OK, I'll admit it, I'm a bit of a cheapskate when it comes
to marketing. I let my free ebooks, articles and newsletter
do most of my marketing work.
But I also realize that in order to succeed in business, you
must spend SOME money advertising. And I've been relearning
this lesson recently.
Today I'd like to share with you some of my own recent
results, so you'll know exactly how and where you should
get started advertising online.
For starters, keep your wallet securely in your pocket.
There are three things you must do BEFORE spending ad bucks
online. And here they are...
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1. Get a handle on how well your site does its selling.
Figuring out how good a job your site does selling is
simple. Just look at your stats and do a little math. You
are after just one number... how much a website visitor is
worth to you. Or more simply, how much you should PAY for a
visitor.
To figure this out you need to first find out how many
visitors it takes you to get a sale. If you get 1000
visitors a week and 10 sales in that same week, then your
visitor to sales ratio is 100-1. If you average 20 sales
from those 1000 visitors, you are closing one sale for every
50 visitors. Once you know your own number, you will be able
to determine approximately how much a visitor is worth to you.
You simply take it one step further...
Let's say you close 1 sale in every 50 visitors and your
average sale is $50. Simple math tells you that you could
pay up to a dollar per visitor and break even. So a good
goal would be to pay LESS THAN a buck per visitor. Any ad
buy that averages out to less than a dollar per visitor
should be profitable, provided the traffic is targeted. If
you aim to spend fifty cents per visitor you can double your
investment every time you advertise.
Of course there are lots of variables. Things like opt-in
email members you may receive from an ad buy and the repeat
visitors that your list generates. But you get the idea.
Until you know the above numbers for your site, you cannot
spend money wisely on advertising.
Once you have a handle on how much a visitor is worth to
you, the next step you must take before your first ad buy
is...
2. Set up your email address capture strategy.
If your site is closing one sale for every 50 visitors, you
may be satisfied. But if you are not offering a way for the
other 49 visitors to "stay in the loop" you are making a
huge mistake.
And it is simple to keep them from getting away. Just offer
them something of value in exchange for their contact
information. An example of one way to do this is offering a
free gift at your site and getting their name and email
address when they request it. Your gift can be a free ebook,
an email course or anything else your visitors would want.
You can get as many as 20% of your visitors to leave their
contact info if you do it right. That's a lot of email
addresses when you start advertising and getting lots of
traffic.
But what do you do with the addresses?
You treat them like gold.
Regularly publish an email newsletter to your growing list
of addresses. Contact them and offer your expertise. Give
them more free, valuable information related to what they
requested originally. Make them feel special and grow a
community. This is how long-term profits are made online.
Once you have tackled the two items above, there is one last
step before you actually spend money on advertising...
3. Make sure you have a way to measure your results once
your advertising starts.
I do this simply by copying my main entry page and using the
new URL in the ad. When I check the stats my web host emails
me I can easily see how many visitors came through that URL.
This is just ONE way to track traffic. There are TONS more.
But you get the idea. You need some way to measure the results
of your advertising or you are wasting your money.
OK, once you have tackled the three items above, you're all
set up to do some ad buys.
Editor's Note:
(Part II of Jim Daniels' article will be
published in Wednesday's issue of SPN.)
