Those were among the key pieces of advice offered by Anthony Quigley, CEO and co-founder of the Digital Marketing Institute (@DMIgroup).
He was speaking at September’s Entrepreneurs Anonymous, a monthly meet up for actual and aspiring business start ups in Dublin, Ireland.
Forward-looking and innovative, the DMI is a pioneer in the field of education in digital marketing.
It was the first to offer an accredited diploma in the discipline in Ireland, and now provides education up to Masters level. Quigley’s (@AnthonyQuigley) company is now planning to release a syllabus it hopes will set the worldwide standard in the field.
Go After The Money
Addressing business first, Quigley told the entrepreneurs: “Go after the money and forget this idea that ‘we’ll be the new Facebook’.” Newly minted business people can sometimes be reticent about charging, he said. “If you have something, sell it … whatever you have, it’s worth something to somebody.”
Get Your Product Out
Echoing a point made at November 2011 EA meet up by Gary Leyden of the NDRC, Quigely said, “Get it out there. It doesn’t have to be 100% … Just go live and start generating some money.”
Care should be taken with the product and customer perceptions, Quigley said, but absolute perfection is never reached by anyone. And improvements and changes can be made based on customer feedback.
Repeating advice given by Liam McNamara at the August 2012 EA meet up, Quigley said, “Invoice often and regularly and lots.” Entrepreneurs need to take care of mundane business chores like collecting and minding cash, he said.
Punch Above Your Weight
Although the DMI started as a training organization, it is now putting its stamp on the emerging field of digital-marketing education by developing and releasing — for free — a curriculum and syllabus it hopes will become a de-facto standard. There are none at present, and DMI will fill that void later this year.
This is done by a small company in a small country, Quigley noted. “Who the hell are we to do that?” he asked. On the other hand, “Who the hell is anybody else to do it?”
For faster results, he strongly suggested Google advertising. The DMI uses it extensively and continuously monitors results. Quigley also advised that entrepreneurs know their margins exactly so they don’t accidentally spend more acquiring business than it is worth.
He was asked if businesses should chose vaguer keywords in pay-per-click ads to get more traffic. Quigley advised against it. In addition to getting stray traffic, the ads are likely to be demoted by Google, he said. That company wants to provide an accurate service to advertisers and potential customers. In so doing, it rewards those who are most specific by higher rankings. The cost per click is also likely to drop, he said.
Citing the example of Colm Griffin’s eco-goods website Purchase.ie, “The question is, do you want to be found for [search terms] handbags or eco-friendly handbags?” Quigley said.
The landing page should be specific to the search term and should avoid frustrating the customer, he said. People searching for a specific model of camera should land on a page about the camera and not the camera store’s home page, Quigley said.
Email gets “a big bang for you buck,” he said. But again, the message needs to be honed and results measured.
Once customers have been found, the next challenge is to get repeat business off them, Quigley said.
Images of Anthony Quigley shamelessly ripped off from his website, http://digitalmarketinginstitute.ie/