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In Episode #473, Eric and Neil discuss how to double your sales by spending more per click. In an attempt to save money and reduce one’s cost per click, many businesses lose out on their opportunity for significant growth. Eric and Neil persuade listeners to adjust their mindsets and SPEND on those high ROI keywords which will draw the right traffic and optimize your profitability.
Time-Stamped Show Notes:
- [00:30] – Today’s topic: How to Double Your Sales by Spending More Per Click
- [00:40] – A lot of people spend on irrelevant keywords which causes them to waste money
- [00:56] – If you’re spending on those hot keywords, others are spending on them as well
- [01:10] – Some keywords cost 3x more, but will earn you 6x more—optimize on the profitability
- [01:39] – Some people focus on the traffic and cost vs. revenue and profitability
- [01:50] – Look at RLSA (Remarketing List Search Ads) to make sure you’re not spending more than you should
- [02:12] – You may be spending more, but are gaining more qualified and targeted traffic
- [02:40] – When doing pay per click campaigns, it’s about ROI—if numbers aren’t panning out, focus on high ROI keywords that are specific to your product or service
- [03:16] – If you’re in AdWords, you need to spend more per click in order to drive more sales
- [03:33] – “Scared money don’t make money”—be willing to spend and even lose money when you start out with your marketing
- [04:00] – Don’t optimize per click or on the cost, optimize for revenue and profitability
- 04:09 – Marketing School is giving away 90-day FREE trial for Crazy Egg which is a visual analytics tool
- 04:16 – Go to SingleGrain.com/giveaway to get your FREE copy
- [04:25] – That’s it for today’s episode!
3 Key Points:
- Sometimes, you NEED to be willing to spend on the most relevant keywords to increase your profitability.
- Even though a keyword may cost three times more, evaluate your rate of return to make the best decision for your ad spend.
- “Scared money don’t make money”—adjust your expectations when it comes to spending on marketing in order to earn BIG.
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The post How to Double Your Sales by Spending More Per Click | Ep. #473 appeared first on Marketing School Podcast.
Full Transcript of The Episode
Eric Siu: Welcome to another episode of Marketing School, I'm Eric Siu.
Neil Patel: And I'm Neil Patel.
Eric Siu: And today we are going to talk about how to double your sales by spending more per click. It seems counterintuitive. Why would you spend more per click and how do you make more sales? Well, the first thing is, well, a lot of people spend on irrelevant keyboards and they're just blasting a bunch of money. I've seen a lot of brands doing that when they first come to us, to the agency, and ... Here's the thing I want to get out of the way in the very beginning. If you're spending on relevant keywords that convert, guess what, news flash, people that are smart about it, they're probably spending on it too, so you're going to be spending more per click that way. That's the very first thing, and I just want to get that part out of the way.
Neil Patel: Yeah, and it's not all about optimizing for cost per click. If there's some keywords that are so relevant to your business and they cost three times more, but they convert six times more than your normal terms, you're making more money. It's all about optimizing for profitability, it's not about optimizing per click. When I talk to a lot of companies who are doing pay-per-click campaigns, they're like, "Oh, yeah, we want to increase the number of visitors we're getting and reduce our cost per click." I rarely ever hear, "Hey, we want to generate more income and profit from our at risk campaign." That's what they mean, but the way they're saying it, they're telling people, "Hey, focus on the traffic and the cost versus focusing on the revenue and the profitability."
Those of you that are worried about your spending going out of control, well, very simple. All you need to do if you're ... Let's say you're looking on Google. You want to look at RLSA, so that's remarketing lists search ads, and basically if people are visiting your services pages or your case studies pages, for example, maybe you're only retargeting those people and then ... Let's say, again, I'm a digital marketing agency, so I'm only retargeting people that have visited my services pages with digital marketing agency. That way I'm controlling my spend. I'm spending more, for sure, but I'm getting more qualified traffic, so you can kind of throttle it that way, and that's worked well for a lot of people.
What you can do even before that, if you don't have traffic to your site, think about how you can drive ... When you create great content, you drive Facebook traffic to your site, and then afterwards you have your Google Pixel there, you're going to be able to retarget those people, so think about how you can drive people into your world that way. The fact that you're listening to us right now means you're in our world.
Eric Siu: Yeah, so when doing pay-per-click campaigns, keep in mind it's about ROI. It's OK to spend more. If the numbers aren't panning out, consider optimizing your website, try to improve the conversions, but instead of just targeting basic bland terms that are really cheap and high in volume, focus on really high ROI keywords that are very specific to the product and service you're going after. Sure the volume may not be there, but once you get the numbers dialed in, then you can scale up your campaign, and it's better off to start that way than it is to go really broad and then narrow down after.
Neil Patel: Yeah, and the other thing is you've got to make sure, I mean if you are in AdWords, you're in the fourth or fifth position, you're not, in most cases, in some cases it's actually better, but in most cases your clickthrough rate isn't going to be as high and you're not going to be driving those most relevant clicks. You've got to be bidding higher, you've got to be spending more per click in order to drive more sales that way. A lot of people are just too ... The saying is always scared money don't make money, and that applies to advertising so much. You have to be willing to spend money, and you even have to be willing to lose money in the beginning.
I remember we had a, just to go off on tangent a little bit, we had a client or a prospective client recently, they're ready to spend $80,000 a month, and when we told them that they're probably going to lose money the first month or two just as we're picking up learnings, they're like, "Oh, no. We've got to figure out the first month." So, you've got to be realistic, that's my point.
Eric Siu: Yeah, so best of luck with your AdWords and your paid advertising campaigns. Again, don't optimize per click or the cost, optimize for revenue and profitability.
Neil Patel: Great, so that's it for today, but before we go, we have a 90-day free trial of Crazy Egg to give away to each and every one of you. That's a heat mapping tool to grow your business. Just go to www.SingleGrain.com/giveaway to learn more, and you can learn more about how you can get a one year annual subscription to Crazy Egg as well. That's it for today, and we'll see you tomorrow.
Speaker 1: This session of Marketing School has come to a close. Be sure to subscribe for more daily marketing strategies and tactics to help you find the success you've always dreamed of, and don't forget to rate and review so we can continue to bring you the best daily content possible. We'll see you in class tomorrow right here on Marketing School.
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