The First Principle of Online Advertising: Test And Learn
We have spent a lot of money on online advertisements that didn't bring a dime of sales or a single lead to my store. Those days, when you're looking at marketing spend and sales and you find out an advertisement didn't perform can be hard.
We have also spent a lot of money that turned in to an avalanche of sales.
The difference is how you approach online advertising.
At AssetLab Academy we use a Test And Learn approach to online advertising
Test and Learn means that instead of spending your entire ad budget on a single advertisement, you spend a little money to test the results. Now, that also implies that you can measure the results.
If you cannot measure the results of an online advertisement you are wasting your money
When we start advertising a new product or service or store we start with small budgets, a lot of different advertising text, and a lot of different advertising graphics because, quite honestly, we do not actually know what is really going to work. Test and Learn is the process by which you learn what works.
After you have tested several varieties of an advertisement or spent a little money to test response it is time to look at the results. If you have generated sales or leads and still have room for profit, then you can put more money on that advertisement. If you spent more per order or lead than your profit margin allows, then that was a loser and you need to try something different.
Note: This approach requires you to pay attention to the performance of your online ads and make adjustments every day or every couple days. If you don't have the time to spend on it either don't advertise or pay someone to help you who can keep a close eye on performance and make adjustments.
Getting Started With Test And Learn
Before you start advertising the very first thing you need to do is give Google, Facebook, or any other online advertising platform you're working with visibility to results. This is what empowers you to use a Test and Learn approach. The advertising platform needs to be able to see all the way from the ad placement to the sales or lead generation built into your website. With this direct connection you get to see exactly how many leads, sales, or donations your advertising resulted in per dollar of spending.
When we work with a client website we generally do the following to set up basic visibility for the most common advertising platforms: