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S1E19 #SMBAdvertising: How To Spend Your Ad Budget Wisely w/Thomas Moen

Today we are fortunate to be talking with Thomas Moen from Moen & Co. For the last 20 years he has been working within marketing. He has been working with brands like Tine, Orkla, Disney, Nike and Telia. Today, he is helping small and medium sized ecommerce stores to grow via his agency, Moen & Co. He also has two podcasts running; Success with Advertising and The ecommerce podcast.

Thomas is one of the very first people who started with Facebook advertising in Norway. He started in 2007 with Facebook advertising and ever since, facebook marketing has developed quite a lot, from simple, small banners to complex ads with specified reach, demographic choices and tracking and measuring opportunities.

How should a small business allocate their hard-earned ad budget? What channels should they invest in?

A disadvantage using marketing platforms like local newspapers, radio etc. is that there is no possibility to measure it. You cannot guarantee that the audience will give interest to the product. Nevertheless, facebook marketing is a much better alternative because it is measurable. It is a superpower that it is possible to actually see what is working or not. Start small, and do not overthink. You can start with as little as 10 euros and see results.

Furthermore, you should only put more into it when you see the results. Be patient, because you cannot expect it to blow up overnight. It is a long term game where it is smart to hold back, and then gradually scale the budget towards what works best. Let the money follow the results.

Should a small business prioritize multiple channels, and not put all eggs in one basket?

Start with facebook as a platform. Facebook marketing is easy to measure and see results with. For most businesses, Google ads are also smart to start with. Those are the two minimum platforms Thomas Moen would recommend. Then, widen your horizon from there. Pinterest, for instance, is an undervalued platform at the moment. Tiktok and Snapchat are also interesting to try furthermore. Importantly, master facebook first, then from there you can broaden your horizon when you have already seen results. Nevertheless, you may be vulnerable with only focusing on facebook ads. Therefore, spreading the eggs is also smart.

Do you have any tips for SMBs regarding tracking their performance?

If you have a tracking issue, never start spending more money before the issue is solved. It is like driving on a dark road. Run campaigns with specific goals for your business and have clear expectations. For example, if you run a hairdresser business, track booking interactions, or if you have an ecommerce store, you should track ad to cart purchases. Do not spend more money before you trust the tracking numbers accuracy. Numbers from facebook, google analytics or other platforms should not variate more than 5% from each other. That way, you can assure the number to be more valid.

Do you have any general strategic tips or advice that SMBs can implement today to improve their digital marketing results?

Often, the message of the ad and the website do not match. It is important that it is clear what the audience should do when they hit your page after clicking into your ad. You know what the audience should do, and you need to track if the audience is doing that too. Therefore, it is important to measure what the audience actually is doing. Through your webpage you should also communicate clearly what you offer. Images, text and videos should match. The website should also be optimized, so that it is easy to use for your customer who knows nothing about your business. Therefore, showing a stranger your website and asking them what they think the website is about, is smart. Even ask your grandmother what they think your website is all about.

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