Early Stage Startup’s Acquisition Dilemma:
A common question among early stage founders is trying to figure out whether to optimize their existing acquisition channel or to find a new one, and a common answer they often receive is “it depends.”
If you are in this situation, and still haven’t figured out what to do, here are three frameworks that’ll help you navigate through the dilemma:
1. Maximize advertising inventory
Advertising inventory is the amount of ad space that is available to be sold to the advertiser, the square centimeters of ad spaces in a magazine or newspaper.
In the internet world, this refers to the amount of traffic an acquisition channel can offer, in terms of AdWords and SEO, this translates to the maximum clicks you can generate through search results.
If you are already ranking high for keywords that you care about, then there really isn’t much to optimize, you’ll likely face diminishing returns for your future efforts with a maximized inventory. But if you are only ranked 4th or 5th, and if optimizing this inventory will likely grant you 2X the traffic, then it’s worth optimizing.
Once you have maximized an acquisition channel’s inventory, it is time to find a new channel or campaign that can generate 2X the business.
2. New channel vs optimization
When a new acquisition channel launches and fails, it is often due to failing to understand how to operate the channel or it is simply a bad channel for the business, and it usually can't be fixed with optimization alone.
Handing out flyers won’t work for certain startups, and for these startups, optimizing the content on the flyer won’t lead to drastic improvement in acquisition. One signup with a “10% improvement” is still one sign up. So it is important to have the business fit the channel, and test to see if the channel is how customers find their solution to their problem.
Lastly, when it comes to early stage startups, most of the data are not going to be statistically significant, so the variations in results are simply random, thus making optimization very difficult. To avoid this common trap, look for big changes in results, these changes are the important changes that provide learnings and progress.
3. What to optimize and what to try?
There are two factors to take into consideration, time and money. If time is the abundance resource, then channels like content marketing, SEO, e-mail, referral and partnerships are more suitable to try. If money is the abundance resource, then paid marketing channels are better to experiment with.
In terms of optimization, after maximizing the best performing channel, early stage startups should focus on optimizing their website and landing page because every campaign will eventually lead there.
A 10% increase on bounce-rate equates to 10% more revenue across all of your campaigns. It could be that the testimonials are not strong enough, the value proposition is unclear, or that the pricing page is confusing. There are plenty of optimizations that can be made on the website to produce substantial results, especially for early stage startups.
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[Biggest Google Search update since 2015]
Just over a week ago Google implemented one of the biggest updates since Rankbrain in 2015, a breakthrough in NLP pre-training technique which birthed #BERT, or in it’s full glory--Bidirectional Encoder Representations from Transformers. This seems like a mouthful, but essentially Search is now able to understand words in relation to other words in a sentence, rather than one-by-one in order. Let’s take a look at what this change means and what you should do:
- The ability “to” understand words in a sentence:
2019 brazil traveler “to” usa need a visa — by looking at this query we can see the intent is for a Brazilian traveller needing a visa to travel to the USA. However, due to the previous algorithm focusing on domain ranking and keywords, the result often prioritized U.S citizens traveling to Brazil instead of the intended way.
- What does this mean “for” you?
If your content is optimized for Keywords > Intent, my guess is you’ll see a drop in traffic. But if your content is optimized for Intent > Keywords then you should see an increase in organic traffic with the BERT update. Either way, you should always monitor your top performing pages after a major Search update.
Google says this update is the biggest leap forward in the past five years, and one of the biggest leaps forward in the history of Search. It is too early to tell how this will affect SEO in the future but Google’s track record has always been to understand and resolve searcher’s intent, so going forward I expect more updates inline with #BERT.
AppWorks Accelerator is now accepting applications for its next AI/blockchain only batch (AW#20). Final round deadline is 12/16 >>>http://bit.ly/2C9HkaH
--
Jack An
Analyst, AppWorks
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