What would be a good starting point in determining the best audience to target to on Facebook?
I'm starting off with a broad age group but know that narrowing it down to a specific age group is more ideal. Any recommendations on age, sex, likes & interests, etc.?
I use FB ads for targeting the ideal buyer or seller but you need to understand the type of buyer or seller you are trying to attract in a particular neighborhood. You can target under the "finance section" for possible first time buyers, just engaged, salary, net worth, or having a baby. Yes target different age groups too.
The key to success with FB ads is "test and learn" content and pictures, which ad does better is it the picture or the content. You need to have a strategy to "tell the viewer" what you want them to do. Go to the website to download a free buyers guide or sellers guide or click here to find out how much your house is worth, have fun with FB marketing it's the most economical way of reaching your target area in a specific zipcode(s), think local and get leads. I just read from @Jeff Filali he suggested a website called www.investorcarrots.com you might want to check it out.
I believe you can target by income bracket, which could be definitely be beneficial when looking to target investors (to differentiate between accredited and unaccredited, for example).
But it depends who you are looking to target with your marketing and why? That might be able to give us more color on other stats to recommend.
With FB you can target very specific criteria such as Homeowner, Networth, Liquid Networth, Income Level, Age, Gender, Cities, City radius, etc. even "Likely to Move".
It can be expensive, but if you target correctly, you can pre-qualify the target market. I average spending between $2500-5000 in marketing for every actual closed deal.
Here's a link to a FREE Webinar Training and more info on the marketing system I use: OnCarrot
@Carol Bloom Thank you for your recommendation. I actually just signed up with Investor Carrot and looking to invest a lot of time into the SEO of my website. I was planning on starting through Facebook to drive traffic and get motivated sellers. At this time I want to focus my attention on the sellers to be able to have a deal flow started for my business. I'll be doing lots of testing with different ads to understand my market better.
@Dave Van Horn Hi Dave, thank you for taking the time to reply to my thread. I am focusing all my attention at marketing to motivated sellers to have them fill out a short form on my investorcarrot site where they provide address, email, and phone number. I am trying to bring in "warm leads" directly from motivated sellers. My business is at a stall without leads coming in for me to analyze, negotiate, and close.
@Jeff Filali Thank you for your input. I definitely have more learning to do but want to start my Facebook campaign as soon as possible to start going through the trial and errors of determining the best marketing for my area for motivated sellers. If you have any suggestions on audience to market to in FB for motivated sellers, please let me know. It will provide a good baseline for me to go on. Thanks!
@Jeff Filali I appreciate you sharing your metrics. $2,500-5,000 per deal is pretty spendy.
What sort of ad are you using and who are you targeting?
@Josue Llanas Create duplicates of the ads and split the up over age groups and genders. You may find women don't respond at all while men do.
If you have access to quality data you may be able to build custom audiences and target your prospects through custom audiences. In one market we were able to generate hundreds of clicks from the folks on our lists at $0.50 or less per click. (Compare THAT to adwords.)
The problem is that it can be hard to generate regular leads. You'd do well using something like Oncarrot.com to use as a "squeeze page".
But... In your ad you need to give away value. The typical "we buy houses PICK me" approach is going to deliver very poor results. Feel free to PM what copy/ad you're going to use and I'll give you my thoughts.
We've done really well with retargeting our site traffic with relevant info to generate converts.
@Ryan Dossey Would you pay $2500-5000 to a wholesaler for a good deal? Look at it from the same perspective. When I say averaging $2500-5000 per deal, I'm talking actual purchased and closed property. I get more leads of course, but it takes X leads to generate Y good leads to generate Z potential deals to generate W actual purchased and closed deals.
My targeting specifics is not something I share because there's others from my market on BP. You have to adapt to what works for you in your specific market. I changed mine a lot over time. I prefer to get less leads, but better qualified leads. At first I was killing it getting so many leads...but then I realized I was having to work through a lot of leads where there was no potential deals. So I adapted the targets and ads until I came up with what gets the best results.
One thing for sure that helps is tracking every campaign on both ends. You have to know what is working and what isn't to maximize ROI on marketing dollars.
@Jeff Filali Totally understand. And yes I would pay that. We're just getting cheaper results from FB ads, direct mail, and other avenues. Feel free to PM me if you'd like to chat sometime. Always good to network!
@Ryan Dossey Ahh... Thank you very much for all your insights. One thing I have not done yet is giving away value. I'm definitely going to start implementing that right away.
I don't have access to quality data at the time and wouldn't know where to look for that. I'm still very new to marketing and learning by the handful.
I look forward to hearing your thoughts on my ad once I complete it. Thanks again!
@Josue Llanas I look forward to reviewing it for you.
I'd be very broad then. Target home owners in your market. You've got to give away value. People generally hate ads. You've got to make them want to interact with you.
That's not to say that you won't get traffic from the "I buy houses" ads. But I've had better luck bringing value to them.
Now one thing I do... I set up a pixel on my site and retarget all my traffic with every house we buy. So they get a Latest CEH acquisition.... We date them and tell the story of the property owner we helped. So they're constantly seeing us buy houses and help folks "just like them".
@Ryan Dossey I've selected the behavior "Likely to move" and "homeowners" for now with a split test between men and women.
This might be a noob question but: what is a pixel and how do you get it on your site? I think that is a great idea of retargeting your audience. You're able to recapture all those lost leads.
I would recommend you follow the steps in this Investor Carrot Article. If you're not using them as a site you should check them out. We love ours.
Here's a tip. Take the list you have purchased and have been mailing to. Upload that to your FB business page and create a look alike audience.
Define, your niche
Define who you are marketing to
Understand you are competing for the 1.5 seconds people scroll thru facebook feed.
Be prepped to be consistent with FB ads. Don't run them once and write them off.
Run them consistently.
@Ryan Dossey I am using them already. They have a great platform and provide so much valuable content. Thanks for that link. I'm checking it out and is already answering a lot of my questions.
@Cynthia Nina-Soto Thank you for your input! I'll be giving that a try.
@Steve Bracero Yes I plan on setting a budget to consistently run Facebook ads. I used a 30 dollar credit Facebook gave me to run a crappy ad and have been getting a ton of likes. It opened my eyes to the power of Facebook ads. Thanks!
@Josue Llanas Your pixel is the tracking code that FB creates for your ad account. You can put that tracking code on any of your landing pages or website to use for re-targeting purposes. So if you're driving traffic to your website with adwords or direct mail, you can track those individuals and send targeted ads on FB just to that already warmed up audience (even if they didn't fill out any of the forms on your website.)
Consistency is huge as is the squeeze page that you send them to. Make it very clear with your call to action what they should do.
@Kristen Rosaio You really cleared it up Kristen! Thank you for your insight. I still have lots to learn but am already implementing all that I'm learning.
@Ryan Dossey Absolutely. Thanks for taking a look at my post. I'll update this thread with my results in a couple weeks.
Thanks to everyone who contributed!