When most business owners think of social media marketing, Facebook is the typical go-to platform. As of January 2022, statistics show that Facebook is the most active social media platform and has over 2.91 billion active monthly users. While advertising is often necessary, there are Facebook alternatives that make more sense to you as a mortgage officer. What are these social media alternatives, and how can they help boost your business?
Why consider alternative platforms?
With the comprehensive reach Facebook offers and the most advanced audience targeting options in their advertising platform, why would you consider looking for alternative social media advertising options?
Facebook advertising costs continue to climb.
As the Facebook platform has grown, so has the demand for advertising space by businesses worldwide. In fact, 87.1% of businesses use Facebook as part of their digital marketing plan. This high demand for space has ultimately increased the cost of reaching your target audience. In addition, if you are new to Facebook advertising, it can be an expensive marketing option when you are still working to determine your specific target audience.
Facebook advertising bans are becoming more common.
Unfortunately, Facebook has a reputation for blocking and disabling advertising accounts on its platform despite following all its policies and rules. If you have all your social media marketing budget locked into Facebook alone, this random account suspension can eliminate your marketing completely.
Ability to leverage more platforms
With the help of Facebook’s advanced targeting options, you have identified your target audience and have a deeper understanding of the content they are looking for and what makes them click through a link. Taking advantage of this knowledge allows you to venture out to other social media platforms and boost your online visibility.
Not all clients use Facebook.
While Facebook does boast the most users of any social media platform, that doesn’t mean that your target audience is a daily Facebook user. Putting all your eggs in the Facebook basket may leave many potential leads out of your marketing plan. Adding additional platforms that target different users allows you to diversify your marketing plan and reach more potential leads.
Facebook advertisement alternatives
You have decided to expand your digital marketing strategy to add additional platforms, but how do you know which platforms best match your target audience and business needs?
Here we take a look at some of the top platforms that work well for the mortgage industry.
The LinkedIn platform is a social media network designed for business professionals. This platform is a great way for mortgage officers to make referral connections with other professionals and real estate agents. As you network with other professionals, it can also help bring in new leads, given that most LinkedIn users are likely to fit with your target audience.
- Ads are easy to create on the LinkedIn platform and go live immediately
- Multiple ad units are available
- LinkedIn focuses on messaging and interacting
- Ability to target users based on employer, job titles, education level, industry, professional certifications, and more
- Minimum daily advertising budget required
- No custom reporting or tracking
- Limited additional audience customization
- The advertising interface is missing some key features, such as a media library or the ability to duplicate ads.
While Instagram and Facebook are both owned by the same parent company, they do offer different demographics when it comes to advertising. When creating advertising through Facebook Ad Manager, you can also create a campaign for Instagram. Considering this, your available ad types are the same as those found on Facebook.
- Detailed audience targeting through the Facebook Ad Manager
- An eye-catching platform that does well with photo and video advertising options
- Limited audience with most users being between 18-34 years of age
- It takes time to manage and update ads
With around 800 million active users and growing every day, TikTok offers a new social media platform that may very well meet your marketing needs. While originally a platform that targeted teens and young adults, the platform is widely diverse now, with almost 50% of users between the age of 25-44. TikTok offers five different brand solution advertising options on their platform that are highly engaging.
- Can increase and widen your audience base
- The audience can engage in multiple ways
- Easily trackable ad performance metrics
- Limited content formats
- Time-consuming ad creation
- Can be expensive for both video creation and advertising cost
As of 2022, Twitter has over 330 million active users and growing. Twitter appeals to both business and personal use, similar to Facebook, so you can promote a wider variety of different advertisements. Promoted tweets, promoted accounts, and promoted trends allow for different advertising options and prices can be based on per-click actions (including likes, retweets, etc.), monthly costs, or costs based on the number of followers your account has.
- Able to target the audience that sees your ad
- Multiple advertisement options
- Analytics is lacking
- Because of Twitter’s rapid stream of information, getting lost in the shuffle of tweets is common
- Hard to track ROI
Video content can be a powerful marketing option that delivers content in a much more personal format. With over 230 million active users, this platform allows you to reach a wide range of targets. However, to advertise on this platform, you will actually go through Google Ads. There are two types of ads available on YouTube. Ads played before a video can be long or short but can be skipped after five seconds. In-video ads play during a break in the video and must be watched in their entirety.
- Large audience with YouTube being the second largest online search engine next to Google
- Google AdWords allows for targeted advertising
- Unable to control which videos your ads appear in
- Skip feature allows users to skip your ad
With over 480 million active users each month, Reddit is another social media platform that can be beneficial if you can find relevant subreddit topics to target. Reddit advertising can start for as little as $5 and is a great option for those just starting out in digital advertising and on a small budget. Reddit offers both promoted posts and display ads.
- Simple format and easy to create an account
- Ability to target your audience
- Reddit is very effective at driving traffic
- Extremely diverse audience offering a wide potential of advertising opportunities
- Quality ad tracking
- Overflowing with content and easy to get lost in the shuffle
- Fresh content is needed regularly
- It can require a lot of work to find the best-targeted areas
Social media advertising is not limited to Facebook.
Digital marketing is essential to reach your audience and generate new leads. By diversifying your digital marketing between social media platforms, you allow more exposure. Good Vibe Squad understands the importance of social media to boost your business.
Contact us to learn more about our services.