The Marketing Mistakes I Made & learned From
Digital Marketing changes often.
Great marketing strategies written in books or in online courses, start to become less effective each day that passes after they were written.
This is because algorithms change on their own and also developer teams are actively updating their platform for optimized performance.
When I began marketing with no real experience I only went off what the books I read told me or what I learned in college.
I quickly found out a few things that helped me get real results for my clients.
A low budget is as good as no budget at all
More than likely if people aren’t buying it is because of your offer
When ‘strategies’ become too widely integrated with your competitors, it may be time to start looking at new strategies.
Each industry has different ad prices.
Marketing is about building trust
- A low budget is as good as no budget at all
When it comes to digital marketing everything is run on a bidding system where the highest bidder wins the ad placement. When I first started I would accept clients with budgets of about $300 per month when the product was about $300 itself. Then I would have upset clients asking me where the conversions are. Now my general rule of thumb when setting a budget is a minimum of $45 per day or 1/3rd of the product’s price daily. In the example provided above, we should have been advertising using a daily budget of $100. This would have converted a lot more traffic into sales. When I got my first high spending client we started reeling in the sales. Our budget was $1550 per month and the product was between $30-$150 each. We were able to reach far more people with a product that has a low cost. We sold about 12 units per week using this budget.
- More than likely if people aren’t buying it is because of your offer
Copywriting has and will always be the most important part of marketing. There are a thousand businesses just like yours and the target customer is overwhelmed with choices. What makes your business different? Crafting the perfect offer than is directed to a highly focused customer segment, hitting a very annoying pain point, with little to no risk will start converting. I read a while back “if the offer doesn’t scare you as a business owner it is not a good offer”. Please stop offering free consultations in your ad copy. Who charges for a consultation? What offer can you give to your customers that is almost too good to be true? This is what will make people stop and respond to your advertisements and start clicking through your funnel.
- When ‘strategies’ become too widely integrated with your competitors, it may be time to start looking at new strategies.
Maybe go offline and utilize billboards or direct mail campaigns. The best marketing is to be everywhere your customers are and wait until they need what you sell. This is a strategy used by every large corporation. When working with clients usually the first step is to look at what their competitors are doing and use that as a starting point. “Well if it’s working for them it should work for us too”. That is not always true because digital marketing changes often. They may be implementing strategies that are not working well for them and you would just be copying that strategy. The more human your marketing campaign is the higher your conversion rate will be.
- Each industry has different ad prices.
A lot of industries are competitive and saturated. For example, this is the case for the real estate industry. If you want to run an ad campaign for your real estate business, expect to be out bid often. My proposals for effective campaigns would be a lot higher for the real estate industry than the restaurant industry. This also because the cost of eating out is a lot cheaper than buying a home and requires less trust built. Before I send a proposal I always set up a mock advertising campaign to see the estimated results to base my budget recommendation on.
- Marketing is about building trust
My mentor, Ilise Benun, once told me that marketing is all about building trust between a business and consumer. If you think about the biggest companies in the world, the general public knows they can trust that establishment. Walmart, Exxon, Amazon, McDonalds, Etc. If you saw a knock off of any of these businesses you maybe a little more hesitant to spend your money there. Marketing and Advertising are great to build brand awareness but the true value is in the word of mouth marketing. Your campaigns help new customers try out your product but if that product or customer service is not good, they will not return, they will not tell their friends to try your business, and even worse, they may tell their friends specifically not to try your business. If your business is not focusing on building trust amongst your target audience, your marketing efforts will be for nothing. The value in marketing is to help grow a thriving brand that keeps return customers and increases customer lifetime value.
To recap everything I wrote about in this blog article;
Use a high enough (realistic) budget to get the results you really want or think about other low budget guerrilla marketing strategies.
Craft an offer that scares you as a business owner and seems too good to be true for your audience (make sure you can deliver on your promise).
Go against the crowd if all your competitors are implementing the same marketing strategy.
Know your industry and price points.
Lastly, build trust with your customers, supply a good product or service and offer a great customer experience to have customers return to your business.
If you need help getting real results from your marketing campaign, let’s talk!
Thanks for reading!