I Spent $3 Million on this Marketing Tactic – Here’s What I’ve Learned
I spent over three million dollars on this one tactic that I’m going to talk about and it’s by far the best thing that’s driven me result in the last 12 months. The funny part is, I haven’t even recouped my money yet but I’m pretty confident that it is one of my best investments that I ever made. And today, I’m going to tell you the best lesson that I learned from this experience. I spent three million dollars on this marketing tactic and here’s what I learned.
RESOURCES & LINKS:
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Ubersuggest – https://neilpatel.com/ubersuggest/
Code Canyon – https://codecanyon.net/
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So you’re probably wondering at this point, what’s this tactic? This tactic was building a tool called Ubersuggest.
Ubersuggest is the most popular area on NeilPatel.com and it’s the best investment that I’ve made and, funny enough, as I’m recording this video, I’ve been doing this for almost three years but it’s the last 12 months that have really doubled down and spent the majority of the money.
So lesson number one. Capitalize on existing market demand.
I didn’t come up with the idea of creating Ubersuggest. I bought it, it was already out there, and if you don’t have the money to buy a tool, you don’t have to either. You can just go to Code Canyon and get some code for $10 and you literally can find a tool on almost everything.
Won’t be as good as Ubersuggest, but still, it’s a great start. What’s easier is you find a big, wide-open TAM, TAM is known as the Total Adjustable Market, a big market, and you want to go after there and create a tool or find a tool that already exists and buy it for 5, 10, $20 and add it to your website.
That’s the biggest thing because if you create the best tool in a small TAM, you’re not going to get that much love.
Lesson number two, give something away for free can really help you get market share and traffic.
Look, all the tools do what Ubersuggest does and many of them are paid and they may even do some things better than Ubersuggest but offering a combination of features for free that other people pay for, I’ve grown Ubersuggest to roughly 3 million visitors a month over 15 million page views, and roughly 740,000 unique, monthly visitors.
And if you look at a lot of the competitors from the SEO space, I’m getting a ton of traffic compared to them. Why? Because I have something for free. Something for free does really well even if you’re not as good as your competition, people would rather have free overpaid.
The third lesson I learned is it’s expensive to build something amazing.
Look, if you want to build something amazing like I did at Ubersuggest, it’s really expensive. Just the server cost alone is over a million dollars a year, that’s a lot of money. I wouldn’t recommend doing what I did with Ubersuggest. I would do it on a much smaller scale and release more tools within your segment and you can end up making up the traffic without having to spend as much money as I did.
That was one of the biggest mistakes and that’s why I recommended Code Canyon to you. I don’t have an affiliation to Code Canyon, heck, I don’t even know who owns them.
All I know is you can find tools for pennies on the dollar and once you start getting traction and you start monetizing by getting leads or sales indirectly, then, by all means, you can start paying more money for developers or designers.
But start off small and get traction before you go all in. That’s a big mistake that I made.
The fourth lesson I had is you need to focus on what’s working. Look, with Ubersuggest, I have a ton of features. But you’ll find that over time, I’ve still kept the app usable.
So keep deleting and removing things that others aren’t using. If you want good growth, you need to obsess about the user, focus on them, they’re all that matters.
The next lesson that I ended up learning, focus on usability.
Look, people don’t just want features, they don’t want just something for free, they want something that’s usable and easy to understand.
If something’s dead simple to use, you’re going to do well. And to go along with it, I love this quote from Leonardo di Vinci, simplicity is the ultimate sophistication.
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