Mike Andes breaks down why conferences waste money: spending $30,000 to land three customers costs $10,000 per acquisition, which doesn't pay back at typical margins. He recommends Facebook and YouTube ads instead.
Instead of spending $20,000 on a conference ticket and plus all the other travel fees that are associated with that conference, just spend some money on direct marketing, Facebook ads, YouTube ads, basically anything. Because right now, you're spending $30,000, all said and done, for three customers. That's a $10,000 customer acquisition cost. And at our current profit margins, we could have this customer for 50 years and never make a single dollar.
