If there’s one thing I’ve learnt on this journey of being a business owner it’s to “test small and cheap” at first.
Look at the numbers and add horsepower to the winning test.
The Wright brothers had a competitor who was convinced that he was going to win the race to build the first flying machine.
His thoughts were “If I put enough horsepower behind the wings, it will eventually be enough to soar.”
Each version of his flying machine had more and more horsepower but crashed and burned time and time again.
Instead, the Wright brothers built a light weight frame and just focused on getting it to glide. Once they had a frame which was “flying” then and only then did they add an engine.
It’s the same with advertising. Test small and lightweight ads, find the winner and add jet fuel.
When it comes to advertising, the business owner who can spend the most to acquire a customer and still profit wins the war, but you can’t do that using a rubbish ad (flying machine) with a 4.0L, 8-cylinder engine behind it.
Building Your Flying Machine
Split test the hell out of the following:
Once you’ve got these well-oiled and working like a charm, you can then afford to spend more than your competitor and get all the customers you can. Once you’re paying more than them, they can’t beat you without racking up thousands in debt.
After each successful implementation and test of the previous chapters, you’ll see which percentage of ideal customers move all the way to the top of the value ladder.
Once you have these numbers you’ll know how much you can afford to reinvest into advertising and still make a profit.
This book is literally giving you the steps to take in order to spend more than your competition and still make more profit on the back end.
That is how I make my clients very happy people.
It doesn’t happen overnight and it takes money to test these things, but the end result is worth the hard work.
However, this chapter is called ‘Broke Guy Advertising.’ It’s not about spending more money.
Low Converting Banner Ads
There are a number of sites like BuySellAds.com which allow you to place banner ads on niche specific websites.
Most of the banner ad placement sites like this allow you to place ads for as little as $29 USD a month for around 10,000 impressions, This means you can get as many clicks as you want for a flat fee.
You can do your own research on their inventory but the idea is to test and further test to find a site which will give you the best return on investment for a minimal spend.
If you’re not presenting the right message, these sites will not perform for you. However, in previous chapters I have helped you to completely cover that.
All you need from these low performing sites is a couple of interested clickers and one ideal customer.
Even If your ads are converting at 1 out of 100 on these sites but your value ladder ends at £997, you’re making a massive profit for the tiniest cost.
Once you find one of these bad boys, you just leave it running. Keep paying the minimal cost to advertise and let it do its thing.
Some months you may get nothing, others you may get more, but you know it converts when the right person sees it, so “don’t try fix what ain’t broke.”
The aim is to find as many of these as possible and have a small army of tiny ads which convert quietly and cheaply.
This is by no means some whiz bang tactic but in force these small ads generate big results. It’s boring it’s not sexy, but it works.
One key note – Don’t use this same methodology for Google Ads. That is a whole new monster with its own set of hacks and tricks to make it work for you at a lower cost, which is far more time consuming.
Working with Charities
There is no such thing as bad publicity? Well, there is and you should avoid dirtying your business name at all costs.
I’ve come across business owners who have had to start completely new companies to escape bad publicity.
Join with charities to get far more favourable attention instead.
Not only is working with a charity a good thing to do, but it also opens up doors to make connections and get free media publicity.
Hold fundraisers and donate the proceeds to your charity of choice.
Some safe bets are Make a Wish foundation, Breast Cancer Awareness, Arthritis and Leukaemia charities.
Look for non-profits which are highly active in getting their cause funded, getting themselves seen and which operate with low overheads to ensure your funding is not just paying the wages.