Hey,
I hope you've had a good week! I've got 5 nuggets I hope will help drive your business forward:
1. FBM EXPERT TIP:
Marketing expert Aiman, reached out to me this week informing me of a BIG change at Instagram...
They now allow intent based ads.
What this means is, if for example an Instagram user searches for “Skin Care,” they will see relevant ads within the search results feed.
Intent based ads typically perform a lot better than disruptive advertising because the person is actively looking for the solution you provide.
Instagram has over 2.35 billion monthly active users so if you have a product you think will work on there, I'd definitely recommend giving them a try. And, if you want to ensure your ads have the best possible chance of succeeding, message Aiman here and he'll be able to help.
2. MARKETING TIP/ORIGIN STORY OF THE WEEK:
According to stats shared by SEMrush, nearly 42% of Americans listen to podcasts and 60% of listeners say they actually search for a product after it is mentioned on a podcast (compared to 38% for radio and 39% for TV).
...is it time you started advertising on them?
*Graphic source: The Guardian
In this segment, I thought it would be useful to explain podcast ads a little more to see if they're something you're interested in:
Type of Podcast Ads
Native ad
Native ads are typically 30 seconds to 1 minute long and played before the podcast or at the halfway mark. You give the podcast information to share about your product or promotion and the host reads it. These are very common.
Paid interview
Instead of a quick mention or placement, this type of ad gives you much more airtime. When opting for a paid interview, the brand will pay the podcast to interview a person who’s linked with the brand (you maybe?).
These can be a real win-win for everyone involved. The host of the podcast gets great content they don't have to come up with and the brand gets the chance to increase awareness and trust.
Average Ad Rates
Typically, ad rates are either fixed (agree upon between the you and the podcast) or calculated using the cost-per-mille (CPM) model.
There are a few of factors that will impact an ad spot’s price. These include:
- Ad length
- Size of the podcast audience
- Niche
- Timing (an ad during 'prime time' might cost more)
Basically, the more listeners and subscribers a podcast has, the more they can charge for an advertisement.
AdvertiserCast released the following average rates based on data from nearly 3,000 podcasts:
The cost per mille (cost per 1,000 listeners) is about $18 for a 30-second ad and about $25 for a 60-second ad.
So, if you’re looking to reach 10,000 listeners and you need one spot for a 30-second ad, you’re looking at about $180. For the same reach, but a longer ad of 60 seconds, the estimated cost according to their industry average is $250.
How do you buy podcast ads?
You can manually shortlist a number of shows and reach out to them on your own, use the podcast platform's ad feature (i.e. Spotify) or use the services of a company that links businesses with podcasts (i.e. Midroll).
Bonus Tips
1. Bigger isn't always better
Hit shows have huge audiences, but they're typically oversaturated with ads, making it difficult to deliver yours authentically.
Smaller shows are more affordable and have dedicated communities, meaning higher conversions. You stand more of a chance of getting a full interview with a smaller podcast.
2. Give the host talking points
To make the ad sound natural, give the host talking points instead of a script. Indicate any phrases they should say verbatim, and keep it brief.
Here's a formula I found while researching podcast ad:
- A personal story about when the host experienced the problem your product solves.
- The benefits of the product (not the features, but the value it adds).
- Multiple repeats of your CTA.
3. Go shallow and wide
Start by testing a range of shows with different genres, formats, and audiences so you can figure out what works. Sometimes the most obvious placements aren't the best performing.
Remember that an audience needs to hear a message 3-10 times before it has impact.
4. Test dynamic ad insertion
Dynamic ad insertion is more in line with what Facebook does with ads; the platform chooses where the ad will fit best and squeezes it in. It will try a number of different placements and double down on whatever works best.
3. TOP TIP FROM A FELLOW COMMUNITY MEMBER:
I met Anshul Maheshwari at FHL last year just as he was about to go up and collect his 2CC award (I was trying to get him to join the marketplace as a funnel builder!)
He recently posted about his journey to 2CC and I thought it would serve as a great reminder of what's possible...
"In July 2013 I got an email from oDesk (now UpWork) saying I was invited to interview for a project. The message got me excited and nervous at the same time because this was after applying for 35-40 jobs.
I was so desperate to win the project that I took the redesign of an entire Wordpress website for $100. After all it wasn't that bad for a first job for someone living in India.
With a shaky internet connection and an old laptop, I went all in to make this project count.
And once I was done with the website, the client ended up paying $500 because he was so happy with the outcome.
This opened up a pandora's box for me, and gave me hope that I can live in a Tier 3 city of a third-world country and still make a living online.
Since then, I've built countless websites, landing pages and sales funnels for the clients. The road has been challenging, often demanding more than I thought I could give. Late nights, early mornings, countless revisions, and endless cups of chai. But every hurdle, every setback, and every victory has led me here, and I wouldn't trade any of it.
A few of the highlights in my journey that I'm really proud of:
- I helped Tony Robbins, Russell Brunson, Julius Dein and several other 2CC award winners with their funnels.
- I created a library of 150+ design add-ons for ClickFunnels called CF Design Tools. Currently used by 400+ Funnel Builders, including Grant Cardone.
- I've been featured by ClickFunnels multiple times.
- Of course winning 2-Comma Club award.
- And most importantly, the client that hired me for my first $100 UpWork Job, ended up being my friend/mentor/coach, and invited me to stay with him for 3 weeks at his house in Phoenix, AZ. Thanks Chad Thibodeaux for everything!
If there's one thing I want you to take away from my story, it's this:
The world is full of opportunities. Never underestimate the power of your dreams, no matter how small they start.
Hold on to them and keep moving forward, one step at a time.
Because if a boy living in a 3rd world country with a $100 gig can make it to the 2-Comma Club, so can you!
4. FUNNEL OF THE WEEK:
I have a theory that movement on a page gives us the impression that it is frequently updated and improves our perception of it...
Have a look at the funnel for this week here and let me know your thoughts on this theory.
(P.S. I would have had the movement aspect above the fold.
P.P.S. this funnel isn't live but is a good example of the movement theory.)
Do you have a funnel you want to share with the community? Send it my way!
The funnels typically get anywhere between 40-100 clicks, they always get great feedback, and many have had sales from being posted here.
5. FOOD FOR THOUGHT:
“The more you engage with customers, the easier it is to determine what you should be doing.”
– John Russell, President of Harley Davidson
Have a great weekend,
Lee
As you read this, I am
putting a rack of ribs in
the smoker for dinner. I've
tried twice to make them
and they've been dreadful
both times. I think I've got
it this time though!
(This picture is what I'm
hoping they'll look like!)