Look, I get it.
You’ve heard everybody raving video advertising and you don’t want to miss the boat. And you’ve always made you’re biggest business gains by being a “fail fast” kind of person.
You’re ready to launch yesterday… and the details can come later.
Take. A deep. Breath.
Video advertising is exciting, and can pump steroids into your bottom line. But. If you launch before asking yourself or your team the following 4 questions, it will cost you in time, money and effort.
What’s the best use of my time right now?
Leads are lifeblood. Sometimes, though, it’s the wrong focus and shouldn’t be your first focus.
Have the capacity to fulfill if you get a wave of new leads? Is your sales process sound? Are your internal business systems strong enough to withstand a flood of new clients?
There’s no sense in spiking leads if you can’t handle more clients. Sounds like common sense, but an easy mistake to make.
We’re all ambitious.
If you think (or know) fulfillment quality will take a nosedive if you get more clients, leadgen is second priority.
Your first priority – optimize fulfillment. Or have a plan for adding capacity if you or your team are close to maxed out.
What does my dream client look like?
My guess is what you offer can help lots of different kinds of people.
That’s awesome. But, as they say, “riches are in the niches”.
Niche doesn’t mean small, your audience can still be big. But it means well defined. You need to know, with crystal clarity, who you’re targeting if you want your campaigns to work.
And I know. The idea of making a Customer Avatar sounds boring.
But. It pays dividends.
Ask yourself what your dream customer looks like, and put the answers on paper. To get you started, here’s some of the things we ask internally when designing a new Customer Avatar:
- Demographics (Gender, Age, Location, Income Level, etc.)
- What situation is he in?
- What are his challenges?
- What results will I give him?
- What other solutions is he considering for his problem?
- What are his big questions?
As you’re marketing grows, you may have several Customer Avatars for different segments of your market. These are the foundation of your marketing, and you should pour that foundation before you start advertising.
What is a lead worth to me?
I love the TV show The Profit. One of the key issues lots of biz owners that Marcus Lemonis speaks to have is they don’t know their numbers.
This is true for lots of advertisers too. But if you don’t know your breakeven point, how will you ever get profitable?
If you’re business is new, you might not know this yet. Chatting with other players in the space might help.
And if you are already in business and don’t know, you have a tracking problem. Tracking is a complex topic that I’ll cover in the future. Put it at the top of your mind to research this, if you don’t know what your lead value is.
Is it smarter to do this in-house or to bring in an expert?
Profitable marketing is challenging. But it’s a challenge that has a solution.
A bigger question is if you (or your team) should solve it, or should you use an expert. Each has it’s pros and it’s cons.
The pros of doing it in-house are control and cost.
You’ll keep a firm hold on the steering wheel of one of the most important elements of your biz. And. Any process you manage in-house can, eventually, be optimized to the point where it’s cheaper to run than an outsourced provider.
The cons of doing it in-house are dilution, opportunity cost, and competition.
Finding, acquiring, keeping, and replacing talent takes time and money. Learning to do it yourself takes time and money. Ongoing management takes time and money.
All while shifting focus and capital away from the business itself.
And your internal resources will be competing with specialists that eat, sleep and breath advertising. Every market has them.
The pros of going with an expert are speed and quality.
You get somebody that obsesses about profitable advertising in your corner out the gate. They’ll generally have several years of experience and millions in spend to their credit. That’s data that you leverage from Day 1.
You don’t have to burn budget figuring out what works and what doesn’t – an expert brings that to experience to the table.
The cons of going with an expert are difficulty to find them, less control and cost.
There’s lots of marketing teams. There’s few that are worth their weight in salt. And when you find a good expert, you have to pay them. (Though some tie fees to results.)
You also have less control with an expert. You hand off the keys and tell them to get a result. The sausage gets made behind closed doors.
Both paths have their purposes. And you’re never locked into one path. It isn’t uncommon for brands to grow fast with an expert, and then build an in-house team when they’re big enough to focus fully on efficiencies.
Asking these questions before you start advertising will save you time and money.
And if you want to run your advertising in-house, the insights that we post on this site are backed by millions in ad spend. Hop on the newsletter to get notified when we publish.