What if I tell you there’s a way to get more leads at lower cost? Interested?
The key to achieve that is to understand Google, Facebook and Instagram’s revenue model. Fundamentally, ads are bidded by competiting advertisers. For example, if there are 2 advertisers competing for my attention on Facebook and advertiser A bid USD 0.5 while advertiser B bid USD 0.51, then advertiser A’s ad is more likely to be shown.
That’s a loaded sentence:
- Shown. That means for every 1 ad that you see online, there are tens if not thousands of advertisers whose ads were not shown
- More likely. It’s not a guarantee because Google & Facebook only earn the USD 0.51 when I click on the ad. So if they had shown an absolutely irrelevant ad to me, and I did not click on it – then it becomes a lost to them.
This means if your ad is more relevant to the target audience, you can win the bid at a lower cost. Take a moment to appreciate what I have just said. Suppose your competition is bidding USD 1 for every lead, but if your ad is more relevant but your bid is only USD 0.1 – Facebook/Google will actually show your ad over your competition. So you won your competition with less money than he’s willing to spend!
So the next question you need to ask is “How can I make my ad more relevant?”. We will cover the basic and overview in this course, check out the video.
I have heard countless time companies blaming their poor sales performance on bad hires, bad market and timing. Yet, when I asked them “how are you going to fix it?”, the most common answer is luck.
What if I tell you there’s a way you can seize back control, instead of being dependend on luck? Why shouldn’t you? For every business owner who whines about bad hire – McDonalds is able to run a global business empire delivering the same tasting burger at the roughly the same price with part-time workers. For every business owner who think the market is bad; someone out there is making money – why shouldn’t it be you?
The key to competing against luck, the key to predictable sales are:
- Overcome the victimhood, self-defeating mentality. You and your team must first believe everything is within your control to fix and improve, success is just a matter of figuring out how and persistency to follow it through. Stop blaming external factors. Management need to provide sales team with a psychological safety net to pursue sales.
- Do not treat your sales funnel as blackbox. A lot of companies measure and track their team like a blackbox; I have given you X number of leads, and I expect X number of sales in return. How is that helpful in fixing or improving performance. Instead take a phase approach. Keen to know more? Check out the training video and excel templates