Today's Guide to the Marketing Jungle from Social Media Examiner... | Presented by |  |
It's National Dessert Month, Alluser! That means I can have my 🥮 pudding even if I don't eat my 🍗 meat, right?
In today's edition:
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Today's 👉 Tip of the Week is for YouTube ads
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🧾 Putting a price on your marketing services
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Search ads roll out to TikTok
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Questionable ads now showing on X
You got your YouTube ads running and now you wonder if they're working.
There are many metrics to consider but if you're looking for a quick, high-level view of your ads' performance, these can help:
Quick YouTube Ads Performance Check
First, determine your Cost per View. On YouTube, a view is logged at 30 seconds. Cost per View varies based on industry competitiveness, and you can expect to pay between half a cent and 30 cents per YouTube ad view.
Now, compare your Cost per View with your Return on Ad Spend.
You want to see at least a 3x return on each dollar you spend on YouTube ads. If you're under that number, look at ways to optimize your ads and campaigns.
Today's tip was inspired by Benjamin Jones, a featured speaker at Social Media Marketing World. Source: YouTube
Pricing your services is one of the most challenging aspects of running a marketing agency.
You want to charge enough to sustainably grow your business. But priced too high and you risk turning away potential clients.
Put a Number to the Value of Your Services
It can be tempting to just match competitors' rates. However, smart agencies develop pricing that matches their unique value proposition. Follow these steps to create an optimal structure.
Understand the Problems You Uniquely Solve
The first step is getting crystal clear on the specific problems your agency solves for clients. Exactly what pressing needs and pain points do your services address? By clearly articulating the business impacts you provide, you can align pricing accordingly.
Make sure your entire team can explain the tangible business value you deliver, whether it's increasing sales, decreasing costs, improving recruitment, etc. Pricing should directly correlate with the ROI you provide.
Find Hidden Value in Existing Work
Repackaging existing processes into new offerings is an easy way to capture more value without taxing capacity. Take time to objectively examine what high-value services your team already delivers that could be better leveraged.
For example, many agencies compile prospect messages and social comments into reports for clients but downplay this work as just "part of the job."
Research Competitors' Rates
While you don't want to simply copy others' pricing, carefully research what peer agencies charge for comparable services. Look at direct competitors in your local area or niche who offer similar services targeted at your client profile.
Also, consider in-house marketing teams as competitors. If a company can hire one internal person to handle social media for $60K instead of hiring you, that factors into your pricing strategy. Use competitors as a baseline, but make sure your pricing aligns with your positioning and capabilities.
Develop 3 Packages Levels
When structuring pricing, develop 3 clear packages at good, better, and best levels.
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Good: The entry-level "good" option should still be credible and profitable—don't underprice just to get clients in the door.
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Better: The mid-tier "better" package is where you'll get the most buyers. Include extra elements here that clients will find attractive, like competitive audits or accelerated turnaround times.
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Best: The premium "best" tier can be priced aspirational to demonstrate what's possible for top-budget clients, even if very few buyers select it.
Review and Refine Your Service Pricing Quarterly
Plan to review and refine pricing on a quarterly basis and assess whether current rates still make sense for each service.
Tweak your packages and services as needed to better reflect value, but avoid constant fluctuations that cause confusion.
While regular adjustments are healthy, limit larger pivots to 1-2 times per year.
Today's advice provided with insights from Beth Trejo and Brooke B. Sellas.
Most Conferences are a Waste of Time
Sitting in dark rooms and being lulled to sleep by speakers who shill their services is not a good time, right? That's why we committed to be different. When Social Media Marketing World was founded in 2013, marketing conferences were boring. We knew marketers deserved something better.
Our conference has no speaker application process and no panels. Instead, we take a quality-driven approach to speakers. We carefully recruit people who have a strong background in what they're teaching…and who want to be there with you!
Check out our expert speakers.
🗞 TikTok Rolls Out Search Ads Toggle: The new Search Ads Toggle automatically creates text ads using an advertiser's existing video ad content. The toggle is on by default for TikTok's In-Feed video ad campaigns and lets TikTok dynamically serve text ads matching user search queries. The text ads appear alongside organic results when users search on TikTok and drive users to the advertiser's regular video ad experience. Source: TikTok
🗞 Unlabeled Ads on X/Twitter: X is now serving a new type of ad that lacks transparency and user controls. These ads appear within feeds but have engagement buttons disabled so users can't like, retweet, or reply. There is no "Promoted" label to identify it as an ad, and the menu button to report or block the ad has been omitted. Additionally, users can't see who paid for the ad. Source: Mashable
Did You Know?
One-quarter of your body's bones are in your feet. On that footnote (SWIDT?), what do you call a ghost with a broken foot? A hoblin' goblin 👻
Michael Stelzner, Founder and CEO
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tukangpostemel@gmail.com Opted in on: 2021-09-06 17:03:43 UTC.
