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E136: Digging Into Marketing with Jaime O'Connor
This episode was recorded at an exclusive event called PodMAX where founders had an opportunity to share their stories and knowledge.
Special guest host Todd Giannattasio leads the conversation down a path of insights, solutions, and collaboration.
Join us for our next event at www.podmax.co
Jaime O'Connor is a mad scientist and strategy nerd dedicated to helping brands understand their growth opportunities in the digital landscape. She's got a great history that started all the way in the fourth grade selling scrunchies all the way up to some other beauty brands more recently with Happy Hair Brush and Savor Beauty.
Here are some power takeaways from today’s conversation:
Episode Highlights:
Recognizing the Customer Acquisition Journey
As a business owner should be thinking about your lifetime value for your customer. You have to take the time to calculate it. Look at who is your top sector of customers and what's their lifetime value? It's really important to be looking at what should your cost per acquisition be to be profitable in your business, not just your advertising.
If you're advertising in the U.S., $50 and under can be really hard to break even. So if you're at that point, if your typical average order value is $50 or under, you need to have money on the back end. Do you have subscription services? Do you have additional things to sell those people like? How else are you going to make their money? You're probably going to generally breakeven on the front end, so that's where you want to have a higher lifetime value. Then you should have a 2% to 3% conversion rate on your website, which is the industry average for e-commerce.
Understanding Website Conversion Rate
If you are at 2% on your website conversion rate, then you're in the danger zone. Your ads are going to convert less than that. So your website, as a whole, needs to be converting at a higher level to know that you're going to do all on that side. And that's all work that you can do and work on right before you start dumping money into ads. Because all ads are going to do is accelerate the fact that it doesn't work.
Ad Budgets Entrepreneurs Should Be Thinking About
You could do $3,000 a month in AdSense and you can get a really good return on it. This allows you to have campaigns focused on purchase and campaigns focused on nurture.
Curt Maly’s BELT Method
Resources Mentioned:
Happy Hair Brush
Savor Beauty
Inspired Focus Digital
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By Erik Cabral
5
5151 ratings
This episode was recorded at an exclusive event called PodMAX where founders had an opportunity to share their stories and knowledge.
Special guest host Todd Giannattasio leads the conversation down a path of insights, solutions, and collaboration.
Join us for our next event at www.podmax.co
Jaime O'Connor is a mad scientist and strategy nerd dedicated to helping brands understand their growth opportunities in the digital landscape. She's got a great history that started all the way in the fourth grade selling scrunchies all the way up to some other beauty brands more recently with Happy Hair Brush and Savor Beauty.
Here are some power takeaways from today’s conversation:
Episode Highlights:
Recognizing the Customer Acquisition Journey
As a business owner should be thinking about your lifetime value for your customer. You have to take the time to calculate it. Look at who is your top sector of customers and what's their lifetime value? It's really important to be looking at what should your cost per acquisition be to be profitable in your business, not just your advertising.
If you're advertising in the U.S., $50 and under can be really hard to break even. So if you're at that point, if your typical average order value is $50 or under, you need to have money on the back end. Do you have subscription services? Do you have additional things to sell those people like? How else are you going to make their money? You're probably going to generally breakeven on the front end, so that's where you want to have a higher lifetime value. Then you should have a 2% to 3% conversion rate on your website, which is the industry average for e-commerce.
Understanding Website Conversion Rate
If you are at 2% on your website conversion rate, then you're in the danger zone. Your ads are going to convert less than that. So your website, as a whole, needs to be converting at a higher level to know that you're going to do all on that side. And that's all work that you can do and work on right before you start dumping money into ads. Because all ads are going to do is accelerate the fact that it doesn't work.
Ad Budgets Entrepreneurs Should Be Thinking About
You could do $3,000 a month in AdSense and you can get a really good return on it. This allows you to have campaigns focused on purchase and campaigns focused on nurture.
Curt Maly’s BELT Method
Resources Mentioned:
Happy Hair Brush
Savor Beauty
Inspired Focus Digital