Here's the transcript from my podcast about what I learned from the digital marketing industry
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For the past two years, I’ve been learning & ramping up my online marketing.
I’ve taken almost every course out there (in the digital marketing industry).
I’ve studied with the best in the world.
I’ve sat in highly paid masterminds with some of them.
In other words, I’ve been able to get inside their heads to see how they think.
Then I deployed everything I learned.
And just like my real estate investment business…I had to tweak things.
And I’m still tweaking things.
Is that new?
To anyone who is an entrepreneur … the answer is no.
But the point is, I’m still learning. Even though I’m teaching marketing, business development and so on to the masses.
Here’s what I ***learned*** from the digital marketing industry
- The market is always right. We are not. We THINK we’re right…but until the market votes with their money / approval, we have no clue.
- SPEND MONEY to find the answer to #1. That means unless you are putting your stuff in front of the people who will potentially buy it, you have no idea if your marketing is working. Asking your buddy or spouse if it’s a “good product or service” doesn’t do you any good.
- Do you have the right audience to test #2 with in the first place? For a LOT of entrepreneurs, the answer really is NO – even though they think they do. So how do you FIND that market? Refine your search…narrow it down to a specific problem. And then go looking for data. Google Analytics, Alexa, etc…And yes…PAY for the data.
I can’t tell you how important it is to invest some money into your business. Because otherwise you’re just guessing your way through.
Here’s an example: for a niche I was targeting to advertise on Facebook, I THOUGHT it was a male dominated market and had an age range from 25 – 55. For the record, that’s a big range.
After I spent some money on ads, without any response, I finally took my own advice and paid for research.
I was COMPLETELY WRONG. The market was dominated by women aged 18-24 and 34-44. BIG difference right? So you can see why an ad needs to be VERY specific to talk to the market you want to target.
The point of all this is to encourage you to do your homework and put some money into your business. In my early years of business that’s exactly what I did and it worked.
In today’s day and age with “free” internet, Facebook, twitter, linked in and so on…entrepreneurs are growing up in a world where they believe they can market for free.
Even though some of that may be true, for the most part, you STILL have to invest time, energy and money into your business to grow it 10x.
Otherwise all you have is a cool little self-made job.
– Joey
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