How to increase your business 10 x with paid marketing
Do you want to increase your business x 10? Irene Lee from Canva share the secrets to paid marketing that works.
Do you want to increase your business x 10?
Are you making these common paid marketing mistakes?
Are you looking for a quick win? Irene says, "It takes time and iteration. It's a marathon, not a sprint."
She also says that you need to think about the user journey beyond getting people to your landing page or app.
Her number one tip?
"Don't try to do everything at once. Instead, do one thing well that will have the highest impact. You're in this for the long haul, therefore you need to be patient and work at it incrementally. Focus on one thing, one metric, and put your energies towards that instead of trying to do everything at once. Understanding your audience will be the key to this."
Is your creative right for your audience?
Irene says, "Your ad creative and audience targeting is the most important. They need to be aligned. For example, there's no point showing a baby product ad to a teenager. The ad creative needs to stand out (video is better than a graphic ad for this). And remember the context in which the audience is seeing your ad and make sure it matches/aligns with the platform. An ad for Facebook needs to be different to a an ad for Instagram."
Irene also says that the type of language you use needs to resonate with your audience.
"Talking and engaging with a teenager is different to engaging with an entrepreneur. You need to understand what matters to them and how that relates back to your product/service, and then show them the value of having that in their life." she says.
In terms of time spent on creating campaigns, Irene says, "You can whip up a campaign in an hour if you're talking about a text ad, or it could take weeks to build one if you're looking at creating video ads. It depends. But when it comes to running a campaign, you should at least give it three months to gain enough learnings during that time, and give you time to pivot your approach if needed."
How much should you be spending?
Irene says that there are a lot of things to consider.
"It depends on the cost of the channel, where the audience is in the buying cycle, and if you're able to support the paid marketing with a budget significant enough to run a campaign for at least two to three months. Work this out by figuring out your key metrics such as CPC (cost per click)/CPM (cost per mille), CPA (cost per acquisition), conversation rate, and LTV (lifetime value) of a customer by channel (e.g. the cost of doing ads on Facebook will be different to doing ads on Google or Instagram) and by market (e.g. Australia only, Asia, US, worldwide).
Figuring out the ROI on your spend is as simple as understanding your marketing costs against the revenue you generate.
Irene says, "Do the numbers make sense as a long term engine for generating sales for your business? How much revenue against costs does it need to generate to break even for you? Is it 2X, or 3X or 4X?"
Want some handy tools?
Irene says, "I like using competitor analysis tools, and tools that help me preview what an ad could look like."
Here's a list:
- See competitor ads (you can learn lots from them): Moat
- Ad mock up tool (see how your ads will look before making them live): Admocks
- A/B test significance tool (to understand if you have enough data to feel confident on the results): AB testing calculator
- Persona builder tool (to help understand the types of users you're wanting to engage with to inform your paid marketing approach): Persona builder
Watch Irene's full Be MPowered Workshop online
The workshop goes through the fundamentals to consider when starting campaigns, knowing when to stop, and learning how to scale when you’ve got something working.
This workshop will teach you all of this, with simple to follow frameworks that can be applied to any startup, in any industry! Watch online now.
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