Market research that trims down your advertising costs

Ep-4-Thumb-solo

Are you looking to cut down on your webinar’s advertising costs?

After 10 years of trial and error, we’ve learned that the first step in running a successful webinar lies in good market research.

In fact, using just 5 market research strategies, we help our clients go from barely breaking even on ad spend, to cutting up to 50-70% of their cost per lead.

Yeah – it’s THAT impactful.

I’d even go so far as to say it’s our #1 secret sauce to winning with ads. 

So if you’re interested in slashing down that webinar lead cost then this episode is for you.

You’ll discover:

  • What a Customer Avatar is, and why it’s important to develop one
  • How easy and effective it is to do AI-assisted market research
  • How to understand what your customer REALLY wants through their pain points and desires
  • How to translate your research data into HIGHLY effective ads 

PS: While these tips are primarily for webinars, they apply to any business, really.

In our now experience having good market research can actually slice your webinar cost per lead between 50% 70%. That’s how important this step is. 

In this episode, I’m going to review our five-step market research process that has helped our new clients experience up to 70% reduction in cost per lead for the webinars. This step could be the difference between your webinars and your business, being able to scale versus struggling to make a profit. 

Understanding Your Customer Avatar

[00:00:44] Terence: Okay. So when it comes to market research, what we want to do is to really understand the customer avatar, which is the ideal customers that we are targeting. 

So what we’re looking for when we’re doing the market research for a customer avatar is we want to find out what are their pain points, right? 

[00:01:05] Terence: What is keeping them awake at night right now? 

The second thing we want to find out, what kind of challenges are they experiencing with current solutions that are out there right now? 

And the third thing we want to find out is what do they actually desire? 

So why is this important? 

Because if you say a coach that helps middle aged men regain their self confidence. And the whole thing with your marketing message is you’re pitching it to “Hey, you’re going to feel better about yourself”, and all that stuff. 

But actually the true desire of your ideal target audience is so that they have the ability to date younger women. Then your marketing message is all wrong. In that case, your marketing is going to be super ineffective.

[00:01:55] Terence: The other thing we want to look out for are what kind of emotions that are currently surfacing for them as a result of this problem that they want to have solved. 

The fifth thing we want to find out is whether this, any jargon and unique terms and certain ways that they see things for this market. Because for example, when we were marketing to accountants, we needed to use certain terms and jargons that only accountants use so that they know that we were speaking specifically to them as accountants. 

[00:02:31] Terence: And the final thing is while you’re going through this market research, what you need to do is find out marketing hooks.

Marketing hooks are the way that we say things so that we can get the attention of our target audience. And then get them to take action on our ads. 

So with that said, let’s look at a five tools that we often use.

5 Tools for Market Research

#1 Utilizing ChatGPT for Market Research

 In order to get quick market research done, now the first one I want to include here, which is a recent favorite of mine is ChatGPT. 

So with ChatGPT, we are able to use it to quickly build our customer avatar. So let’s use the previous example when you are targeting middle aged men with self-esteem issues. And I’m probably one of them to be honest. 

And now it’s all you type all this into ChatGPT, and you tell ChatGPT, what are the pain points of middle aged men and ChatGPT will tell you, well, they don’t look as young as they used to and they starting to look a little bit terrible and the energy levels are dropping. And then you  asked ChatGPT, what kind of challenges are they currently experiencing from other solutions that they have tried? 

Now ChatGPT will probably tell you, oh, they’ve been going to the gym and, you know, they’re working out. As like four, five times a day. A week rather, no day, of course. And they are just feeling sore. And in fact, you know what, it gets worse because they realize they can’t bench press as often as much as they used to when they were 20 years old. So, this is what ChatGPT. 

He might tell you, and then you ask the ChatGPT, what are their desires? And ChatGPT will say to you oh, well they really just want to look 20 years younger. And few 20 years younger. So, and you, and also ask check ChatGPT, what kind of emotions that feeling like? How do they feel about the current situation and ChatGPT will tell you they’re feeling depressed and , know, thing, there’s no way to go back because the voice that, that lives. 

So the whole thing here is that ChatGPT will actually give you a very, very good overview without going around to various places to do. 

Now you may be tempted to say, Hey, I’ve got enough information after this first step. I would suggest that you don’t do that because none of this data is validated. So that’s why you need to go to step two.

#2 Leveraging YouTube for Deeper Insights

After ChatGPT, what I often do is I jump into YouTube. So on YouTube one-on-one to do is I want to list down. Perhaps the top, most 10 watch videos and write down exact topics that each video is discussing. I want to watch it, few of these videos . 

And it’s very interesting. Once you watch several YouTube videos, I find that I get a very deep understanding of this industry that I’m researching and I feel the pain points and also how my target audience responds to messages. So don’t skip this step, because this is the only way that you can get all your senses involved in the market research, like true visual audio. So, this is a very important step.

Did you know that when David Ogilvy, one of the legends in advertising took up a contract with Rolls Royce, he spent three months just doing market research before writing a single ad.

But the ads he wrote for Rolls Royce brought in countless millions of dollars in sales for many years.

#3 Exploring the Facebook Ad Library

Once I finished my YouTube research, well I’d like to do then is third one, which is the jump into the Facebook ad library. What I want to do here is to use keywords, to find competitors in my space. 

You can just google Facebook ad library. And it will show you the various competitors, the various advertisers who are advertising on Facebook. And what you want to do here is to screenshot as many ads as possible. 

Read some of these ads. Read some of those landing pages and dump them into one single document where all your competitors at can reside in. And make sure you read for them because as you read for them, you will be able to find certain messages and certain things that you want to use in your own ads. 

So after step three, you would have spent a few hours on market research. And right now, your subconscious starts to work on the various messages, the virus angles, and you’re able to empathize if your target market even more. 

But I suggest you don’t stop at this stage because you need the next two steps to actually make your market research complete.

#4 Google Searches and Google Trends for Validation

The next thing I want to do is to use Google. I want to find keywords that related to my search terms. And not just that. I want to validate that with Google trends. Because I want to see if these keywords are actually on the way up and there’s more and more people searching for them. 

Or it’s actually trending down where there’s less and less searches for it. And after that, the next thing I want to do is to find those high trending keywords, plug them into Google and read some of those articles that pop up. And then copy the URL for this articles into a document. 

So why is this important? 

The reason is because you’re actually validating it. Based on the number of people that are actively searching. for topic and not something that you just came up in your online.

#5 Engaging with Reddit, Quora, and Facebook Groups

Final thing I’ll do is I’ll go on to Reddit, Quora and maybe some Facebook groups. What I want to do is find out what our main topics being discussed and read it. 

For example, I will go into various subreddits to find out more information about this particular niche. And on Quora, I want to find out which ones have the most up votes. And in Facebook groups, I want to find out which topics have the most discussions. 

So remember what we’re looking for, we’re looking for the pain points. 

We’re looking for the challenges with other solutions. We’re looking for what do they actually desire? 

So you might start off by thinking, Hey, I want to help middle aged men with the self-esteem issues. But once you do the market research, you might find out that. They’re not actually looking for more self-esteem. But they are actually looking for respect from their wives. So then you might want to change your whole marketing message. 

You might even want to change some of the topics that you discuss in your webinar. So that you are addressing the problem that these men are trying to find a solution for. 

Conclusion

All right. So that concludes our quick market research process to bring down Cost per Lead for webinars. It may sound a little bit tedious, but actually this is sometimes the most fun part of marketing. During this process, I’m, often discovering new, exciting things like, marketing book. And pain points that I can’t wait to test out in our marketing messages.

So talking about hooks in the next episode, I’m going to reveal the secrets to crafting a good marketing hooks that stops the scroll for your webinar ads. Because the problem is if you don’t have good hooks for your webinar ads, then you’ve already lost the marketing battle before it’s even started. 

If you don’t have a good hook in this crowd of webinars space, you won’t get noticed. 

That’s why most coaches can get the right people or achieve a good cost per webinars sign up. 

So let’s talk about how to come up with a good hook in our next episode. 

Make sure you click and watch episode 6 now, so you know how to craft a good hook and stand out in the marketplace.

This podcast is hosted by Terence Tam, author of Lead Surge: 8 Radically Effective Marketing Funnels for Coaches and Experts. He is also the Founder of Radical Marketing, a digital marketing agency that partners with high-ticket coaches to scale their businesses with Webinars – by using a proprietary blend of story ads and battled-tested sales funnels to achieve better returns on ad dollars.

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