Are you running paid ads on various platforms with minimal success? Are you aggressively spending on paid campaigns, but no conversions are happening? Maybe you’re using promotional tactics to grab a huge audience, but it looks like nobody is interested in your product or services.
If you are going all in to get the attention of your potential customers and pitch your offer but seeing no return on your investment, then perhaps it’s time to stop right there and revisit your paid ads strategy.
Are you setting your money on fire?
When it comes to paid ads, it’s fairly easy to fall into common traps and make small errors that add up. In this article, we’ll help you identify what you are doing wrong and figure out how you can fix it.
Two Common Mistakes
Common mistakes are those which every business makes when it is in its initial phases. It takes time to understand the ins and outs of the digital world. However, it would be unfair to not do the diagnosis in time because your hard-earned money is not meant to burn on paid ads that give you zero conversions.
1. Targeting the Wrong People
As a beginner, we all are unaware about the marketing process. You always tend to learn from your experiences. In fact, at times you can always learn from the experience of others and take things into account carefully when proceeding with your marketing decisions.
The most common mistake businesses make while running paid ads is that they are usually targeting the wrong people. It is crucial to understand your target market and make decisions based on stats rather than assumptions.It’s just like offering a homeless elderly person a book to read on communication skills while he is looking for food to eat!
You may not have enough data to target the right audience at first but you do have your competitors. There are many online tools that can help you trace your competitor’s target market. Even if that is not doable, you can always work on your ad campaigns to test and tune starting with a minimum budget spend.
2. Targeting the Right People With the Wrong Message
This is one of the second most common mistakes that businesses make. You may be running paid ads for the right audience but the message conveyed does not comply with the customer journey phase they are in.
Every customer / potential customer goes through a journey with your company and this journey is split up into several phases. The further along customers are on their journey with your brand, the more familiar and loyal they become. It’s important to consider that the most effective message for someone just getting to know your brand likely sounds very different from the message that will resonate with a loyal supporter. Thus, the sales funnel (also known as a “marketing funnel”) was conceived to account for these various phases in the customer journey—and to help businesses move customers from the top of the funnel to the bottom effectively.
a) Top Of the Funnel (TOFU)
Customers with little to no knowledge about your brand are considered to be in the very initial phase of your sales funnel. Customers at the top of the funnel are new to your brand so the message to people at this stage should be focused on creating awareness about your brand, services, and offerings
b) Middle of the Funnel (MOFU)
Customers in the middle of the funnel are aware of the fact that you understand their needs and pain points. They are actually in the shift mode towards the sales process. The priority at this stage is to attract customers to your products and services and build their interest by showing how you can solve their problems and pain points.
c) Bottom of the Funnel (BOFU)
Customers in the bottom of the funnel already know who you are. They know that you empathize with them, but now the problem they have you got to pitch the solution for them. The bottom of the funnel focuses on leads that are about to convert. At this stage, the message is especially critical because it will either convert the customer or run the risk of losing their interest.
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When it comes to paid ads, it’s critical to target the right people with the right message.
Discover how Beyond Story Media can help you stop burning money on online advertisements with a robust and customized paid ads strategy.