You want to know what a business really is, at its most basic level, business is arbitrage. You spend $1. And you get more than $1. back no matter what you do, you need a way to consistently bring in customers.
That’s what paid traffic does. I have some battle tested advice for you and your paid ads strategy. But first, since we want to keep in mind the context of where paid ads fit in a successful B2B marketing strategy. Let’s look at the Client Magnet System map. The Client Magnet System is the complete model for uniting and aligning sales and marketing, and creating an inbound and outbound client acquisition engine in your business that attracts more leads, boost sales, and energizes your growth. And remember, you want to align sales and marketing because they’re just like the wheels of a car, you want them working together moving in the same direction. So you get this. And not this.
There’s four layers or stages, tools, traffic, client acquisition, and post sale. We’ll go over all of it in future videos. But in this video, we’re discussing paid ads in the traffic layer on the marketing side of the map. So here’s what’s up, there’s a bunch of different places you can advertise. I’m going to give you a short list here in a sec, then I’m going to tell you the most important key info you need to know to be successful using any of these advertising channels.
It’s high level because I don’t want the video to be like this. Alright, so you go to Facebook. Then you go to pages, and then you choose your page. All right, here’s the major ad channels b2b businesses should be focusing on paid ads on LinkedIn, Twitter, Facebook, Instagram, and YouTube, Google AdWords, attend events and have tradeshow booths, media buys, affiliate marketing, influencers, forum sponsorships, direct mail, charity events and sponsorships, chamber events, and executive events. Now, each one of these is different, but they have a common strategy. This is what you need to understand with all your advertising. You need to plan your plan needs to cover these two pieces, your strategy and your budget.
Okay, we’re going into a long graphic. So let me get something to drink. Your advertising strategy should answer simple questions like what are your overall goals for the campaign? What do you want to accomplish? What’s your game plan? What channels are you going to use? Who’s your target audience? How much are you going to spend on this campaign? How long will you run the campaign for? What does it look like on a calendar? Which KPIs are you going to track? And for each KPI? What’s your scale for poor, acceptable good, great and exceptional results?
And how will you judge success, you want to get a clear picture of the work required to successfully develop and run this campaign. And you want to know ahead of time, how you’re going to be judging your success or failure. If you don’t do this ahead of time, you’re more likely to be disappointed with the results, you’ll start to wonder why your conversion rates only 2.5% when you think it should be 25 or 30%.
I’ve found people who don’t have realistic expectations tend to be disappointed with their results. And that’s an important point to make here. advertising is a key strategy for business growth. It’s one of the most obvious and effective ways to promote your products and services. You need to learn how to make money with advertising. It essentially pays for itself and it brings in customers sales, revenue and profits. And as a key strategy for business growth. It’s not a spur of the moment. Need Your one shot decision? advertising is something you do every day, just like sales and marketing. I mean, if you’re posting on social and creating blog posts and all kinds of content, but you’re not promoting yourself with advertising I and finally about advertising strategies.
Don’t put all your eggs in one basket. Don’t go all in. Don’t put all your money on one roll of the dice. Got any more Shell? Don’t date just one man. Yeah, nice. Your strategy should include how you’re going to ramp up your spending and your daily cap on each channel. When you know how much money leads or followers you’re looking to add each day. And you know how much you’re willing to spend to achieve those goals. You’ve got a solid strategy. So now let’s talk about budget.
How much should you spend? It depends on your unique situation. But as much as you possibly can would be my answer. Here’s my philosophy. You pay your people, you pay your bills, and you pay yourself. The rest is profit.
Well, now what are you going to do with it, you’re going to put it in the bank, it’s only going to decrease in value. So you need to put it to use, what are you gonna spend it on?
To me, I got three choices that will help my business grow, either equipment, training, or marketing. You split up your profit any way you want to into those three buckets.
But what you put into your marketing bucket is all you have for the year. And this is why strategy is so important, and why setting your goals is so important.
But one more thing about arriving at your budget and how much you should spend. You need to know your numbers. How much can you afford to spend to get a lead in a sale? How much profit do you get from each sale? What’s your current customer lifetime value? When you can make the math work and see where your profit comes from with advertising. And you make it work in reality, you have a business.
That’s all I got for you this week. Make sure to like subscribe and hit the bell to get notifications on when we put out new videos. We’ll see in the next one.