MBA1603 Guest Teacher – Tyler Jordan – How To Advertise In A Down Market

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Hey everyone, this is Tyler over at Jordan Digital Marketing. We've put together a six point plan for how to run paid acquisition marketing. Even in the midst of a pandemic. The world has profoundly changed over the last two months. People are staying home at a drastically higher rate even as things start to open up. Even with restrictions being lifted, fewer people are going to go out, fewer people are going to restaurants. A lot fewer people are going to be commuting. Twitter and Square are two of the biggest companies who announced new work from home policies that allow people to work from home indefinitely. In a recent Gallup poll, more than 50% of Americans said they'd like to continue to work from home even after the restrictions are lifted. That means fewer people commuting, which means fewer people listening to radio, listening to streaming services, seeing billboards, or out of home media. So outdoor marketing opportunities have all but dried up. But it also means that there's a ton more people sitting in their houses searching and scrolling all day long in front of their computers. This leaves a huge opportunity for those who are willing to take it. We've seen massive pullbacks in marketing spend, but the people who have stayed the course with their digital spend are seeing major benefits. We've put together a six point plan to explain how you can restart or improve on your current paid marketing strategies. The first point, business is down right now, but it's not going to be gone forever. Business is also down for everyone. A lot of people pull back spend really dramatically. If you have the money to continue advertising, this is the time for you to take over your space. Even if your product is dependent on people being out and about, you can spend this time to position yourself for the rebound when business comes back. Those who spend the time and money to stay in front of people right now will continue to be in their consideration set. Those who pull their marketing will be lost and forgotten. And right now, CPMs and CPCs are at all time lows. In March, the average CPM in the United states fell below $3 for the first time in two years and the lowest amount globally ever. They've increased more recently to about $4 since then, but that's still 30% cheaper than what they were towards the end of February. The second point, think about the channels you're running. Billboard and at home are dead. Print is struggling and has been struggling for a while. TV is hot right now because everybody's stuck at home and digital is pure fire right now. Even as things open up, there are millions of more people staying home and scrolling their timelines and searching from their phones than normal. We're getting finally to see the true capability of the Internet during this time, which is weirdly exciting. Netflix, Hulu, social feeds and YouTube are quickly becoming the go to entertainment sources for the vast majority of America. If your business typically relies on out of home media or events, look into OTT YouTube ads and think about running some video on Facebook. The third point we'd like to make is think about tone. Don't forget the situation that people are facing right now, but also try not to be overly cliche. The number of companies that are talking about navigating these uncertain times has risen by an astronomical amount. You need to care and be mindful of the situation, but don't default to being too scared to have a real message. Make sure you're still telling people who you are and what you do. If you can share the story of how your business is helping in the current situation or how the company is making changes to ensure that things remain safe when life goes back to normal, the goal here is to remain top of mind for your ideal customer segment because if you don't, someone else will. We have an education based client advertising a Covid Coping Resources guide as a way to fill the top of the funnel for when their program restarts. When business gets back to normal, they're going to have thousands of new leads in their CRM that they can go and attack right away. They've seen cost for leads right now drop to less than half of their normal rate and while they're not converting any users right now, they're perfectly set up for the rebound. The fourth point, the noise has been cleared out. CPMs are lower than ever, but that's because no one else is advertising, so that means you have an opportunity to own the conversation. Personally, I've only seen Masterclass ads on YouTube for like the last two months and I actually finally just signed up to learn how to cook Mexican food. They've been able to own the airwaves because so many People have been scared and pulled out of the market. We've seen this sort of result a lot of times from companies that we work with too. We've seen one of our FinTech clients had a 65% increase in conversions with only a 35% increase in spend on their top competitor campaigns. During the lockdown, their competition all pulled back and they stayed strong and stayed true to their paid strategy and they're reaping the benefits for it. Another client of ours has been able to see a 61.5% jump in non brand conversions even after social distancing and quarantining started to happen. They've only increased spend about 46%. So they're seeing an outsized jump in non brand conversions versus the spend they put forward simply because there's fewer people in the space. Another client was able to see a 61% jump in non brand conversions after stay at home orders and social distancing. They've only put together a 45% increase in spend, so they're seeing an outsized jump in overall conversions. The benefit here is that the audience that you're getting in front of right now is one that has more time on its hand and is testing out more tools during their downtime. So people who are getting in front of them are having an opportunity to get leads that maybe wouldn't be so eager to jump on a demo or get on a call with you, but if you're able to continue to spend that money and own your niche, you have a really unique opportunity to get in front of more of the right people. And it might not pay off right now, but it'll pay off when business starts to get back to normal. And this brings us to our fifth point. People are shopping around dramatically. More people have more time on their hands. Money needs to stretch further, so people are taking the time to test out multiple different tools, whereas they used to just focus and fixate on one and do the easiest thing. We're seeing a lot of people sign up for leads, download content and request demos in the SaaS space and B2B space, and it's our job to go capture that interest. We're also seeing a lot of people buying a lot more on E commerce sites because they're stuck at home and they need to fix their shopping addiction anyway. So we're seeing a lot of huge increases in the E comm sector as well. If you're running an E commerce site, the best place for you to go and find that traffic and convert those users is going to be through digital, through search, social and display. So make sure that you're getting out there in front of people with the right message and using the right audience. The sixth and final point is one that we harp on regularly in all of our audits, and that's you need to speak to people at the different stages of the funnel differently. This is important at all times of the year, but especially right now. Make sure that you're using the right tone to introduce yourself to new customers. Be a little bit more mindful of the situation and those interactions. But once you've introduced yourself, make sure that you let them know why you're different and why they should go with you over the other companies they're shopping around with. Once they become a customer, make sure that you ask them to promote you to their friends. One of the big ways that people find business normally is they ask their friends for recommendations. So if you can facilitate that with paid marketing, that'll put you in a position right now with all your new customers that you're bringing in today to really allow that to snowball on top of itself once the economy restarts and things start to get back to normal. The big tip here is make sure that you're testing different messaging based on where they are in these different stages. What works for the top of funnel won't work for the bottom of funnel, and we're long past the era where you can use one message for all of the different subsets. To recap the six points, the first, business is down but not gone forever, so stay top of mind for your ideal customers. Point number two, the channels you're running are going to have to change because the entire world just changed. The third point, think about tone. Be mindful that everyone's life has changed along with this changing world, and you need to be responsive to that and respectful of where they're at in their life. The fourth point, the noise has been cleared out right now, so go own your niche. Point number five, people are shopping around dramatically more than normal because they have more time on their hands and money needs to stretch further. The sixth and final point, make sure that you're speaking to people differently at different stages of the funnel. That pretty much wraps up the six point plan for how to market during a pandemic. I hope you enjoyed it. And we're going to put up some content for the people who are just getting back into advertising or really trying to figure out where they can cut back right now and be more mindful of their spend. So we'll Put up some content@jordandigitalmarketing.com MBA.

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What a fantastic, fantastic lesson by Tyler Jordan. Don't forget to download the scorecard that Tyler offered at jordan digital marketing.com MBA what I love about Tyler's lesson the most is how much he illustrated. Hey, even if you have a small budget, now's the time to invest because you can get the leads right now at a low cost and then capitalize on these leads and sell them your products and services when the market is back to where your customers are ready to buy. But getting leads on freemium courses and other lead magnets, there's nothing stopping you from getting those people to sign up now. Getting them to be a part of your email newsletter, getting them to be a part of your email sequences and then invite them to your live webinars. You get it. Just because you're advertising it doesn't mean you need to ask for the sale right now. And I can tell you firsthand in our own business at Webinar Ninja, when running ads to market our software, the cost per acquisition is at an all time low. It's almost a little bit unbelievable. Like I'm trying to run as many ads as I can right now because I've never seen the cost per acquisition, whether it's for a lead or whether it's for to sign up for a course or whatever it is to be so low. If you're looking to understand how to build, you know, that whole sequence, the whole sales funnel from ad all the way to offering your products and services. How is that all built? Well, we're going to be offering a lesson on just that in this week, so look out for that. This Thursday we're going to release that episode. Thank you so much for listening to the $100 NBA show. Don't forget to follow us over on Instagram. If you want to get exclusive content previews of our episodes, go over to instagram.com the100mba. Follow us over there. We'd appreciate it. We're trying to grow our Instagram and also offer great content there as another, you know, value add to our audience and to our community. Before I go, I want to leave you with this. A lot of people think they need a lot of money to start with paid advertising. They think they need thousands upon thousands of dollars. You don't. Personally, I think you can start with as little as $300 $10 a day. You could set a budget in Facebook or Google for only spending $10 a day and you can actually start seeing conversions and see if the ads are working for you before you start adding more money to the budget. And $300 is not too much of an expense for for you to see a return. Remember, this is money you're spending so you can get exposure, so you can get them to sign up to your funnels. We'll talk about that on Thursday and then convert them to a customer. Anytime you spend money to get somebody to get on your email list, it's not a waste of money because you can always nurture them and turn them into a customer over time. So start even with as small as a $300 budget a month. That can get the ball rolling, get you some wins so that you can reinvest in paid advertising. 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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