LEAD GENERATION ON FACEBOOK: Quality vs Quantity

by Alex Eisenhart

For many things in life, quality wins over quantity. Lead generation is no exception. Facebook’s lead ads product is an extremely powerful tool, which has been very well received by digital marketers worldwide. People are increasingly aware of the upward trend in mobile device usage, and this product is perfect for reaching potential customers on mobile devices without grossly interrupting their social media experience by taking the user off the platform. The result of this is super-efficient lead generation, which benefits from Facebook’s advanced targeting options and lookalike audiences. For example, BMW experienced a reduction of 56% in costs per lead and a 2.8 times greater volume of leads when they switched to Facebook’s lead ads
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Leads can be generated on Facebook very effectively when leveraging interests and lookalike audiences. However, is cheaper always better? Many people are holding back from adding questions and pages to their lead forms as they are afraid of increasing the cost per lead. Let’s turn this around on its head for a moment…

Often the best strategy for a lead generation campaign on Facebook is to add qualifying questions and context cards despite an increase in cost per lead.

…But why?

When used appropriately, doing this will increase the quality of incoming leads.

For example, at Driftrock we recommend to automotive clients that they should add the following question to their forms: “When are you planning to purchase your next vehicle?” with answers ranging from “immediately” to “in the next year”.

…But this will surely discourage people from signing up?

We want this, if it applies to the right people. Sales teams should not be wasting their time calling people who do not have adequate intent. But there’s also another reason, particular to the automotive industry but most likely applicable elsewhere too: Lead generation on Facebook is not the same game as lead generation using paid search. In paid search campaigns people are being captured at the moment when they are actively searching for a product or service. People on Facebook are hanging out, not actively searching for something. However, what is seemingly a drawback will be seen as an opportunity by the shrewd. The second aim of this question is to triage leads according to their intent to purchase. Furthermore, data is being collected and ads can be automated to nurture leads, and drive likely customers towards your product in the longer term.

Increasing lead quality also means improving the effectiveness of oCPM.

There’s even more to this! The quality of leads being generated has a knock-on effect on the performance of your campaign: Lead generation campaigns on Facebook optimise for Leads. This means that Facebook is analysing which users convert as leads, and is then looking to optimise delivery for similar people. If you are generating a lot of cold leads, this optimisation will not be working in your favour! The more hot leads you generate, the more likely you are to find more of the same, at a better price. If your lead forms and ads are designed in such a way to discourage cold leads from converting effectively, then you can be sure that any optimisations you make to targeting are really hitting the right spot when they do reduce your cost per lead.

How to effectively optimise lead quality in Lead Gen campaigns on Facebook

Ad Copy

Whilst the main aim of your ad copy was and always should be to entice users to be interested and to click-through, the advert itself is a first point of contact and some optimisations can be made at this step of the funnel to ensure only quality leads are generated. Here, it is all about a fine balance between not putting off valuable potential leads, whilst discouraging Facebook users from clicking out of pure curiosity. For example, if the price of the product is quite high and possibly restrictive for people in your audience, be sure to note the price clearly in the ad to avoid freezing cold leads.

Audiences

Lookalike audiences are arguably the most powerful aspect of Facebook ads that you can leverage. Optimising your audience makes your ads more relevant, and will reduce the cost per lead - potentially offsetting the increase in costs from optimisations to improve lead quality. An audience of the highest quality likely does not need to have as much quality control. At the same time, quality control could help you to nurture an audience of high quality.

Lead Form Questions

Adding questions to your lead form can help you get useful information on your leads, and can be a brilliant way to “sort the men from the boys”. If you do not want users to submit their details unless they have a strong intent, then ask them specific things or request more information from them. In the automotive space, this could be asking users when they intend to buy, whether they want a test drive or a brochure, or any other relevant question which they may be hesitant to answer if they arrived on your form rather unwittingly.

Context Cards

Context cards are a great opportunity to cut out any cold leads. Whilst users may click relatively haphazardly on their feeds, the context card before the ad can be used to remind the user of the real intent behind the ad. For example, if your lead gen strategy involves calling all leads within minutes of them submitting their info (which is made possible and efficient with Driftrock’s integration technology), why not write prominently on the context card: “Please leave a valid telephone number, and we will contact you shortly”. By doing this users with low conversion intent, who do not want to be called, who may have left a fake number otherwise, will be less likely to submit their info.

Driftrock’s Role

The Driftrock platform has an array of powerful tools to enable marketers to generate leads in the social sphere. Using dynamic custom audiences, and our ad creation tools, it is easy to build and manage large-scale campaigns, and to automate what content leads and converted customers will be served as they progress through the lead nurturing and customer lifecycle. Only with Driftrock can you manage social lead gen campaigns across hundreds of disparate Facebook pages with staggering ease. Use our tools to assess what types of leads came from what targeting on Facebook, and use our software to connect downstream conversion data to your analysis. Using this, rather than optimising to cost per lead, optimise to your objective's ultimate goal!

Are you generating leads on social media? We’d love to know what you think of the issues discussed in this article! If you’d like to get in touch or just share some content with us, drop us a line.