My hope is you can avoid some of the stuff we see all the time that holds back companies. Following are top three mistakes FB marketers make. We see these all the time.
1) El-Cheapo Marketing 101
While spending money on your business can be painful, one common mistake is setting the bar too low on budget. Saving money is fine, but not when you're not hitting your goals.
It's amazing in our local market (population over 1.2mm), there are tons of super cheap digital companies. You can get a website, social media postings, "boosted posts" FB ads... all super cheap—I mean cheaper than going on Upwork. But is there any value to low budget marketing? You decide.
Savvy marketers shop for value, not for price. Here's why:
A 10X ROI is a great return. Just do the math. Here's how this works: If you have a goal for your startup to add $1mm of revenue for the year, at 10X ROI, that's a $100,000 marketing budget. That's a 10X ROI. If you want to go cheaper, like only spend $10k, you won't hit your goals at 100X ROI.
There's also a danger in hitting too high an ROI—Your competition may wake up.
With PPC, you have to hit auction thresholds, have to get data for retargeting. All this takes a specific ad spend over time.
2) Trying to DIY When You Should be Doing Other Things
I get the bootstrap necessity. I've done it myself. But if you are spending too much time DIYing, your business can suffer. Find an agency to help you so you can focus your genius on what you should be focusing on—your business.
The "Two Week Conference High:" Tons of money is spent by frantic marketers on events promising to share THE "secret sauce," or latest trend. This is like chickens.
This results in the "two week conference high." What this is: attend a massive marketing event with limitless keynotes and 20k other fervent marketers, all madly keying the stuff into their 8-hour ultra-books. Do you know what I'm talking about?
Then they return to their offices and spend two 80 hr. weeks madly executing their take-a-ways only to discover little has changed aside from collapsing from exhaustion. Why is that? They have not changed.
The best question to ask is, "What do I want?" You may then have to spend some time making the right people connections before you find a solution. And the solutions may involve ideological or mindset changes, not just changes in process.
This is what I'm saying: The events are nice, but trusted relationships are better—and much rarer.
Go after solutions, not hype, not trends. You'll then stand a better chance of hitting your goals.
3) Not Giving it Enough Time
If you've spent years breaking it, you shouldn't expect an agency to fix it over the weekend.
Last year nearly 1,000 prospects called us and didn't end up buying.
We track metrics: Sales, KPIs, ads performance, and about everything else.
Of those who didn't buy, about 10% have gone out of business, another 10% or so went with another agency, and the rest seem to be in the same place they were originally.
Building a company takes time. PPC, especially FB, requires a data-driven science. Sometimes we have to test, measure the results, then rinse and repeat forever to keep improving the results.