In Episode #408, Eric and Neil provide the beginner’s guide to Quora ads. Tune in to learn what you need to know to start advertising on Quora and why now is the right time opt in!
Time Stamped Show Notes:
- 00:27 – Today’s topic: Beginner's Guide to Quora Ads
- 00:59 – Quora is a questions and answers site which generates tons of traffic
- 01:29 – Quora’s valuation is currently over one billion dollars
- 01:42 – When Eric goes on to Quora, he sees people like Jason Lemkin
- 01:59 – You can have your ads show up with a question or something catchy
- 02:19 – Quora ads is currently cheap
- 02:34 – One of Eric’s clients, Lever, is an applicant tracking system
- 02:40 – An applicant tracking system helps you manage the whole hiring process
- 03:07 – Lever has an ad that shows up in Quora when a question related to the hiring process comes up
- 03:29 – You want to advertise to people who are asking questions related to your product
- 04:14 – “The numbers have to work for you”
- 04:30 – Eric is currently running an ad on Quora for their e-book
- 04:40 – The conversion rate to their landing page is 20%
- 04:53 – Cost per click is $3 but the conversion rate is around $15
- 05:45 – Cost per click varies
- 06:27 – Marketing School is giving away a free 1 year subscription to Crazy Egg which is a visual analytics tool
- 07:10 – Go to SingleGrain.com/giveaway for multiple entries
- 07:22 – That’s it for today’s episode!
3 Key Points:
- Quora currently generates tons of traffic—this is a great place to implement your ads.
- You target Quora ads to the people who ask questions related to your business service or product.
- Leverage Quora ads NOW as the costs are still low and the conversions are high.
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Full Transcript of The Episode
Eric Siu: Welcome to another episode of Marketing School. I'm Eric Siu.
Neil Patel: I'm Neil Patel.
Eric Siu: Today we're going to talk about the beginner's guide to Quora Ads. In previous episodes, we talked about how you can leverage Quora Ads and things like that, but we thought it might be good to ...
Neil Patel: Yeah, to just start talking about Quora Ads and what it is. Eric does more Quora Ads than me. Today's my lucky day in which I get to ask Eric questions. Now you're cussing. Now they're going to put this little flag on our iTunes podcast. All right. First question, Eric, what are Quora Ads?
Eric Siu: Quora Ads are basically ... Well, let's talk about what Quora is first of all, right? Quora is a question and answer site and if you think about the old days of Yahoo Answers where you'd ask a question, and you have random people coming in to answer them, that's basically what it is. They actually generate a lot of search engine traffic and the answers are actually really well thought out. You have really smart people, physicists, Nobel Prize winners, movies stars, and things like that answering questions or even venture capitalists too answering questions on Quora. Now they've gotten to the size ... I think they're definitely worth well over a billion now in terms of valuation and there's a reason for that, because of the sheer amount of traffic that they're getting.
Basically now they're trying to figure out okay, how to monetize the thing, right? What I can say about that is when I go to Quora, I go to learn about software as a service, I can see Jason Lemkin stuff. He's the guy that started EchoSign. He's kind of the godfather of SaaS. I can see his stuff everywhere. Think about it this way, if I'm selling a SaaS solution or the eBook or something like that, I can just target people that are reading something around SaaS and then I could have a little ad that shows up. It's really subtle. It'll show the question. It'll show the first question. Then it'll show a little add that says, "Ads by Neil Patel or something.
Get the ultimate guide to churn or LTV or something like that." You can target different subjects. That's the first thing. You can do that, and it's very simple to do, and it's very cheap right now.
Neil Patel: Second thing, with Quora Ads, what kind of company should be advertising on Quora and where should you be sending the traffic to?
Eric Siu: I'll give you an example. I mean one of our, Lever, they are an applicant tracking system and they're ...
Neil Patel: Actually you have to speak English. No one know what the heck ... At least I don't know what that is.
Eric Siu: An applicant tracking system helps you manage the whole hiring process from top to bottom, from posting a job to putting people through different stages of your hiring process. That's what an applicant tracking system is. You're basically tracking an applicant through the system. That's what it is. Basically it is complex to Neil's point, but there's people asking specific questions around what is an applicant tracking system or they're asking questions about recruiting. That's when Lever has an ad show up that says, "Ads by Lever. Get the ultimate guide to kind of recruiting." What they'll do there is they'll have that ad push to a landing page for an opt-in and then that's basically it.
You just want to make sure that you're still, same thing with Google, adding UTM tracking parameters.
Neil Patel: In other words, you're saying that anytime people ask a question on Quora related to something that you sell, that's where you want to advertise on?
Eric Siu: Correct.
Neil Patel: You mentioned service-based products and business. Does this mean it doesn't work for eCommerce and people who are selling products?
Eric Siu: It could work for eCommerce for too because if I ... Let's say Neil needs a, I don't know, earplugs or something, Neil has like trouble ... Neil has trouble sleeping for example, insomnia, and then you have scientists talking about insomnia. Just to give you an example, one of my friends has a company called InstaSleep. That's this pill that basically allows you to fall asleep in like 5 or 10 minutes or so. It's not even considered a drug. That could be a good spot for him to advertise depending on what the average order value is for him and things like that. You just got to make sure that numbers work for you, but there's definitely a lot of relevant scenarios where you can plug in your ads, but again the numbers have to work for you ideally.
Maybe you're selling like one of those Yeti coolers that are a couple hundred bucks. That might work out for you.
Neil Patel: What are you seeing the conversation rate? Let's say you buy a hundred clicks from Quora. What tends to be the average conversion rate?
Eric Siu: I'll tell you we're running ads right now for one of our eBooks. Like a link building kind of eBook where we did the study on 10 different companies like Udemy, Airbnb, whatever. Our conversion rate on that landing page is 20%.
Neil Patel: That doesn't really help like ... How much are people going to pay for a sell? What is your cost per click? Let's break it down for the listeners.
Eric Siu: What's it going to cost per click? We're getting it down to about three bucks or so.
Neil Patel: Cost per lead, $3?
Eric Siu: No. No. No. Cost per click.
Neil Patel: Three bucks?
Eric Siu: Yeah. Three bucks, but then we're getting like email for ... You can say looking at a 20% conversion rate, you bring it up to 15 bucks, right? Yeah, three times five is 15 bucks.
Neil Patel: Yeah. No, I got math. You're paying $15 for an email. How many emails does it take for you to close a deal?
Eric Siu: For us, this is still early days for us so we haven't closed a deal per se. We just started testing this a couple weeks ago. If we're able to get like an email for that, we're willing to pay 15 to 20 bucks or so for an email in that scenario. That's good for us because we know what CPA we're going for.
Neil Patel: Overall with Quora, is it $3 cost per click for most industries or just category?
Eric Siu: No. I've tried messing around with different ... I got in myself and messed with it. If you open up, you're targeting more, you make it a little more broad, you can bring your CPC down to 50 cents to a dollar or so. We think we can bring ours down more obviously if we broaden it up, but we want to target a little more.
Neil Patel: All right. In general, you would say Quora's working out. You have to be specific with your targeting because I'm assuming if you didn't, then you would have opened it and made it really broad.
Eric Siu: Right.
Neil Patel: The last thing would be that you have to be patient because it's new and you have to figure out if it converts for you.
Eric Siu: Like anything.
Neil Patel: Yeah, but more so than AdWords because in AdWords in general, if you do AdWords or Facebook, you know you can make it convert because everyone spends money on them.
Eric Siu: Right.
Neil Patel: I think we have it.
Eric Siu: All right. That's it for today. Before we go, we have a one year annual subscription of Crazy Egg that we would like to give away. That's worth close to $1,200. Before I give you the details, Neil, what is Crazy Egg?
Neil Patel: Sure. Crazy Egg is a visual analytics tool. It shows you why people don't convert on your website and become customers. Through reports like a heat map, or a scroll map or video recordings, you can see what's wrong. You can then fix stuff within Crazy Egg using the WYSIWYG Editor, and you can even A/B test. It's a one stop solution that helps you convert more visitors into customers. It's easy to use and think of it this way, you look at Google Analytics, you see all this data, you don't know what changes to make, you won't have that issue with Crazy Egg.
Eric Siu: Great. If you want to get access, just to singlegrain.com/giveaway to learn more. The cool thing is we're giving away one of these every single week and you can actually get multiple entries. Once again just go to singlegrain.com/giveaway to learn more and we will see you tomorrow.
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