Why start-ups should never use paid advertising for awareness
Lesson 33 from: Brand Marketing Bootcamp: Build An Actionable Marketing PlanScott Lancaster
Why start-ups should never use paid advertising for awareness
Lesson 33 from: Brand Marketing Bootcamp: Build An Actionable Marketing PlanScott Lancaster
Lesson Info
33. Why start-ups should never use paid advertising for awareness
Lessons
The definition of strategy
03:39 2The 4 stages of marketing
03:16 3The difference between strategy & tactics
03:46 4The 6 laws of marketing
09:56 5Understanding Creative & Distribution
02:16 6The 4 marketing P’s and how to use them
05:08 7SWOT Matrix and how to use it
02:28 8Porter's Five Forces
04:4360/40 Law of marketing
04:04 10The marketing funnel
06:27 11Analyzing your competitors
07:14 12Deciding your target audience
06:59 13Creating your marketing objectives
11:42 14Pricing your products perfectly
08:16 15Watch this before arranging your marketing strategy
02:21 16Awareness, finalizing your awareness tactics
03:52 17Partnerships and affiliates (free tactic)
09:40 18Blog writing & SEO
07:26 19Podcasting
07:10 20Public Relations
05:58 21Giveaways
07:18 22Word of mouth
06:21 23Valuable courses
08:09 24Social media overview
05:28 25YouTube
09:36 26TikTok
03:58 27Twitter / X
04:48 30How to create better content in half the time
07:54 33Why start-ups should never use paid advertising for awareness
06:21 34Education & Consideration
01:33 35Workshops & Webinars
08:39 36Social Proof
06:55 37Effective Email Marketing
05:34 38Utilizing FAQ Sections
05:31 39Portfolio & case studies
07:39 40Leveraging product comparisons
03:26 41Tips to increase desirability
07:22 42Harnessing the power of Google reviews
05:20 43Sales & Conversion
02:28 44Psychological tricks to convert customers to buying
08:25 45Building a list of customers ready to buy
08:46 46Irresistible Offer
08:31 47Persuasive Sales Page
07:35 48Promotions & Free shipping
04:24 49Improving conversion rate (PIPE FRAMEWORK)
06:39 50Customer Retention
03:43 51Expanding your product range
07:18 52Asking for feedback & refining your product
03:37 53Loyalty programs and the subscription model
06:43 54Gifts & Surprises
05:02 55Finalizing your marketing strategy
07:40Lesson Info
Why start-ups should never use paid advertising for awareness
So paid advertising for start ups. Where do I start? Now? You may be tempted to invest in boosting a post or paying for advertising at this point in your brand's journey. I just want to share my personal opinion with you and then you can do whatever you feel is right for your business. But this is just my decade of experience through working with thousands of founders, much like you who have been the exact same position. And the only reason I'm making this particular lesson in this course is because I've actually made the exact same mistakes a lot of other founders make. So I just want to make sure that the lessons that I learned through wasting money in time, through experimenting with paid advertising is used positively to save someone else from losing their money in time. Now, listen, can paid advertising work 100 per cent. But is it likely to work for you right now? Honestly, I don't know. But what I can tell you is that a lot of people and founders and entrepreneurs see videos on ...
the likes of Instagram and tiktok and youtube or whatever of other entrepreneurs who have basically spent 10 million in a week on advertising. And obviously they must be making a profit on that because otherwise, why would they spend 10 million per week? The difference between someone who's spending 10 million a week on advertising and someone who is just starting their branding journey is that they are very obviously have product market fit and they already have the confirmation that their product is wanted by a certain target audience. Unless you have that, unless you actually have people buying your product organically already, you shouldn't be paying for advertising because think about it this way, imagine you have 10 grand, you have $10,000 to sell your product or service. If you have all that stock, let's imagine you're an E commerce company, you have all stuff that you need to shift and you've got $10,000 in marketing spend to sell it. If you spend all that $10,000 then you're left with absolutely no budget left to sell your products. So you're just left with all this stock, which makes zero sense. Now, I'm just using this E commerce example because I know that holding stock is not the greatest situation to be in because I've been in it myself many years ago. So with paid advertising, what would you rather do and what makes the most sense from a logical standpoint. So firstly, you could spend the advertising and just try and figure it out and get product market fit while spending the $10,000 or you could post organically find out what works, find out how to connect with your target audience to make sure that you have that product market fit, right? And once you have it right, and you know what works and you've learnt it, then you can start invest in your advertising spend behind those particular efforts. It's a little bit like buying a car for a race. Are you going to take the car for a test drive first before you actually invest in buying the car? Or are you just going to buy the car and just try and race anyway in business? One thing that I've learned is that you need to test an experiment as much as possible and the more opportunities that you have to test and to get things right and to minimize your losses, that is ultimately going to set you up for long term success because a lot of times in business, yes, you have to try and win, but you also need to defend as well. You also need to defend yourself against losses and basically putting yourself in a situation where you could get to zero. If you get to zero, it's not going to be a good situation. Make sure that you look at advertising as something to amplify what you're already doing as opposed to something that is going to save you and get you the awareness that is never really going to happen because you don't have the organic and authentic connection with the person you're trying to sell to. Yet. Now, another thing is far more effective when it comes to paying for advertising is to use a remarketing method, which is ultimately, if you don't know what remarketing is, somebody goes to your website and they spend a certain amount of time on your web page or on a product page. Now, what you basically do is you install a cookie on that particular page. Now, what that cookie does is if someone spends a certain amount of time on that product page, when they go back to their social media profiles, and you've probably experienced this when you've been on a web page, for example, on a certain website. And then all of a sudden there are lots of adverts for that particular product from that particular brand. And over the next couple of days that is essentially remarketing at its best. And the way that that works is maybe you're looking at that product or service online and then maybe you get distracted maybe just before you're about to purchase your wife or husband says, can you do the dishes or something? I don't know. This is one of the things that remarketing is great for because it reminds you of the thing that you wanted to buy to start with. And a way that remarketing is usually used, especially on social media really effectively is say, for example, if you are looking to buy, I don't know, a course for $500 online and you're thinking about buying it, but you're not 100% sure. So say, ok, I'm going to sleep on it. Maybe I'll buy it in the future. I'll just leave it. It's still going to be the same price. I'll just leave it. Now, what they'll do is they'll create an offer to essentially remark to the person who was originally looking to buy the product. So if that course was $500 for example, but they left the page, they'll then be flooded with advertisements over the next seven days to ultimately have that particular course for 50 per cent off or 70 per cent off or even 80 per cent off. Something crazy to basically get you to press the buy button and get that purchase. Now, the reason that remarketing is super effective and it's actually far more logical to use is because when you are using remarketing, you are not just advertising to a cold audience. You're advertising as someone who already has been in your website, they already know exactly what you offer and they're actually probably interested in what you actually have to sell them. So it's actually a far smarter way to advertise, it gets you a better return on your money invested. Because if you've only got a small marketing budget, you want to make sure you make every penny count anyway. I hope you found this video helpful. I look forward to seeing you in the next lesson. See you soon.
Class Materials
Bonus Materials