Any merchant cash advance provider will tell you that finding MCA leads can be a challenging task with an increase in competition.
What that means is that you have to use different marketing tactics to keep up with the competition. That way, you will have their market share. And one of the tactics that you have to be good at it is, how you can use Facebook to generate MCA leads.
Facebook is a powerful marketing tool used by almost every marketer. That is because Facebook has over 1.5 billion users, and the number is still growing. What that means is, if you are not getting good results from this medium, you are missing out.
With such a large number of daily users, Facebook is one of those social media tools that you can't just ignore. You have to learn or hire someone to assist you with it so that you can generate leads and be ahead of the competition.
That said, today, we decided to share with you strategies MCA business owners can use to get high-quality leads from Facebook. Ready to learn our tactics, let's dive right in.
Create a Merchant Cash Advance Page.
If you want to reach lots of billions of users Facebook has, you have to create a Facebook fan page. With an excellent Facebook, you will start building a list right away because you will have to start inviting people to like your page. A Facebook business page will help you grow your merchant cash advance business in the following ways:
#1: Collect Testimonials and Reviews
When you create a Facebook business page for your local business, you will collect testimonials and reviews from your clients. While you can't encourage your clients to leave a testimonial, you can always have a sign on your Facebook page to let them know they can review your business.
Besides having a review on your Facebook page, you can always add these reviews on your website.
#2: Engage With Your Customers
You can use the Facebook business page to have an in-depth conversation with your customers. Your clientele base has lots of people. We have customers who love your content; we have fans for your business, and past clients.
Having this in mind, you need to create only posts that engage with these people. When engaging with your customers, stick to the 80/20 rule. 80% of your content should be about your clients, and 20% about your business.
What that means is, most of your content should be engaging and speaking about your audience. All you need to do is to encourage your audience to participate and share your content.
#3: Take Advantage of News Feed Ad Placement
When you run ads on Facebook, you have the opportunity to make those ads appear on the news feed. What this means is, you have to link your ad to a Facebook page so that it shows on the news feed. Without having an excellent Facebook business page, your options are limited to ad placement in the right column alone.
The beauty of News Feed ad placement is that Facebook uses your page as the source of the ad. Besides seeing the ads, your target audience will have the opportunity to see your business page, like it, and engage with you.
Create Ads on Facebook
One of the biggest challenges merchant cash advance companies have is creating suitable ads. And in this section, we will share with you ways you can create effective ads. Let's begin with the basics.
#1: Set Up Facebook Business Manager
The first thing you will do is create a Facebook business manager. You have to create a profile there so that you can run ads on the page. What you can do is go to the Business Manager account and get started.
Once you have set up the account, you can now add your Facebook page to the business manager. If you have multiple pages, you can add them all to that account. The other cool thing about having a business manager is that you can add your employees to manage the ads. You will find that option in the Business setting option in the business manager.
#2: Install the Facebook Pixel
The second thing you will need to do is install a Facebook pixel on your website. A pixel has lots of benefits to advertisers, but it is not a must you put it.
The pixel acts as a tracking code that allows Facebook to identify customers who viewed your website, then create a custom audience of those customers. Then it will always show the ads to those customers alone.
Besides that, the Facebook pixel can also reveal to you potential clients who are likely to buy your services based on the similarity with clients who viewed your website (lookalike audience).
#3. Create Audiences to Target Users
The Audience tool inside the business manager is a powerful tool for you to create relevant audiences for your brand. You can find this tool on the upper left corner of the business manager when you click on the Assets column.
Inside the Audience tool, you will find different types of audiences like the custom audience, lookalike audience, or saved audience.
A custom audience is a client who is interacting with your page either by liking, commenting, or sharing your posts. A lookalike audience uses artificial intelligence to create clients who resemble the custom audiences you already have. In other words, a lookalike audience is clients who have similar characteristics as the audience you have created.
Saved audiences are audiences who have certain behaviors, interests, or demographics. If you have been in business for too long, you probably have some audiences either through your email lists. You can use these audiences to start running ads right away. If your merchant cash advance business is a local one, you can limit the audience to clients only in your areas.
Optimize Your Facebook Campaign
Now that you have known the basics, the most time-consuming thing is how to optimize your Facebook campaign so that they bring the results that you want. The number one reason why Facebook marketing campaigns don't work for most merchant cash advance businesses is that most people don't know how to optimize the ads.
Optimization is a skill that one needs to learn to be effective at Facebook lead generation. In this section, we want to go through a few sections.
#1. Understand Your Marketing Objective
Have you ever witnessed a soccer game where no team is scoring? The spectators in those matches won’t care. That said, without a clear objective, your ad campaign would like just that.
That is the reason why Facebook allows you to choose your objective before you even place your ads. Facebook will give you three objective to choose from:
Awareness- Here, you will create ads for brand awareness. You will need potential clients to know your business. This is also called the top of the funnel (TOFU) marketing. It is where you start the lead generation process.
Consideration- This is the stage where you drive engagement. You can do this in the following ways:
The site, app, or Messenger traffic
Engagement through your page, posts, comments, likes, and shares
App Store and Google Play store installs
This is also the middle stage called MOFU or middle of the funnel marketing.
Conversion- This is the stage where you make people take action. At this stage of marketing, your goal is to make your potential customer buy your product or services. The conversion stage is called the Bottom of the funnel (BOFU) marketing.
Effective Facebook marketing optimization requires you to understand all the stages of marketing. In other words, every ad has to match the stage.
#2. Split Test Your Facebook Ads
Any merchant cash advance lead provider not doing split testing is leaving lots of money on the table. They are three ways you can do split testing. We have guided creation, duplication, and quick creation.
Guided creation- Here, you will choose a marketing objective and then click on the create split test and select the kind of test you want.
Duplication- Here, you will choose an existing active ad and duplicate it. Then you will click the toggle next to create a test. You can compare the new ad set with the original one to see a difference.
Quick Creation- Quick creation split can be done in the following ways: Editing an active ad set, Audience, placements, or delivery optimization, Creative, and Product set
#3. Analyze Results
After you have created your first ad, you will be tempted to check your analytics every 5 seconds. For you to analyze your results, you will have to give Facebook at least 48 hours before you can take a peek.
Facebook needs time to feed their algorithm with the information you just gave it. Since Facebook has artificial intelligence and machine learning, you will need to give it time for it to look for ideal clients.
If you are doing this for the first time, you may be tempted to shut down your ad because you didn’t get the results you want. Don’t do this. If you have been wondering about how