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Smart Paid Marketing @ SOSV Growth Summit

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Colin Hodge
Colin Hodge

Colin Hodge provides advice on paid marketing strategies. He recommends (1) starting with Facebook and Google ads due to measurability and low budgets, (2) testing different content like photos and text copies with various audiences, and (3) optimizing ads for valuable user actions like streams watched rather than just clicks or installs. He also suggests reviewing performance daily and making adjustments weekly.

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1 "SUCCESS SEEMS TO BE CONNECTED WITH ACTION. SUCCESSFUL PEOPLE KEEP MOVING. THEY MAKE MISTAKES, BUT THEY DON'T QUIT. CONRAD HILTON Smart Paid Marketing #marketing #ads #data-driven www.ColinHodge.com
2 Colin Hodge Specializes in Organic Growth with a Global Mindset Board Member for a Silicon Valley social company with over $200M in annual revenue Served as Chief Growth Officer at M17 Entertainment, which includes the #1 livestreaming video company in Developed Asia, 17 Live, overseeing global expansion and helping to launch the biggest markets, as well as leading the marketing team at headquarters in Taiwan Served as CEO of 17 Live USA and launched the highly-rated PG video streaming app, LiveAF, in Los Angeles, California Grew revenue and users of new or acquired social apps as Head of Paktor Labs, including 20x growth for one app that is now a top-grossing social app in Taiwan As CEO & Founder, created and grew viral app DOWN to 6M+ users organically, exiting in successful acquisition Studied Computer Science (major) and Business Management (minor) at Cornell University (B.S. 2007) .com
3 Results: 17Live
4 GLOBAL GROWTH 41%
5 Why do paid marketing? 1. To expand userbase when it makes sense financially, either: a.profitably or b.at a loss when its crucial for a profitable side of your market 2.To test ideas, copy, and channels with small budgets
6 But first... Lets review the SMILE framework for growing your startup!
7 METRIC IDEAS Choose your North Star METRIC and discuss what affects it Brainstorm IDEAS to improve the metric FRAMEWORK FOR GROWING YOUR STARTUP SUCCESS Define what SUCCESS looks like & what you need to improve to reach it! S I LAY OUT Select promising ideas and LAY OUT how to try them EXPERIMENT L E M EXPERIMENT with your best ideas, iterate, and repeat!
8 Lets look closer at IDEAS and EXPERIMENT
9 IDEAS Brainstorm IDEAS to improve the metric Tactics: 1. Psychology: get into the customers' mindset (e.g. Personas) 2. Examples: think how others, like competitors or similar biz in other regions, have attacked this problem 3. Think Big: If you want to increase this metric 10x and money nor time are an issue, what would you do? Rules: 1. There are no bad ideas - be supportive and positive! 2. Use "and" NOT "but" 3. Let people finish expressing themselves without interruptions 4. Record the session: notes, audio, etc.
10 Personas - Map out the type(s) of users youre trying to acquire, including demographics - Imagine yourself in their daily lives, moods, attitudes, and interests - Ideally, base these user types on your existing userbase, drawing from their behavior within your product - Create names and characters for these personas to make it easy to remember Jon, 27, works as a salesperson at a TW company earning $4,000/mo, loves basketball and the cheerleaders, too. He spends 2 h / day on Instagram, 1h on LINE, and checks FB 2.5x / day from his iPhone.
11 1. Category of user you want to acquire: e.g. super-engaged users who check-in daily 2.Think of your typical existing user segment like this Note: later on, do surveys to find out more about them, like we did with our VIPs and daily users 3.Demographics of user: e.g. Male, age 28, on 3rd job since university, parents are Taiwanese from Taichung, has steady partner but no kids, earns NT75k/mo 4.Write down the users psychology/day: e.g. Lives in Neihu, Taipei and works in Xinyi, commuting via MRT where he checks his phone every day for ~30min, including your app 5min 1x in the morning, 1x at night; Frustrated with his finances and boss; goes to the gym 2x/wk and values fitness; watches Netflix and funny youtube videos the most; rarely uses FB but is following lots of fitness KOLs on IG; 5.Name your persona! Worksheet: Personas
12 EXPERIMENT EXPERIMENT with your best ideas, iterate, and repeat! Run A/B tests with acceptable risk (e.g. if you don't want to risk revenue much, set your baseline variant at 80% and the new variant at 20%). Ensure results are statistically significant (95% confidence interval). Iterate on many different variations of tests, if possible, to ensure that you find the best way to communicate it to your customers. Look for sparks of potential growth - results where a key metric moves significantly - and then pour gasoline on by focusing experiments in that area. Repeat the LAY OUT & EXPERIMENT steps with promising ideas until you find a spark to focus on.
13 How to do paid marketing? Evaluate where to reach your customers - Research where your potential customers spend their time online (FB, Google, LINE, Youtube, Twitter, Reddit, etc.) - Consider Facebook & Google if: - You want more easily-measurable results - You want to ensure you get at least some results - You want to start with a pretty low budget
14 How to do paid marketing? Evaluate where to reach your customers - Consider an influencer/KOL campaign if: - Your product is something influencers could feature somewhat naturally in their content - You want to tie in a larger marketing campaign - Youre OK with less-attributable results and a win or fail outcome
15 How to do paid marketing? Starting with the mainstream channels - Avoid 3rd party agencies or app ad networks at first! (these require anti-fraud tools, like Appsflyer, to get good value) - e.g. Facebook, Google, whatever has wide adoption in your region - Facebook often has better results to start, and you can target by similar interests, demographics, and similar audiences better - Google allows you to target competitor keywords, searches, hidden long-tail gems - Youtube can lead to lower CPA for good content
16 Content is king Test out 50+ of photos, videos, and text copy with different audiences, leading to 100s of variations - Start with 5 pics, 5 texts, and 5 audiences - Add 3 more pics or videos per week - Key lesson: you dont know what performs best until you experiment! How to do paid marketing?
17 How to do paid marketing? Content is king - Official photos/videos or high quality materials arent always the best creatives for performance ads; lower quality creatives sometimes reduces CPR - Use your personas mindset to come up with creatives that will catch their eyes and clicks We tried many types of streamer photos, and we found that the best were NOT the most revealing photos - those that showed their curves without being too sexual had lower CPRs.
18 How to do paid marketing? Target actions, not clicks - For apps, test targeting: - registrations (CPR) - purchases (CPP) - key app action (e.g. watch stream or like a profile) - other valuable actions users can take - Many startups get burnt paying per [worthless] view (CPM), click (CPC), or install (CPI)
19 How to do paid marketing? Target actions, not clicks - Try optimizing against multiple action events within your product and see which one produces the best long- term LTV customers We tried testing our ads optimized against many user actions - view stream performed better vs. register and install, in terms of lowering acquisition costs.
20 How to do paid marketing? Target actions, not clicks Meh Better Best
21 How to do paid marketing? Review daily, adjust ~weekly - Check your ad performance daily to spot new trends (shift budgets to variations) and ensure nothing is broken - Look at each ads Click-through Rate (CTR), install %, other CPA you are targeting
22 How to do paid marketing? Review daily, adjust ~weekly - Refresh and add new creative ~weekly, also adjusting campaign bids, audiences, other settings - It can take 3-7 days to see reliable results even with a large budget, so dont adjust too frequently (their auto- optimization doesnt work well then) We would add 1-3 new creative sets each week, with each set containing many different variations (text, ad template style, target audience). P.S. Carousel-style ad templates worked best on FB
23 How to do paid marketing? Facebook dashboard example
24 How to do paid marketing? Solid short-cuts - Use FBs Lookalike Audiences based on your best users (those who paid, retained awhile, etc.) - If you dont have users yet, you can do Lookalike Audiences from any partners with similar target users We made Lookalike Audiences from our users who paid, were retained > 3m, super-commenters, VIPs, streamers, etc.
25 How to do paid marketing? Solid short-cuts - Use the platforms suggestions and automated optimizations - Using a 3rd party SDK like Appsflyer helps you compare deeper data across multiple ad channels (and catch fraud if you pay for that extra tool)
26 How to do paid marketing? Influencer / KOL Campaigns - Be prepared for either a win or failure. There can be complete duds when running these creative campaigns. - Track the results they have already (cost/like, cost/share, cost/comment, estimated CPA) and your subsequent results - Negotiate price heavily with the KOL, especially with agencies - Target KOLs with audiences that fit your personas - Allow the KOL creative freedom: the end result will be better if they produce something their audience likes - Still try to get final veto on the result & some revision rights, as well securing how they will mention and drive traffic to your product - Taiwan KOLs have pretty high prices, so be sure to compare a few
27 "SUCCESS SEEMS TO BE CONNECTED WITH ACTION. SUCCESSFUL PEOPLE KEEP MOVING. THEY MAKE MISTAKES, BUT THEY DON'T QUIT. CONRAD HILTON Szu-han (Purple) Chen Linda Ho Shy Liu Ryan Wu Special thanks for help gathering insights:

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Smart Paid Marketing @ SOSV Growth Summit

  • 1. 1 "SUCCESS SEEMS TO BE CONNECTED WITH ACTION. SUCCESSFUL PEOPLE KEEP MOVING. THEY MAKE MISTAKES, BUT THEY DON'T QUIT. CONRAD HILTON Smart Paid Marketing #marketing #ads #data-driven www.ColinHodge.com
  • 2. 2 Colin Hodge Specializes in Organic Growth with a Global Mindset Board Member for a Silicon Valley social company with over $200M in annual revenue Served as Chief Growth Officer at M17 Entertainment, which includes the #1 livestreaming video company in Developed Asia, 17 Live, overseeing global expansion and helping to launch the biggest markets, as well as leading the marketing team at headquarters in Taiwan Served as CEO of 17 Live USA and launched the highly-rated PG video streaming app, LiveAF, in Los Angeles, California Grew revenue and users of new or acquired social apps as Head of Paktor Labs, including 20x growth for one app that is now a top-grossing social app in Taiwan As CEO & Founder, created and grew viral app DOWN to 6M+ users organically, exiting in successful acquisition Studied Computer Science (major) and Business Management (minor) at Cornell University (B.S. 2007) .com
  • 5. 5 Why do paid marketing? 1. To expand userbase when it makes sense financially, either: a.profitably or b.at a loss when its crucial for a profitable side of your market 2.To test ideas, copy, and channels with small budgets
  • 6. 6 But first... Lets review the SMILE framework for growing your startup!
  • 7. 7 METRIC IDEAS Choose your North Star METRIC and discuss what affects it Brainstorm IDEAS to improve the metric FRAMEWORK FOR GROWING YOUR STARTUP SUCCESS Define what SUCCESS looks like & what you need to improve to reach it! S I LAY OUT Select promising ideas and LAY OUT how to try them EXPERIMENT L E M EXPERIMENT with your best ideas, iterate, and repeat!
  • 8. 8 Lets look closer at IDEAS and EXPERIMENT
  • 9. 9 IDEAS Brainstorm IDEAS to improve the metric Tactics: 1. Psychology: get into the customers' mindset (e.g. Personas) 2. Examples: think how others, like competitors or similar biz in other regions, have attacked this problem 3. Think Big: If you want to increase this metric 10x and money nor time are an issue, what would you do? Rules: 1. There are no bad ideas - be supportive and positive! 2. Use "and" NOT "but" 3. Let people finish expressing themselves without interruptions 4. Record the session: notes, audio, etc.
  • 10. 10 Personas - Map out the type(s) of users youre trying to acquire, including demographics - Imagine yourself in their daily lives, moods, attitudes, and interests - Ideally, base these user types on your existing userbase, drawing from their behavior within your product - Create names and characters for these personas to make it easy to remember Jon, 27, works as a salesperson at a TW company earning $4,000/mo, loves basketball and the cheerleaders, too. He spends 2 h / day on Instagram, 1h on LINE, and checks FB 2.5x / day from his iPhone.
  • 11. 11 1. Category of user you want to acquire: e.g. super-engaged users who check-in daily 2.Think of your typical existing user segment like this Note: later on, do surveys to find out more about them, like we did with our VIPs and daily users 3.Demographics of user: e.g. Male, age 28, on 3rd job since university, parents are Taiwanese from Taichung, has steady partner but no kids, earns NT75k/mo 4.Write down the users psychology/day: e.g. Lives in Neihu, Taipei and works in Xinyi, commuting via MRT where he checks his phone every day for ~30min, including your app 5min 1x in the morning, 1x at night; Frustrated with his finances and boss; goes to the gym 2x/wk and values fitness; watches Netflix and funny youtube videos the most; rarely uses FB but is following lots of fitness KOLs on IG; 5.Name your persona! Worksheet: Personas
  • 12. 12 EXPERIMENT EXPERIMENT with your best ideas, iterate, and repeat! Run A/B tests with acceptable risk (e.g. if you don't want to risk revenue much, set your baseline variant at 80% and the new variant at 20%). Ensure results are statistically significant (95% confidence interval). Iterate on many different variations of tests, if possible, to ensure that you find the best way to communicate it to your customers. Look for sparks of potential growth - results where a key metric moves significantly - and then pour gasoline on by focusing experiments in that area. Repeat the LAY OUT & EXPERIMENT steps with promising ideas until you find a spark to focus on.
  • 13. 13 How to do paid marketing? Evaluate where to reach your customers - Research where your potential customers spend their time online (FB, Google, LINE, Youtube, Twitter, Reddit, etc.) - Consider Facebook & Google if: - You want more easily-measurable results - You want to ensure you get at least some results - You want to start with a pretty low budget
  • 14. 14 How to do paid marketing? Evaluate where to reach your customers - Consider an influencer/KOL campaign if: - Your product is something influencers could feature somewhat naturally in their content - You want to tie in a larger marketing campaign - Youre OK with less-attributable results and a win or fail outcome
  • 15. 15 How to do paid marketing? Starting with the mainstream channels - Avoid 3rd party agencies or app ad networks at first! (these require anti-fraud tools, like Appsflyer, to get good value) - e.g. Facebook, Google, whatever has wide adoption in your region - Facebook often has better results to start, and you can target by similar interests, demographics, and similar audiences better - Google allows you to target competitor keywords, searches, hidden long-tail gems - Youtube can lead to lower CPA for good content
  • 16. 16 Content is king Test out 50+ of photos, videos, and text copy with different audiences, leading to 100s of variations - Start with 5 pics, 5 texts, and 5 audiences - Add 3 more pics or videos per week - Key lesson: you dont know what performs best until you experiment! How to do paid marketing?
  • 17. 17 How to do paid marketing? Content is king - Official photos/videos or high quality materials arent always the best creatives for performance ads; lower quality creatives sometimes reduces CPR - Use your personas mindset to come up with creatives that will catch their eyes and clicks We tried many types of streamer photos, and we found that the best were NOT the most revealing photos - those that showed their curves without being too sexual had lower CPRs.
  • 18. 18 How to do paid marketing? Target actions, not clicks - For apps, test targeting: - registrations (CPR) - purchases (CPP) - key app action (e.g. watch stream or like a profile) - other valuable actions users can take - Many startups get burnt paying per [worthless] view (CPM), click (CPC), or install (CPI)
  • 19. 19 How to do paid marketing? Target actions, not clicks - Try optimizing against multiple action events within your product and see which one produces the best long- term LTV customers We tried testing our ads optimized against many user actions - view stream performed better vs. register and install, in terms of lowering acquisition costs.
  • 20. 20 How to do paid marketing? Target actions, not clicks Meh Better Best
  • 21. 21 How to do paid marketing? Review daily, adjust ~weekly - Check your ad performance daily to spot new trends (shift budgets to variations) and ensure nothing is broken - Look at each ads Click-through Rate (CTR), install %, other CPA you are targeting
  • 22. 22 How to do paid marketing? Review daily, adjust ~weekly - Refresh and add new creative ~weekly, also adjusting campaign bids, audiences, other settings - It can take 3-7 days to see reliable results even with a large budget, so dont adjust too frequently (their auto- optimization doesnt work well then) We would add 1-3 new creative sets each week, with each set containing many different variations (text, ad template style, target audience). P.S. Carousel-style ad templates worked best on FB
  • 23. 23 How to do paid marketing? Facebook dashboard example
  • 24. 24 How to do paid marketing? Solid short-cuts - Use FBs Lookalike Audiences based on your best users (those who paid, retained awhile, etc.) - If you dont have users yet, you can do Lookalike Audiences from any partners with similar target users We made Lookalike Audiences from our users who paid, were retained > 3m, super-commenters, VIPs, streamers, etc.
  • 25. 25 How to do paid marketing? Solid short-cuts - Use the platforms suggestions and automated optimizations - Using a 3rd party SDK like Appsflyer helps you compare deeper data across multiple ad channels (and catch fraud if you pay for that extra tool)
  • 26. 26 How to do paid marketing? Influencer / KOL Campaigns - Be prepared for either a win or failure. There can be complete duds when running these creative campaigns. - Track the results they have already (cost/like, cost/share, cost/comment, estimated CPA) and your subsequent results - Negotiate price heavily with the KOL, especially with agencies - Target KOLs with audiences that fit your personas - Allow the KOL creative freedom: the end result will be better if they produce something their audience likes - Still try to get final veto on the result & some revision rights, as well securing how they will mention and drive traffic to your product - Taiwan KOLs have pretty high prices, so be sure to compare a few
  • 27. 27 "SUCCESS SEEMS TO BE CONNECTED WITH ACTION. SUCCESSFUL PEOPLE KEEP MOVING. THEY MAKE MISTAKES, BUT THEY DON'T QUIT. CONRAD HILTON Szu-han (Purple) Chen Linda Ho Shy Liu Ryan Wu Special thanks for help gathering insights: