MBA1466 Simplify Your Marketing Efforts

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Hey O. Welcome to the 100, our MBA show. Because a better business starts with you. That's why we deliver daily 10 minute business lessons for the real world. I'm your host, your coach, your teacher Omar Zenholm. I'm also the co founder of the $100 MBA, a complete business training and community online. And in today's episode you will learn how to simplify your marketing efforts. Often in our desperation to get more customers, we spread ourselves so thin with our marketing efforts. We try Facebook ads, Google Ads, partnerships doing content marketing, videos, lead magnets, Instagram doing vlogs. This strategy is often called spray and pray where you're trying so many different things, hoping something will stick. Unfortunately though, it's really hard for you to really have any kind of measurable results when you do this one. You're not focused and it's hard for you to give 100% effort on your marketing when it's spread against so many different initiatives. But that's just the start. Any high converting marketing campaign needs time and refinement and that's just not possible at scale. Especially if you're a small business if you're doing 10, 15, 20 different ways of marketing. So in today's episode I'm going to share with you how to simplify your marketing strategy by the way, this is something that we're all susceptible to. I've gone through this myself over and over throughout the years and I often have to go back to basics and do what I'll be explaining in today's episode. I'll show you how to really focus and nail the marketing that works, how to double down on it. Before you move on to the next initiative. You'll also learn how not all marketing is created equal. Some marketing efforts will lead to more sales and some won't. So only makes more sense to really focus on the ones that work. But how do you know if they work or not? This is what it's all about. In today's episode, we'll talk about how, how to simplify, how to track and how to focus on what's going to really move the needle for your business. So let's get into it. Let's get down to business. As business owners, we are susceptible to marketing overwhelm. We know there are so many different ways to market. We have so many different platforms out there in the world. We often have a sense of overwhelm because we don't know what to do. So what we resort to is we do everything and hope for the best. Well, I want to give you a strategy to one, kill all the overwhelm and number two, simplify things so you can actually get more focused results. So let's get started. The first thing is that when it comes to marketing, you got to start with one marketing strategy or one marketing funnel, one flow to a sale. So I'm going to give you an example in my own business so you can follow along. The first thing you need to do when it comes to choosing one marketing strategy is to find out what's your strength, where can you add the most value to your company, to your audience, to be able to really flex your products muscles and sell your product. At the end of the day, the point of marketing is to get a sale. So for example, there are some things that I enjoy doing, there's some things that I'm pretty good at. But what is my number one best superpower? What is the thing that I'm really good at? And for me, it's teaching. I was a high school university teacher for over 13 years. I have multiple degrees in education. This is my strength. So what is going to allow me to teach and utilize my superpower? Well, webinars do so for me, webinars are the best way for me to really flex that muscle and make a sale for my customers. So this is How I get started, I focus on my strength. For you, you might be a great writer. So you might choose blogging as the way you're going to market your business through SEO and then have a content upgrade at the end of the blog to get people on your email list. And then again, your writing is going to flourish with the, you know, the nurture sequence in the emails that they're going to get the automations focus on your strengths. Now you might say, hey, Omar, I don't really have any strengths. I'm not a great writer, I'm not a great podcaster. I'm not really so good on video or teaching. Out of all the mediums, which one are you best at? That's what you have to really nail on. No one is saying that you have to be an expert, but, but which one are you going to be able to add the most value with? So they continue with my example, my superpower, my strength is teaching. So I need to get people on a webinar, on a live webinar where I can teach them, I can give them value. I feel like I can really earn trust and earn people's business that way and make an offer on the webinar to buy my product. So I got to get them to a webinar. So I need to focus on a marketing strategy that does that. This is getting really simple now, right? I just need to get them to the webinar. So how do I do that? I gotta try everything I can to get the strategy to work now. I'm only focusing on this one strategy. I'm not trying to gain, you know, followers on Twitter. I'm not trying to take over TikTok. The point here is that I'm taking one thing I know I can do and I'm focusing on making sure I drive traffic to that thing. And for me it's webinars. So I might want to run some Facebook ads to get people to register for my webinar. I might send an email to my current email list to get them to attend my webinar. I might teach on a video that, that I'll offer with an opt in, with an email opt in. And after that opt in, I invite them to, you guessed it, my webinar. So this is one strategy that I want to refine. I want to take the time as much as possible to really nail this strategy. Every two weeks I want to evaluate how much is it costing me to get a customer through this funnel, through this strategy, whether I'm using paid ads, whether I'm getting somebody to write something for me. What's the cost per acquisition at the end of the day? So if I'm going to do some simple math, let's say I run some Facebook ads to get 300 registrants. It costs me $1,000 to get those 300 registrants. And on that webinar I convert 10 sales and each sale is worth a thousand dollars. So my cost per acquisition per customer, because I got 10 customers and I spend $1,000 to get them, is $100 per customer. That's my CAC. That's pretty good if your product is more than a hundred dollars. So for me, an annual plan from one of our webinar Ninja plans ranges from 468 up to 2,000. So I'm well over my CAC. It's a good deal. It's a good marketing campaign. Now, I'm not done with this campaign. I'm not done with this strategy. My job every two weeks is to iterate on that funnel, to iterate on the ads, to make some tweaks, to make some tweaks on the email copy, to make some tweaks on my webinar. My all these things to try to drive the CAC down. It's at $100 right now, but maybe I can get it down to $90 or $80. I really want to perfect this marketing strategy. I don't want to just abandon it. Now that I see I'm getting a return on investment, let me get a better return on investment. And once I feel like I've invested enough time, in my opinion, three iterations is enough. So that's about six weeks of iteration where I say, okay, this is kind of where I'm ending up on when it comes to my cost per acquisition, it's at an all time low. This funnel works. I'm going to keep repeating this play over and over and over because it makes my business money. I'm not going to stop doing this marketing. Remember, if something works, double down on it. Increase the spend on it. Make sure you're actually utilizing what works. Now I'm going to look into, hey, what else can I do? What other marketing strategy can I add to this strategy? So again, I'm going to double down on my strengths. If I'm good at teaching, what do I offer my expertise to partners, to people that have an audience that I want to get in front of? I'll run a webinar for them. And again, I'm going to optimize this funnel this marketing strategy optimize how much it costs me. Whether it's through affiliate commission, whether it's through an ad, I'm driving for that audience to get to the webinar. And again, three iterations, two weeks at a time to get that cost per acquisition down. As you can see, we're getting really simple, we're getting really focused and we're making sure something works before we move on. Hey, what if there is no improvement? What if the CAC is astronomical after three iterations? That's okay. We learned that this does not work. Then we can move on to another strategy. But you gotta focus and give it your all and give it three iterations before you move on.

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What I tried to convey in today's lesson is that you need to simplify and focus on a strategy before you move on. Don't try to do five or six things at the same time. It's very hard for you to track the progress and see what's working, what's not, and refine and iterate when you're trying to do six, seven, eight different things. Make sure something works and it's solid and it's working over and over before you move on to the next thing. This is the key to making sure your marketing strategies work and that they serve your business. It's easy to get overwhelmed. It's easy for you to jump around. Focus on your strengths. See where you get started. Iterate for three times, two weeks at a time. Make sure you're actually trying your best to lower the cost per acquisition. The whole point here is that you're going to put money in or effort in or time in and you're going to get something out of it. Is it going to be good? Is it going to be beneficial? Are you getting an roi? If yes, let's try to get more of an ROI and lower that cost, lower that time. Now, if you move on and you have two or three marketing campaigns going on, you need to be vigilant at monitoring every single one on a regular basis, at least every week, kind of taking a look and seeing what you can tweak. What can you improve? Things don't last forever, especially in marketing. Everything has a shelf life. You're going to have to change things. You're going to have to change copy, change images, change strategies. What works today won't work forever. So stay on top of it. Don't just say, hey, that worked and I'm just going to leave it and I'm not going to. I'm going to ignore it for, you know, days to come, months to come. No, you gotta monitor it and be on top of it. This is the bloodline of your business. This is how you live. This is how you survive. You get new customers in so you can continue to grow. Thank you so much for listening to the Hundred Dollar MBA show. I hope today's episode helped a little bit of tough love, but I know it's gonna help because I've been in this situation so many times and I had to again regroup and refocus. If you love what you hear, leave me an itunes rating and review. I'd love to hear what you think of the show. Also, make sure you hit subscribe on whatever you use to listen to. Podcasts, Apple podcasts, Spotify, Stitcher radio. We're on them all. Do that right now. And don't forget, by hitting subscribe you have access to all our archive episodes. Over 1400 business lessons. The only way to get access is to hit subscribe right now. Before I go, I want to leave you with this. Marketing is a must for every business you have to market and it doesn't have to be all over the place. The point of today's lesson is to focus on what works. Make sure it works before you move on. If it doesn't work after three iterations, then move on. Give it a fair shake. Make sure it works or doesn't work. Make that decision. If it does work, let's get it to work better. If it doesn't work, move on and try something else. Try something that leverages your strength. Give it a fair shake with three iterations and repeat the process and over and over, monitor it as it goes on so you make sure that you maintain the efficacy, you maintain the return on investment that you're getting for your marketing. Thank you so much for listening and I'LL check you in tomorrow's episode. I'll see you then. Take care.

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