Just give up already
Save your team tons of cycles, frustration and spend
Experiment! Test! Find New Channels!
Everyone loves to talk about experimenting and testing in marketing but no one ever tells you when to stop.
The reality in start-up marketing is that more often than not your campaign or experiment will fail.
That’s a good thing though - it helps you get to what works faster.
But when campaigns fail - you are faced with two options.
Take the learnings, make adjustments to it, and relaunch.
Scrap it all together and walk away.
Understanding when to make decision #2 is almost never talked about. But having a framework for how to make it can save your team tons of cycles, frustration and spend. It also helps you move faster on to things that have a chance of being meaningful to your business.
In my career in Demand Gen and as a Marketing leader I have spent over $50 Million on campaigns and run thousands of experiments. In that time I have developed a simple framework to help me decide when to walk away from a campaign or channel.
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Is my audience active on that channel?
Are they are actively engaging with your competitions content or thought leaders in the space? Or is it just not a channel for them.
Is the ROI there or does it at least seem achievable?
Am i spending $5,000 per lead when my model only supports me being at $50? And If so, what are the things I am going to change in order to get there. New creative? Updated targeting? Different offer?
Do you have a hypothesis on why the campaign is failing?
If you don’t know what might be going wrong in the campaign - poor landing page conversion, un-compelling offer then how in the world do you expect to fix it. Blindly experimenting is a very costly way to try and find what works
If the answer to any of the questions above is no, kill it.
Move on to the next campaign or channel, you have plenty of other opportunities to focus your resources on.
*Disclaimer - Killing it is not a lifetime ban. It’s more like a year long suspension. Marketing changes pretty quickly so what didn’t work last year might work this year for you.
Don’t become the marketer we all know and hate. The one who shoots down every new idea with- “We tried that before and it didn’t work”.
Happy Friday!