Put Your Money Where Your Numbers Are: A Look at Paid Advertising
Once you’ve learned the value of your customers, the cost of acquiring a customer, and how to keep customers longer, it is going to make it a lot easier to determine how much you can spend on paid advertising. One thing to remember about paid ads is that they’re not really an expense as much as they’re an investment.
Once you’ve learned the value of your customers, the cost of acquiring a customer, and how to keep customers longer, it is going to make it a lot easier to determine how much you can spend on paid advertising. #EventPreneur… Click To Tweet
When you really know your audience, and your customers, and your products or services, and you know your numbers, you can make wise choices when it comes to your paid ads because you know your customers’ worth and how much you can spend and still make a profit.
To get into paid advertising, it’s important for you to understand how keywords work, where you want to buy ads such as Google or Facebook, who your targeted audience is, the type of advertisement you want to place, and how to set up Google Analytics tracking for your ads. Plus, you need to ensure that your landing pages are completely optimized.
Once you’ve ensured you’ve done that, choose your platform. A good place to start with ads is on Facebook. Facebook makes it easy to do, and your ads will also be on Instagram at the same time if you check the box to put them there. If you don’t have a product that people would like on Facebook, you have other options like Google and also YouTube.com. Remember that people are primed to buy with search engine ads but not so much on sites like Facebook.
When you get ready to start, do the following:
- Tighten up your customer personas.
- Beef up your sales pages.
- Set your budget.
- Read the rules and terms of service of the platform you want to use.
Then set up a test advertisement to test the waters. You need to make it long enough to see some results but set a beginning and end date of no more than 30 days. Set a daily budget. Then check up on the advertisement every day. If within a couple of weeks, you’re not gaining any traction, you can stop it on the fly if you want to. There should be some type of traction within a couple of weeks, but the best test is 30 days.
But do it daily. If you find that the ad is working and you’re generating the type of return you want, slowly boost your budget. Because remember, it’s an investment at this point, not an expense. If you’re making 20 dollars spending 5 dollars, then if you spend 100 dollars, you should make 400 dollars.
Once the advertisement is producing the way you want it to, you can stop looking daily but you do want to check it on a regular basis. More than likely, most ads will produce in a bell curve fashion. Start slow, build up to a momentum, then start falling off again. At the point it starts falling off is when you want to stop the ad and move on to the next time. You can also work on optimizing it to make it newer but for now, move on to the next as you learn.