June 07, 2019
How to Win the Online Ad Game
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Auction type ad platforms such as AdWords and Facebook have a built-in mechanism that rewards the highest bidder with the best exposure. That advantages businesses that can afford to spend more to get a customer.
Here are seven strategies that enable you to outspend your competitors and get a larger share of available business.
1. Higher prices. This one is counterintuitive but if you can add premium features that justify a higher price than your competitors you can outspend the competition while getting more high paying customers.
2. Connect the click to the cash register. Many marketers focus on cost per lead, but not all leads are created equal. A client of mine sells reclaimed wood building materials. Some leads buy a $30 can of stain while others buy a $4000 floor. He optimizes his ad spend per revenue dollar so he doesn’t overspend on ads that drive low dollar business.
3. Test Many Ad Versions and Optimize. The more combinations of audiences/keywords and ad content you test while frequently assessing and trimming the low performers, the better your chances are of finding the most efficient combination.
4. Retarget. Generally, retargeting to a custom audience gets your ad in front of your prospect more frequently at a lower cost than general targeting.
5. Move leads to your own platform. For example, by offering a lead magnet to get prospects on your email list you can educate and nurture leads for close to free, freeing more dollars to spend on fresh leads.
6. Increase your conversion rate. Many businesses do not follow up nearly enough with leads that don’t buy immediately. Better follow-up converts more of the “no’s” to “yeses” thereby increasing the return on your ad spend.
7. Upsells and cross-sells. Increasing the amount each customer spends with you by selling add-ons makes spending more on lead generation more affordable
If you want to be more effective at buying customers, book a call to strategize how to put these principles to work in your business.
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