Let’s be honest, no one likes a wasted opportunity. It stirs feelings of regret as you think of all the things that you could have done differently. But, sometimes there are opportunities that you can afford to let slip by.
However, as a business trying to improve your overall conversion rate, you can’t afford to not be utilising the popular and powerful advertising platforms that are out there.
How Much Does Advertising Cost In Financial Services?
Given that we run lots of financial services marketing campaigns, we should be able to give you a good insight into the costs involved.
It’s a question that’s easy to answer if you are looking for Mortgage leads, as we’ve written the Mortgage Leads Bible. If not, don’t worry there will be plenty more Bibles coming soon! We’ll also do our best to cover off the costs that are normally the same across the board right here.
LinkedIn Advertising Costs
A lot of people look at the cost per click for Linkedin Ads and run a mile. However, we can share with you how we’re getting really cheap clicks.
Don’t do what Linkedin suggests!
What we’ve found is that by bidding to get in front of 1,000 people (1,000 impressions) you can significantly reduce the cost per click.
Get more clicks from your 1,000 people and they’ll be cheaper – hopefully, that makes sense.
The cost per 1,000 impressions does vary a little by your audience, but it is often £15-£20.
Facebook Advertising Costs
Like LinkedIn, it’s best to bid by impressions and create better ads that generate more clicks. Because the more clicks, the lower the costs.
Ideally, you should be looking to get a cost per 1,000 impressions below £10.
Once your ad has been seen by 500+ people, Facebook will give your ad a relevancy score out of 10. Not always, but often the higher the relevancy score the lower the cost.
It makes sense, as Facebook want people to see relevant ads.
So it would come as no surprise to you that your ad content is crucially important, as it plays not only a vital role in how much your Facebook ads are going to cost but also how much success you will see with your ads overall.
Not quite sure how to up your ad-content game? Not to worry, we have a bunch of resources that can teach you all you need to know when it comes to lead generation marketing with our live series, Talking Ads.
In the series, we discuss the strategies that work and the ones that fall flat on their hypothetical face, to equip you with the knowledge to help you increase your click-through rate and reduce your cost per acquisition.
You can check out videos from previous episodes and podcasts on our website.
Google Ads Costs
So this does vary as it’s an auction.
Google has something called quality scores, which are the same kind of thing as Facebook’s relevancy scores. So you can get your spend and costs down that way.
It’s best to create a Google Ads account, then use the keyword tool to see how much the costs are.
So What Should You Spend?
Ideally, you want to find out how much it costs in advertising spend to get a lead.
Then how many leads on average convert to a sale.
That will give you, your cost per sale (or cost per acquisition).
Then times that number by how many deals you need each month. The trick is making sure your costs are consistent, and if you keep working on making your ads and website journey better then these costs should keep falling.