plugin called Facebook Pixel Conversions for WordPress.
I’ll show you how it is done with the lead capture system I provide. In the admin area there is a tab in the menu bar called “Page Content.”
Each page has an area where you can add a tracking pixel. To track lead conversions, just add the code to the field called “Thank You Page Tracking Pixel Code” and click submit.
Step 7: Check to make sure the pixel is working
Step 8: Set up your ads (similar to the way I explain in the cheat sheet), target homeowners or renters (depending on your campaign) in the area you service (the bigger the area the better),
Step 9: Set your budget and let Facebook go to work. It’s really that easy!
Step 10: Come back 3 to 5 days later and see how your campaign is doing.
If you are getting a CTR (click through rate) of less than 1.5% you may want to try re-working your ads. If it is under 0.5%, you definitely need to look at it.
Frequency should be under 8. If it is over 10 it most likely mean your audience size is too small. Try to increase your target locations and remove any unneeded restrictions.
If you have had experience with Facebook ads or have any questions about this post, leave a comment below. I would love to hear what you have to say and will do my best to reply.
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