Remember the story of Rip Van Winkle? He fell asleep and woke up 20 years later with a long beard in a very different world. Now imagine you were advertising on Facebook just 3 years ago, fell asleep, and woke up today – it would also be a very changed world. This is because Facebook is constantly adding and removing features and putting new rules in place. At Lone Beacon, we actively study the Facebook advertising landscape, analyze our results, and try creative ways to format ads, write copy, and target the 50+ high net worth demographic. Here are some common challenges we run into and what we do to overcome them.
Strict Rules Regarding Copy
There are any number of reasons as to why an ad can be denied approval. In the financial world especially, any remotely promissory phrase can be flagged. In some cases, simply adding words like ‘potentially,’ ‘help,’ and ‘could’ can give an ad a passing mark, but other times bigger changes are necessary.
When language even tangentially related to social issues is involved, specific wording is key. For example, advertising Opportunity Zones, a federal program incentivizing investment in economically distressed areas, presents several challenges: The terms “economically distressed,” and “under-developed” caused the ad to be categorized as a social post, which we as a financial marketing company are not authorized to advertise on Facebook. To work around this, we removed those terms from the copy and focused on the tax benefits of Opportunity Zone investing rather than socio-economic impact. We then decided to convey this sense of potential transformation of an area in the image instead.
Challenges Regarding Targeting
Facebook no longer lets advertisers target based on net worth. Additionally, ads specifically mentioning “55 years old” or similar phrases tend to get flagged. Instead, we use multiple data points to reach our target audience, such as geographic location and targeting high-net-worth zip codes. Even though we cannot advertise to people of specific ages in the copy, we can choose to only show the ad to people ages 55 and older.
We also make use of our advisors’ abundance of data and create “lookalike audiences.” This means that we upload a list of clients and qualified prospects to Facebook, which then connects names and email addresses to profiles, and serves the ad to users with similar profiles. We keep and update master lists with all of our advisor’s clients to refer to for almost every campaign.
Facebook advertising is part art, part science. However, unlike the laws of the natural world, the laws on Facebook are always changing. We know that Rip Van Winkle types won’t get far on Facebook. That’s why we keep a close eye on updates and use creativity to work around filter updates to create ads that are both effective and compliant. We consider ourselves at the forefront of the Facebook advertising industry due to our experience, willingness to experiment, and analysis of our results. To learn more about how we could help you advertise on Facebook, visit our site.