Charles Tichenor, founder of Disrupter School and a partner at Underoutfit Inc, a DTC brand specializing in undergarments, is a strong advocate for embracing change and evolving strategies in response to ever-changing technology and marketplace dynamics. With a deep understanding of the intricacies of Facebook advertising, he has achieved remarkable success in helping businesses navigate the ever-evolving digital landscape.
In this episode, Charles uncovers valuable insights, debunks misconceptions, and provides you with actionable strategies for success in Facebook advertising.
- Debunking common mistakes in digital marketing, specifically in Facebook advertising
- Shifting focus from short-term gains to long-term cashflow sustainability
- Embracing change and evolving strategies in response to technology and marketplace dynamics
- Recognizing the limitations of advertising strategies and evaluating campaign effectiveness
- Rethinking ad testing and metrics for a more thoughtful and data-driven approach
- Insights on effective Facebook advertising strategies, including budget consolidation and user-centric approach
Links & Mentions
Connect with Charles
- Connect with Charles Tichenor on LinkedIn, Twitter, Instagram, TikTok or Facebook Group
- Subscribe: YouTube, iTunes, Spotify
- Check out Disrupter School
Connect with Ben
(01:38) - Debunking Common Mistakes in Digital Marketing esp. Facebook Advertising
Charles shares his top 10 common pitfalls and misconceptions in digital marketing, particularly in the context of Facebook advertising, and emphasizes the importance of adapting strategies to the specific platform, understanding targeting mechanisms, using reliable metrics, and considering the complexity of the customer journey.
- Incorrect A-B Testing Approach
- Misunderstanding Targeting
- Overcontrolling Ad Spend
- Relying on Inaccurate Metrics like ROAS
- Misconception about the Customer Journey
- Believing in the Traditional Funnel Model
- Ignoring the Ineffectiveness of Cost Caps
- Placing Trust in Faulty Attribution Models
- Neglecting Holistic Advertising Channels
- Lack of Adaptability and Open-Mindedness
"The reason your business will fail has nothing to do with Facebook." - Charles Tichenor, Disrupter School
(10:18) - Objective Truths and Future Cashflow
Charles suggests that instead of solely focusing on ROAS, businesses should prioritize strategies that establish sustained cashflow over time. By shifting the focus from short-term gains to long-term sustainability, businesses can drive a more robust and successful creative testing.
"You can either live in a cave and hope not to die i.e. focus on ROAS and profit margin, or you can build an empire i.e. a business that actually has merit and value in their business model by focusing on future cash flow or profit." - Charles Tichenor, Disrupter School
(14:07) - Embracing Change and Evolving Strategies
Charles highlights the importance of adapting to changes, embracing new features, focusing on business operations and finances, and recognizing the impact of technology and marketplace dynamics on advertising strategies. He also points out the pitfalls of resistance to change and the potential consequences for businesses that refuse to evolve.
"If the technology changes, if the marketplace changes, and if the unit economics, the rules of the game change, and you still play by the old playbook, it's only your fault when you fail, and failure's almost a guarantee." - Charles Tichenor, Disrupter School
(19:10) - The Limitations of Advertising Strategies
Even well-planned and seemingly engaging advertising approaches may not always yield the desired results. Understanding the audience's preferences and behavior, and establishing brand awareness and reputation plays a significant role for successful advertising campaigns.
Charles emphasizes the need for marketers to carefully consider their advertising strategies and regularly evaluate the effectiveness of their campaigns.
"We spent the moon on Facebook's Canvas Ads, and everybody was stoked until we looked at the cross-referencing of the numbers and realized that we were in the eight figures on the investment. I mean, there's some argument to be made that maybe there were other things that helped with brand awareness and all this other stuff that we couldn't really factor out. And I wasn't nearly the marketer I am now in terms of understanding contribution, omnichannel, lift, and all of that stuff." - Charles Tichenor, Disrupter School
(21:00) - Rethinking Ad Testing and Metrics
Charles criticizes the conventional approaches to ad testing, highlights the importance of understanding the holistic impact of ads on the business, and calls for more thoughtful and data-driven testing methodologies.
"In an environment where you're optimizing for conversions and these ads are now competing with your control environment, do you know the impact that those ads have on your omni-channel marketing mix? No, there's no way in that environment you could say, well, this ad that spent 70 bucks made my Google 3x more efficient and improved my email open rate. You have no idea." - Charles Tichenor, Disrupter School
(34:35) - Insights on Effective Facebook Advertising Strategies
Charles emphasizes the need to consolidate budgets and focus on a single campaign that optimizes the best offer for the business. Understanding the dynamics of the platform and creating ads that earn spend and provide a positive user experience are crucial.
"The reason the ad isn't earning spend is because Facebook doesn't want to show it to people. And if your best practice is to disrespect your business partners, odds are it's going to be hard for you to be successful in business." - Charles Tichenor, Disrupter School
(42:39) - Attention is the Currency of Advertising Success
According to Charles, attention is the key to successful advertising. Businesses should focus on earning attention through desirable content, align with advertising platforms to achieve better results, and leverage the power of data-driven algorithms.
"The ultimate goal is for the Facebook engineering team to become part of your marketing department." - Charles Tichenor, Disrupter School
(51:03) - Big Ask?
Charles urges people to question and understand the reasons behind the information they receive. He emphasizes the importance of challenging things that don't make sense and not accepting them blindly.
"I would love for folks to go to the people that they are learning from, go to the people that they will work with and ask why. Get the why for everything as deep as possible. And if it doesn't make sense to you, to challenge it aggressively." - Charles Tichenor, Disrupter School