What’s working today for small budget advertising? For my book, the biggest social network of all: Facebook.
Over the last week and a half, I’ve been busy launching my new book, Leading Innovation. In my normal duties at SHIFT Communications, I have access to budgets in the thousands of dollars or more for clients who have objectives other than pure direct-sales ROI.
When I’m doing my own work, I pay as I go; pre-orders fund the first round of advertising, and I only add budget as I earn it. Why? This methodology keeps me laser-focused on ROI. Neutral or negative ROI gets the ax; like many small businesses, I can’t pay for more advertising with money I don’t have. This is a key point: my strategy is to sell as many books as possible at the highest margins achievable. Not every author has the same strategy or goals, nor should they.
What did I do to launch my book? I had earned enough in pre-orders to sustain a week-long ad campaign on three different ad networks: Google’s AdWords, Twitter, and Facebook.
- To maximize ROI, I focused my ad campaigns on all three networks to my existing audiences only.
- I’ve had retargeting tracking bugs on my website for several years, tagging every visitor for inclusion in product launch campaigns.
- I also used Customer Match on AdWords, Tailored Audiences on Twitter, and Custom Audiences on Facebook, using my email newsletter list as the data source.
- I used the same copy and/or images for all three networks. Facebook’s campaign also included Instagram.
- I also included email marketing for comparison, since I’m an avid user of WhatCounts Publicaster, still the greatest email marketing software on the planet.
How did the testing go? Which service did the best? The results:
Of the ad networks, Facebook thus far has done the best – but still has negative ROI. Twitter did the worst by far, with incredibly high costs and lackluster performance.
All campaigns capped their budgets daily. It’s entirely possible that they could have performed better with additional upfront investment; whenever an ad campaign caps its budget, you’ve left audience on the table. However, like any other small business, I could afford what I could afford.
Email isn’t an apples-to-apples comparison because it’s a monthly fee, rather than a media buy. Keep that in mind.
AdWords was search plus display retargeting only.
None of these campaigns did any kind of outreach or brand building to net new audiences. These campaigns only focused on monetizing existing audiences. For larger brands, net new audiences and brand building matters. For the small business / sole proprietor, we rely on organic methods to grow our audiences and paid methods to monetize them.
What should you take away from my testing?
The most important lesson you can take away is to run a similar test. My audience is unique to me. My results will be unique to me.
Set up a similar test for your own marketing with the budget you have, with the audience you have, with the copy and creative you have.
Find out what works best for you. Keep an eagle eye on ROI. Do more of what works, less of what doesn’t work.
You might also enjoy:
- How to Set Your Public Speaking Fee
- The Evolution of the Data-Driven Company
- Best Practices for Public Speaking Pages
- How to Set Your Consultant Billing Rates
Want to read more like this from Christopher Penn? Get updates here:
Get your copy of AI For Marketers (2019 Edition)