How do you know where you should advertise? A common misconception business owners buy into is the idea that marketing doesn’t work. They may be deterred from past attempts, but the truth is that you only get out what you put in. If the entirety of your marketing strategy revolves only around you giving a marketing firm money, chances are you won’t be pleased with the results. Where and how you market your business is the most important part of marketing. Nine times out of Ten, showing an amazing core-value based ad to 100 people in your niche will be much more fruitful than blasting out a generic ad to 1,000 people. Advertising does work, it just has to be done correctly.
The cost of advertising may seem substantial, but the only real cost is when you give up. Some people have tried once and when it didn’t turn out how they wanted they just fell back to relying on word of mouth. Word of mouth is a great source of customers. But it’s very important to have multiple, scalable sources of customers if you want to grow. Word of mouth just isn’t scalable, you can never depend on word of mouth customers to be a reliable source of growth.
Collect the Data
You have to start to get systems in place to streamline how you want to handle marketing (i.e core values, who and where you show it, etc.) It’s important to keep data on where you’re getting your customers. Know what ads get you what kind of customers is great data for targeting your ads further moving forward. If you keep track of what works than your advertising should get better every iteration. Even if the advertising doesn’t work as well as you were hoping for the first time, you still collect data that you can use to improve. Stay focused on the future and coming years for your company.
What didn’t work?
If your advertising doesn’t work out the first time around, find out what the source of that is. Was it your ad? Who you were showing it to? Where were you showing it to them? When you showed it to them? These are all things to keep in consideration while showing your ads. You need to know who your target audience, find out their pain, and make your ad revolve around that. Anyone can throw large amounts of money at a marketing campaign, but if you want quality customers it’s important to know your audience. Anyone can pay large amounts of money to attract clients, the key is being able to lower that cost.
Figure out where to advertise by what didn’t work
Once you figure out where you should advertise and can attract all the clients you need at a profit, you can practically print money. You can take everything you’ve learned and apply it to just about any business and have massive success. Mike has used the skills that he has acquired over the years on several different businesses. Even if it takes tens- or hundreds of thousands of dollars and years to create, it can be a multimillion dollar skill for the rest of your life.
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