BUSINESS LOANS (META ADS CASE STUDY & GUIDE)
Introduction
There are several reasons to think about the approach to promote in Meta for business products.
The stated demand in search channels is limited and competition for the target customer turns into a price war where the user always opens several tabs. This does not mean that you need to give up on improvements in the product and user experience. But sometimes it’s more effective to expand media mix than to work with a channel where you are always close to the saturation threshold.
At the same time, targeted advertising technologies have long been non limited to finding an audience
according to interests or "likes". The Meta advertising product has long been 03 based on a strong optimization model that searches for customers "like yours" in real time.
However, this does not mean that you can just launch an ad campaign and it starts bringing leads. It is namely because of the complexity of work with the “smart” and efficient “black box” inside Meta that it is important to have your own approach.
In this edition, we’ll try to highlight the 4 key components of our approach that will help us understand the Meta impact and extract the result from the potential.
01
Defining the most important goal for the business. It is important to define the boundaries where media tasks end and business goals begin. How big is the gap between them?
02
It is necessary to decompose business goals into digital events on the website or your CRM. It is also important to understand what data on users and their actions you are willing to share with Meta
You need to understand how your message correlates with the expectations, real needs and capabilities of the client and how certain messages help Meta or, on the contrary, confuse it.
04
Analytics should become your interface for communicating with the Meta’s “black box” - the complicated algorithms inside Meta. You need to share the client’s movements along the whole sales funnel
It's becoming even more important if you are operating in the B2B sector
When you do lead generation for a business, providing loans for small and medium businesses, the lead processing chain is lengthy, and media requirements are higher than in retail or B2C services.
Companies or entrepreneurs do lots of researching before making a decision on where to loan money, so your offer has to be very attractive to them.
At the same time, you can’t trust everyone on social media and provide them a loan. It is critically important to combine your scoring model and the Meta conversion optimization model when placing ads.
All components of your approach should be focused on transparency in planning and buying of ads:
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➔ What is the reaction to the display of an advertising message?
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➔ What is the landing page conversion rate?
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➔ How many people are lost before the Risk analysis stage?
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➔ Why don't certain people get approved? Can the media campaign help the sales department after the approval?
There are many more lead stages and most of them are not online. And at each stage you have the opportunity to lose or gain an advantage.
Let's define the business goals
We see the goal setting as a crucial step, where it is not enough just to choose a lead price and start investing in advertising.
Where are you now? Start by diagnosing the current position.
Is your campaign already running or are you launching it for the first time? Decide what is more important at the moment - cost optimization or volume scaling.
What does your funnel look like?
Which conversion steps inside the funnel cause large losses and which work at maximum efficiency? Determine which of the tools affect each stage and what potential they have
What are the key scoring parameters?
What kind of company can have an approved loan? What parameters of revenue, balance sheet and credit score should it have?
Does Meta receive the necessary signals about the quality of the leads it’s delivering?
Meta's algorithms excel at finding the right audience in broad markets. However, when working with more specific narrow audiences, Meta may be less effective for conversion.
Enterprises and a narrow audience of decision makers.
Optimal Planning & Buying Strategy - account based marketing or reach-based strategy.
Meta will have troubles finding this narrow audience. The result will not be sustainable, and the quality of leads will be low.
A wide audience of entrepreneurs - small and medium-sized companies
Optimal Planning & Buying Strategy - Lead Generation.
With a massive target audience, Meta will quickly find a set of users who meet the requirements. Due to the large capacity, a high level of result stability can be expected.