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3 ways to make the most out of your marketing budget
Everyone talks about how they want to make money online and it usually boils down to setting up a marketing campaign to bring in a massive amount of clients in a short amount of time. Sure, this works really well if you kow what you're doing, but most of the time you don't, and you could just be throwing money in the garbage can lol. Marketing isn't something you'll be great at overnight, and it's not just setting up PPC campaigns and watching the traffic roll in, you have to do a lot of research and testing prior to figuring out what exactly works. What you think might be best might not work at all and the ads, titles, URLs, or keywords you thought weren't going to work might actually be the ones that bring in the most sales, and you would have never known that if you didn't learn how to do everything first If you just went with your gut, and no research to back it up, you could be wasting a lot of money that could have actually been getting a great ROI if you just took your time
Your marketing budget can make or break your business, so you'll want to play it smart in the beginning so you can then bootstrap the profits coming in and build up your bank account bigger than you thought was possible A lot of people fail at this because they take their profits and just buy whatever they had their mind set on, like a new iPhone or they put a down payment on a new car, but if you're smart you will put all those profits back into your own business progression
So, what are these 3 ways to make the most out of your marketing budget?
Do all of your research prior to testing
You'd be surprised at how many people actually start up a PPC campaign, purchase banners, write content, etc. without doing any sort of research prior to getting things going. They likely think "Someone else did just this and was successful, so I'll do the same thing and replicate their results!" but it doesn't happen like that. It will happen like that if you can get your hands on their exact campaign, because I can guarantee you that they did plenty of split testing and removed bad performing ads and took out banners there weren't getting clicks as well as improved their content writing skills so they could bring in more and more traffic.
If yo'ure not doing massive amounts of research and testing, why are you even in business for yourself? You're just going to lose a lot of money and you'll be out on your butt sooner than later lol. You need to do so much research that you will know exactly how many clicks an ad will get, what banners will convert best, what content people want to read, how to write your titles, how to write your descriptions, etc. If you don't know even half of these before you start marketing, your budget will most likely suffer.
Only target super specific markets, niches, and people
If you're just starting out, you'll want to cherish your marketing budget because it's usually all you can afford to lose. If you make some additional money, that's great, but usually people fail their first few tries at marketing and leave the game for good. Instead of leaving before you hit your prime, you should only target specific markets, niches, and people to be sure your ad budget is being spent in a better place than targeting a general demographic or industry.
If you can get super targeted with your marketing, you will likely boost your ROI, which is what we're all trying to do. After you have a few small campaigns up and running, you can branch out and get more broad with your targeting, but don't go too crazy because you already have something that works well for you Branch out slowly and break down your data each and every day. Watch for trends and make sure you're not just profiting because of something that was hyped up the day or week before, you never want to go all in on a hyped up topic, because you'll lose money if you don't pull out quick enough.
Take your profits and put them back in
Bootstrapping is what successful marketers are preaching, and it's because you will only make more money down the road in a shorter amount of time. Think about it, if you're making $100 a day right now, and putting an extra $100 into your advertising campaign each day, that's an extra $3,000 a month you're spending to make additional sales. A while back I started a campaign at just $10 a day and after just 2 months of advertising, and bootstrapping, I boosted it to over $5,000 a month, which comes out to roughly $167 per day in ad spend. That means I boosted my daily spend by 1,600% and I was still growing. I eventually got banned from adwords and couldn't tap back into this lol I had profited a decent amount and got back on adwords eventually, but it was only after I moved, got a new laptop, a new bank account #, and a new internet connection. I'm not doing quite as well because the niche I was in back then is now super saturated and I'd have to pay $3.00 a click instead of the maximum of $0.25 back in the day lmao
If you bootstrap your profits, and you're running a successful campaign, you will likely be in the same shoes I was in when I boosted my campaign by 1,600% and was making plenty of money to pay for all my bills and throw plenty back into advertising
Marketing isn't easy at all, in fact, it's actually really difficult because there's no guide to tell you how to do something and how to not do it. You have to learn from your failures as well as your successful attempts. I feel sorry for the people who are always successful, because they'll get hit harder when they fail because they didn't learn from it I've failed plenty of times, but my wins outweigh my failures, and I've been here for over 15 years doing what I love So, you need to research everything so much that you become a pro marketer within your industry, you need to get super targeted with any of your ads in the beginning so there's less of a chance to lose, and you definitely need to bootstrap everything that comes in so you can be more successful in a shorter amount of time. If you can do all of that, you'll be the one I see on Forbes next year
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