Why finance marketing loves Facebook

By Michael FosterFebruary 17, 2015

Financial marketing loves Facebook but not for the reasons you’d expect.

For financial services, social media has been a bit of a minefield. Strict regulations, privacy concerns and user demographics have all been issues that make social marketing and financial services a counterintuitive match. It’s hard to imagine Goldman Sachs courting new clients in-between status updates from college buddies, so many retail banks and credit card companies have kept their social marketing strategy light while the more lucrative and important search channel remains a focus.

For financial marketing lead generators which help to match borrowers and lenders, the social media channel has been equally problematic. The big issue here isn’t only privacy but user intent. People just don’t go to Facebook for a mortgage, so advertising in that channel has proven to be frustrating and low-yielding.

At first, this was a real challenge, and finance marketers hated Facebook for a long time for this reason. Then something interesting happened: Search got more and more expensive, and display ads got cheaper and cheaper. It suddenly became really inexpensive to flood Facebook with a ton of ads, and some lead generators did exactly that.

Then Facebook improved their ad yield by offering more targeting options and more sophisticated ad placement tools. After many financial marketers had written the channel off, others realized there was a small but fast-growing opportunity to chase down potential customers as they were at the very beginning of the consideration cycle.

Now lead marketers love Facebook for the cheap ads and high performance. But that’s becoming a problem: too many of them love the same keywords and same audience segments, meaning prices are going up.

Social media is just one of the new and fast-growing channels for financial services marketing, and at this year’s LeadsCon, a panel of financial marketing professionals will discuss them all, addressing the best practices for harnessing social media channels to improve lead quality and conversion.

Halyard Capital founding partner Bruce Eatroff will lead the conversation about changing user behavior online and how this combines with new needs to create new opportunities for financial lead generators and marketers.

Joining Bruce is Alex Baydin, CEO of PerfomLine, which helps financial brands ensure their digital marketing efforts meet compliance standards while boosting performance.

Database marketing solutions firm DataMyx will also be there, as Rich Walker discusses how the innovations in big data impact the financial marketing world.

Finally, LendingTree’s Mortgage and CMO President Gabe Dalporto will join to discuss how LendingTree sees the present and future of financial lead marketing. LendingTree has proven to be one of the most resilient and marketing-savvy financial services firms on the planet, seeking opportunities in multiple channels and optimizing campaigns for each one.

At this year’s LeadsCon in Las Vegas, these marketing professionals will lead the discussion of financial marketing in the world of social media, as marketers continue to court baby boomers, Generation X and millennials in the age of Facebook and Twitter.

Click here to register for LeadsCon Las Vegas 2015.

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