When you’re selling products online, there’s a few myths we get caught up in. I say myths because I’ve heard these things before when you’re trying to build an online business. There’s a balance of nuance and simplicity which is the best approach with any online business. Here’s just a few below!
I just need a big ad spend budget!
It’s easy to think that you can solve your sales problems with more ad budget. “Look at the big brands! They’re doing well because they’ve got a marketing budget to sign Steph Curry to an advertisement deal!” It’s true that it’s easier to advertise with a big budget, but many times, even for the big brands, those budgets are inefficient.
It’s true that you need an adequate budget to run your digital marketing campaigns. The napkin math I do for figuring out what someone should be spending on their ad accounts is 15X the price of your product. If your product is at $20, then look to run $300 for a campaign as an adequate test. This is just ad spend though, this does not include the price of the ad creative, the time spent setting up the targeting, the research and the implementation.
There are other bigger factors to the success of your budget:
- How much did you invest into strong creative?
- Are you targeting an audience that NEEDS this?
- Are you pacing your budget during the right times? Do you have strong seasons you can leverage?
- Are you spending in the right media channels?
I just need an expensive site!
Clients sometimes tell me that they spent 20k, 30K+ on their site, but it’s just as confusing as it is expensive. There is nothing wrong with an expensive site, but it 100% needs to be clear and functional. It may be cool if the background is animated or the content is dynamic, but if it doesn’t load within 5 seconds to your visitor on mobile, then it may not be worth it. The goal of your site is to:
- Communicate what the brand is within the first 7 seconds of scanning the “above-the-scroll-line”
- It needs to work. It has to do what you advertise your brand to do, whether that’s selling, safely taking credit card information through checkout.
- It must answer questions. Your visitors will have questions about your brand. Does your site provide those answers?
If I Build It, They Will Come
Many people tell me they have an “awesome product/service.” And most of the time, they really do. They become confused as to why they aren’t receiving sales, but they don’t put in major investment towards marketing. It’s important to note: Your product/service being great, unique, or even life-changing is important, but there’s more to sales than just the perfect product.
Your product is King. Marketing is Queen.
You can build an amazing product, but it can’t sit in your garage, backyard or warehouse forever. The right people need to learn about your product/service the right way.
- Who would use this?
- Why would my customer use this?
- When during the day or week would my customer use this?
- How would my customer use this?
You need to be able to communicate the answer to these questions well. A great product will create advocates after it’s purchased, but it needs to get in front of people first.