Paid advertising doesn’t fix a business, it just accelerates it.
Lately I’ve been saying ‘no’ to a lot more business owners.
I guess FB ads are in vogue right now, and if you see other people getting results that you’d love to get, then naturally you want a piece of that action.
But adding paid advertising to a business that doesn’t have the foundations in place is not a good idea.
You’re throwing fuel on the fire, and that’s awesome if the fire in question can cope with the flames doubling in size, but not so great if doubling the flames would actually burn the house down, and probably injure/kill innocent bystanders.
So what needs to be in place first?
- You need to have a validated product/service (that people are willing to pay for).
- You need the ability to turn interested people into clients (i.e. a followup sales process, or a converting website).
- You need to be able to serve these people to a high standard and in an efficient manner.
- You need to be able to look after and retain these clients (Increasing lifetime value is a BIG deal)
- You need to know your numbers – how much is a client worth to you, how much can you justify spending to get someone in?
If you’ve got that stuff sorted, and you’re already running ads, then running ads at any kind of scale could be a great idea.
If not – get to work on the above list.