#026: How to Become Famous on a Small Budget

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Transcript

Matt Willis 0:10

How to become famous on a small budget. You don't have to be big to be famous. Marketing researchers found that big companies have an unfair advantage in continuing to dominate their market. The next biggest unfair advantage is really interesting, creative, not data, not budget... creative. This means that by having great creative, great copywriting, you too will have outsized results to the budget you have available. Your creative is leverage. There are three main levers that if utilized can help you become famous and wealthy, even on a relatively small budget Strategy. Strategy is what ties all three circles together. Most businesses don't actually have a marketing strategy. They follow the crowd when they should be standing out from it. They market inconsistently when customers need frequency of exposure to build relationships with, and they offer an inconsistent experience when customers expect continuity. This is referred to in marketing as brand alignment. A poor or average strategy will lead to wasted marketing budget and stunted business growth. Creative. If your marketing efforts look or sound like an ad, your efforts will be ignored or frustrate potential customers, thus wasting your hard earned marketing budget. If your creative or ad copy is phenomenal, you can literally create marketing campaign whose effectiveness compounds over time. To quote a piece of research. What emerged from the analysis was that creative execution was by far the single most important element of advertising under a marketer's direct control when it comes to delivering a return on investment behind it. Were a host of different media planning and strategy factors that were all vital to success too, but creative shown out as something that could yield special results. This chimed with other research, Nielsen, Bennet, and Field, even McKinsey's, a famous rationally oriented consultancy, all concluded that businesses that excel in creative perform the best in terms of hard financial metrics. Creative was the single biggest lever that we can pull when it comes to supercharging marketing. ROI. Expert Creative allows you to win customers with fewer exposures to your ad and therefore lower budget. Next is media buying. Did you notice that each circle of marketing profitability in the previous chart that followed creative quality is a function of media buying media companies from social media to billboards and direct mail to radio want to sell the spots they have left that no one else wants. If you ask a media seller, how many times will the average customer need to hear or see this ad each week for me to become successful? They won't tell you because they don't know. Media sellers are skilled at selling and have little to no incentive to prioritize the effectiveness of your marketing's placement, frequency, schedule, et cetera. So by running your creatively exceptional ads with an ideal schedule that aligns with a cohesive strategy, you'll be on your way to becoming famous in your community with all the financial rewards that come with it. You don't need the budget of a massive company to become a massive success.