Can’t make facebook advertising work for you?
Why not try building a custom audience of visitors to your website. By using a tracking pixel (basically some code that facebook generate for you) that you cut and paste into your website means you can start tracking visitors to your site.
Where this gets really smart is if you actually sell anything online you can have two tracking pixels:
One that you put either on the main page of your site or perhaps a landing page if you are running a campaign and one on your checkout page. Now you can build an audience of people that visited your site but did not buy.
Why is this relevant? Because with this ‘custom audience’ it means you can create ads that only those people will see. Its super targeted and cheap!
If you want to learn more about this I have a complete facebook pay per click course. As a reader of this blog you can get a big discount off the normal price.
facebook course on udemy
This blog is all about marketing and numbers right? Well, recently I had a facebook page analysis tool built. You can find it here.
So why an analysis tool? Well if you do any kind of marketing/promotion on your facebook page it is useful to see
- Where the likes on your page are coming from, as in which country
- Which posts stimulate the most engagement
Now by engagement I mean which posts get the most comments, likes and shares. Why is this useful? Because the whole point of your fanpage is to build an audience. To build this audience you need to post interesting material! If you know what works best then you can keep doing more of the same!
The tool is completely free to use!
If you haven’t seen the film ‘The Wolf of Wall Street’ then you really should. Not only is it highly entertaining but it’s based on a true story, which, when you watch will make you go ‘Did that really happen?’ Well last night, 28th May, I got the chance to go and see the man himself at London Excel. Yes, Mr Jordan Belfort the *real* wolf of wall street was giving a 3 hour seminar covering bits of his story and his sales system ‘Straight Line Persuasion’.
What he has done is distill his experience and success into a ‘system’ that can be followed. Now, I’m not about to give you some long pitch about his product (which I think is $1997) but it struck me that many businesses don’t have systems in place. This doesn’t just apply to marketing but to any facet of your business so that someone could take that system and apply it.
You must systemise your marketing efforts. You must be continually tracking and testing your marketing efforts and adjusting accordingly. I bang on about this because so few businesses do it! Are you doing it in your business?
Starting out in business is pretty tough. Although we live in age where it’s never been easier (or cheaper) to start a new business there is always an uphill battle to gain interest and more importantly, customers, to our new venture.
It is all too easy to burn through a whole lot of money on advertising and marketing for little or no return. Hoepfully this book will help you avoid some of the common mistakes we all make.
You can get the marketing strategies book here.
So what is ‘customer lifetime value’ (LTV) and why should you measure it?
Customer Lifetime Value is an extremely important metric that any size of business should be using to allow them to grow the business effectively. Why? Because in a nutshell it allows you to determine what you can spend to acquire a new customer and still remain profitable.
Imagine if you knew that every new customer cost you £100 to acquire but they were actually worth £200 to your business. You would keep spending that £100 over and over to grow the business.
Sounds straightfoward but many businesses don’t measure this or perhaps are not sure how to.
Firstly you need to determine your cost of acquiring a new customer. Now sadly this is where alot of systems fail, staggeringly many CRM systems, the very things that should be measuring this metric don’t! You need to track each channel you are marketing in and how many leads each channel generates. If you know your spend on a campaign and the number of customers it has produced then you have your starting point.
Now you need to calculate the total spend a customer makes over their ‘lifetime’. Now again this isn’t that straight-forward as how do you determine a customer that is dead from one that is live? Well you can use another metric called ‘latency’. Latency is the amount of time between each customer purchase.
Once you have your ‘average’ customer lifetime value and your current customer acquisition cost you can now determine if there are funds to enable you to increase your marketing spend. Many marketers use these metrics to actually lose money or break even on the initial sale to boost customer conversions as they know they can recover this cost on the ‘back-end’ by selling higher value items. This is also known as ‘moving the free line’.