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When should you change your marketing strategy?

Alex says don't chase new marketing channels just because they're new. He lists three real reasons to switch: you've saturated your current market, the platform is shrinking, or new channels genuinely outperform scaling what already works.

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Alex
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MoreMozi

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Clip
Duration
1:48
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MoreMozi videos
Transcript
Full transcript on this page

Key takeaways

  • So let's say uh you know you use newspaper ads as your way of getting customers but newspapers are going down 25% a month or a year.

Chapters

  1. 0:00
    Abschnitt 1 When do you do new?
  2. 0:26
    Abschnitt 2 Yeah, you can look somewhere else.
  3. 1:11
    Abschnitt 3 So if I double my ad spend it's likely that I'll have a double in throughput or at least a significant increase in throughput.

Full transcript

Locally archived YouTube transcript with timecodes. Speakers are assigned heuristically and may be corrected editorially.

3 segments

0:00When do you do new? At least as it relates to getting more leads. I have I've so dramatically constrained the new bucket like you have to have a very good reason to new when you could just do more or better. So number one is that if you've actually maximized a market, this is far more common and local than it is national. But if you've actually maximized a marketplace, you have a huge percentage of market share or your spend covers that entire marketplace many times over in terms of frequency.

0:26Yeah, you can look somewhere else. you can fish in another pond. The next is if the platform itself is shrinking. So let's say uh you know you use newspaper ads as your way of getting customers but newspapers are going down 25% a month or a year. Well, you know you can you can do math that like 25% compounding in the wrong direction is not a good thing. And so getting getting a head start on getting to another platform doing something new probably a good idea. The third situation is where and this is the one for all of them is that the incremental returns on new are greater than the returns on more or better which is super rare because we have to look at it as risk adjusted. So I know that if I just double my ad spend every like I've already covered almost all of this risk.

1:11So if I double my ad spend it's likely that I'll have a double in throughput or at least a significant increase in throughput. Right? If I take that same money and put it into something new, the likelihood that that thing does better than me just putting more into my main machine, low. But then you probably ask yourself, well, well, once I do more, then what do I do? It's like, well, then you ask the question of like, can I do more again? And you'd be surprised at how often the answer is yes. And so then the problems that you have to solve are, well, how do I do even more? How do I do even even more? And these are the hard but solvable problems rather than the exciting problems that lead you to new and shinier objects.