When it comes to internet marketing, or business in general, failure is something you will have to deal with very often. Whether it be launching a new campaign, a new project, or a new product/offer, things will inevitably go wrong.
During my 5 year career in internet marketing so far I have dealt with more failure than I would really like to admit. I would also be lying If I said there weren’t times where i’ve gotten completely discouraged, and even given up (temporarily). However, i’ve learned over the years how important failure is to the learning process and making money.
The great thing about this industry is that you could fail 50 times in a row, but then find one profitable campaign and scale it to 7 figures. It’s important to realize that not everything you do is going to be a home run. As a matter of fact 90% of the time it wont work at all. So the important thing to figure out is when should you quit, or when should you continue.
For me when I launch a new ad campaign, i’m looking to become profitable as soon as possible. When i’m launching tests I generally want to see at the lowest a 50% loss before I continue. If a campaign is loosing 60% or more right off the bat, its going to be a long shot to get it profitable. If the loss is that big I generally quickly pivot and try something completely different (new niche, new offer, etc).
However if the loss is 50% or less right off the bat that gets me exited. Thats when I go into “mad scientist” mode. I know that at that point I am just a few more tests and tweaks away from being profitable or breaking even. At that point i will go ahead do the following to get into profitability:
– Test 10-20 more ads
– Test a few more landing page / funnels
– Test different offers within that niche (as many as I can find)
After following all of these steps I am usually able to find something that works.
I’ve seen way too many internet marketers quit just because they were loosing 20% or even BREAKING EVEN.
The truth is when you are at that point, you are just on the cusp of breaking through. This is where the work and creativity comes into play where you can test more and more until you are in profit.
These general rules for when to quit and when to persist have helped me tremendously focus my time and energy on campaigns that only have high potential.
One skill you are going to have to develop if you want to persist through the consistent failure is to stop being afraid of loosing money. When I launch a campaign and am loosing money right off the bat I don’t think of it in terms of actual cash disappearing. Instead, think of it as “buying data”. You are buying data on what works and what doesn’t for that specific campaign, so you can analyze that data and make improvements from there.
In the testing phase of any new campaign there are tons of data points to pay attention to as you are spending.
Does your landing page conversion suck? Make a new one.
Is your CPM high driving your click costs up? Make a better ad.
Are only women clicking on your ad? Change your message to tailor towards females.
There are endless more examples, but the most important thing is when you are failing to analyze the information at hand, and make data driven decisions on how to improve things from there.
Most importantly, don’t get discouraged.
If making money online was easy everyone would do it.
But trust me, once you finally figure things out the success will taste so much sweeter as you remember the failure you endured along the ride.