We are just finishing up week two of Advestors and the conversations and growth that members are already having has been so phenomenal I had to share the Top 10 moments of the first two weeks so that you too could learn along the way.
Lesson #1: Never shut off your ads because you get scared before you see the data.
One of our members made $2,000 with $400 in ad spend within the first 10 days of joining and shared on our second call that they had shut off their ads.
Insert me through zoom like:
Kidding, but only partly! Here’s the thing though: I get it.
When you’re spending more in a day or two than you have before it can feel like you’re gambling. You may be checking your data every hour (I see you!).
So then you decide to shut your ads off early because you haven’t had that hit of proof fast enough.
But then 24-48 hours your results start to show up. Your purchases, profit and let’s be honest relief start to show. You laugh at yourself and decide to get back in the game by turning those ads back on.
Trust the process you’ve chosen to take and follow those who have been there before you. Sit in the “investing in data” period that is buying data with no instant results.
They’re always around the corner.
Lesson #2: Knowing your numbers changes the game
This comes on the tail of Lesson # for a reason.
Once you know your numbers, ads become immensely less “scary” and way more fun. Mainly because you can trust them (who’s ever felt like they couldn’t trust their ads?).
When you know your conversion rates, your lifetime customer value (the key to profits, friend!) and what you can afford for each purchase, running ads is a game.
Also, if you run a SLO (self-liquidating offer) you may want to dig deep into what a loss leader is. Depending on your market (B2B or B2C), your niche and your average cart value you could have a profitable SLO or what we lovingly call a loss leader.
Definition of a loss leader: is a pricing strategy where a product is sold at a price below its market cost to stimulate other sales of more profitable goods or services. With this sales promotion/marketing strategy, a “leader” is any popular article, i.e., sold at a normal price.
You as the business owner need to know your numbers, what you can afford and the customer lifetime value of your customers with your product/offering suite.
Lesson #3: Facebook & Instagram ads are different than 2020 and they’re never going back to “the golden years”
Here’s the thing friends: the internet is going to constantly change (it always has). When you implement foundational marketing principles and run your ads around that you can ride the waves.
Forget about how “easy” things were in 2020. We are looking forward and building better ads and businesses because of it.
Lesson #4: You’ll get to a point where you WISHED YOU SPENT MORE MONEY on ads
Mastering the previous lesson leads to this next lesson.
Many business owners have almost learned to their core that ads are scary, a risk and a gamble. So much so that it takes a lot of mental work to spend more money even though all of the metrics/data/numbers/profit is showing you to spend more money.
One of our members just finished up her fifth live launch (and crushed it!) but was sharing one of her biggest takeaways is that at the end of every launch she wished she spent more money.
Because every time she sees the revenue vs ad spend (aka the profit) she has that reaction.
If this is you, you’re not alone. You’re not the only one who is scared and partially why I talk about knowing your numbers and business so much. Ads are still massively profitable. It’s up to you to do the mental work after the proof is shown in your business to continue to invest in your products, your customers, and…yourself.
Trust yourself, follow a proven process – you got this! (For the process we recommend our Have Them At Hello method).
Lesson #5: Have your audience tell you what they want from you.
One of the keys to scalable and sustainable ads is to have top-of-funnel entry points for new to your brand customers to find you through.
The fastest way to automate this is to discover the types of content people want to be invited to your brand with and then run ads to it.
These entry points could be freebies (lead magnets, offers, training, etc), low-priced products, podcasts/videos with the right angles to hook them in, and more.
If you’re sitting there like “That’s great but…how do I figure out the best top-of-funnel entry points?” Inside this training, we share exactly how to do that.
Lesson #6: Focus on the long-term goals over the short-term wins, always.
Can you forgo the quick wins that look shiny right now to enjoy the bigger fruits of your labor later?
This may sound like an easy ‘yes’ at first but in practice, it can be hard.
Lesson #7: Facebook & Instagram Ads Are Now In A Mature Market
On our call last week I spent some time sharing how the online business industry and social ads in general is now a mature market.
Definition of a mature market: A mature industry is a sector that has reached a phase wherein earnings and sales grow slower than in growth and emerging industries.
Now that shouldn’t deter you from running ads. Instead it should encourage you to dive in. I liken not running and scaling ads in 2022 to not investing in the stock market because you didn’t snag Apple or Amazon stock in 1999. Now it costs a bit more and you *should’ve* started earlier.
Here’s the big takeaway: it’s still profitable and one of the best ways to grow revenue and profit in your business.
Lesson #8: Putting your customers first in 2022 is more important than ever
Your customers have always had the power but when the iOS 14/15 changes were implemented it became more paramount that brands put their customers first.
What do I mean by first?
I truly mean to advertise and market to them in a way that feels good to them. That feels like an invitation and just what they’ve been looking for.
What this means is that you’re going to be investing in getting their attention, interest, and love before you make a sale.
This is normal. This is how brands build for years instead of just a month of high revenue and then nothing the next.
Invest in your people. They will invest in you 10x back.
Warning: patience and testing required.
Lesson #9: Ad creative & copy matter more now than ever
This is also because of lesson # . When you’re in a mature market your offers/product/copy/creative needs to be…well, better.
That’s because there is always going to be another business that “offers what you do”.
But they may not do it in your unique way, with your magic sauce and to your special cohort of people in YOUR niche.
Make creative and copy (headlines, body copy, call-to-actions) that stand out and call out your people.
Have it be so good they can’t ignore you. They must know more about you.
Lesson #10: As you progress and begin to master skills it’s no longer the tactical how-tos that get you to the next level.
Instead it’s the foundational thought processes and beliefs that get you there. It’s the upleveling of who you are as a business owner.