What I learned this week:
Okay. Since this is "Marketing Month" let's dive into some stuff I've learned recently about marketing. Something that's been bugging me lately is marketing spend consistency.
About a month ago we were running Instagram ads and it was going great. I gained a ton of followers for about 6-7 cents per click in Europe, averaging to about 20 cents per follower.
However, my recent ads have almost double the cost. I expected this to be because of the boycott on Facebook ads, but after talking to a friend of mine at Facebook, it doesn't seem to be affecting revenues. So why is everything almost twice as expensive? Apparently, it might be seasonal.
Consumers have different behavior during different times of the year, of course, but so do advertisers. Remember, Facebook and most ad platforms have bidding wars. Before every ad is shown, a bid goes on and whoever pays the highest gets that spot, and their ad is shown. Now that it's the dead of the summer, maybe advertisers are kicking up their campaigns a ton. That makes the bidding wars harder to win, and my ads more expensive to run.
My previous perspective on ads was short term. I thought I was guaranteed the same cost per click as long as I used the same creatives and audiences. I'll be more careful from now on, and I'll keep this in mind for the rest of the month. All the figures I learn about are ROUGH figures - they are not guaranteed, but they should be a good estimation of what is most cost-effective.
I just launched a Reddit ad campaign. It was shockingly simple, but because I spend absolutely zero time on Reddit, I'm a bit nervous. Here's one of the ads, if you want to check it out.
This month should be a lot of fun. I would love to see you on the stream with some questions about marketing. :)
If you're marketing something new, I urge you to try every possible avenue of advertising it. You genuinely have no goddamn clue what the cost per conversion is going to be.
I expected Reddit to perform incredibly well, and it sucked harder than anything else. I expected Quora to bomb, but the cost per click has been absolutely insane. Snapchat we have yet to see in action, but I'm super hopeful.
Just as a quick tip, Quora, YouTube, Reddit, LinkedIn, Facebook/Instagram, Snapchat, and every other niche ad platform out there has almost literally the exact same user interface. I expected each one to be a whole new learning curve, but they've all been the same thing.
Some have less specific targeting, some have more. For instance, what Snapchat knows about you is TERRIFYING. They know what your income is, what your family looks like, what your hobbies are, and I'm pretty sure it's because they have crazy AI watching the videos you send.
And I should correct myself - each one does have a learning curve. If you learn one ad platform you don't learn them all - there are very specific rules for each. I don't know how Reddit works - yes, I was able to run an ad that functioned and I got a few clicks, but I also got roasted for not understanding the community, and my ads performed horribly.
But do not be intimidated by running ads. Experiment with Facebook ads manager first, it's super cheap, you can put $1/day into it and still see some results. But once you learn how to run a tiny little ad on Facebook, you've learned how to run a tiny little ad everywhere. Everyone copied their interface, and it's super easy once you get the hang of it.
If you're interested in giving it a shot, here's the link. Use Canva or iMovie to edit a half-decent ad together, and just try it. The worst thing that happens is you spend 5 bucks and learn something. ;)