SMMA Terms You Will Need in 2024

Ladies and gents, you are in for a treat in this video because unlike other videos, where I show off my expensive watches, like my Rolex is my Richard Mille, my Patek Phillipes we're taking on tours of multi-million dollar houses that I'm seeing in today's video. We're going to go over the key eight SMMA terms that you need to know. We'll be talking about Roaz retainers retention in this fun packed video that should hopefully give you a bit of an understanding on the nitty gritty of running a digital marketing.

That's right. Folks, it's going to be a Meg episode, stick around for the fun here's the clicker. No one would blame you.

Seriously. I know this is going to be a bit of a nerdy and technical video, so I will try my best to be punctual. And to enlighten you on some key SMMA terms, as painlessly and efficiently as possible, and as a special reward for watching this video, I'm going to do another massive giveaway.

So just stay until the end. I'll announce the details and you can find out how to enter to win. So far.

First term, we have leads. It's like this. If you're a dog, this is a lead.

If you're the submissive in a relationship, this is the lead. And finally, if you're an SMMA a lead is a potential customer. Who's just not there yet.

So if you run a digital marketing agency who could be a potential client, well, then that's a lead. And if you provide a service called lead generation for your clients, then your job is to collect emails, phone numbers, names, and you're collecting all of that information to generate leads. And of course not all leads are created equal.

Whilst any name, number email could be classed as a lead as marketers. We're more interested in a specific type of lead and that's a warm lead. Now warm leads are people who already know a little bit about the business.

They may have already seen an advert follow you on Instagram may even be subscribed to a newsletter to determine what type of lead you have. You need to know what stage of the funnel that they are in, which brings me onto my next term. Funnels funnels are to digital marketing.

What's slicing is to bread. We talk about them all day long. Build them for clients, make astonishing claims as to how much money they actually bring in and how much money we charge for building them.

I've built pretty much every single kind of funnel you could imagine. But what is a funnel? If you've ever studied marketing a university, you've probably been presented with a funnel like this with segments, like awareness, consideration, and purchase in a neat structure.

While this is a very easy way of demonstrating what a funnel is. It's also total because for most digital marketing's funnels are incredibly complex systems involved. SMS reminders, opt-ins upsells down sells, cross sells retargeting and much, much more.

Even if you've never set up a funnel before I guarantee you've been caught in one, here's what they look like. You see an advert on Facebook that promises you a big bold claim. Like, you know, teaching you how to juggle.

For example, the advert is compelling and tells you that there is a reason why 99% of people can't juggle. But with one simple trick, one simple tactic, you too could learn how to juggle and impress your friends. So you click on the advert.

You enter your email only to find a man called Hans talk for 30 minutes about how he too was unable to juggle and this despair of growing up, being unable to juggle. And how would one simple trick would you actually get? If you buy his juggling set for $99, he was able to turn that all around only.

He doesn't actually tell you what his simple trick was. He only teases it. So that way you buy his juggling set.

So in anger, you click away only to look in your email and find that Han's emailed you. He's wondering why didn't you finish the video now you're still angry with him. So you ignore the email, but the next day he sends you another one with a sob story about his childhood and how no one really took notice of him.

No one really even knew he was there until he found out how to juggle. Now slowly Hans begins to dominate her life. He shows up before you watch YouTube videos, his sponsored posts appear in your Instagram feed.

And he even has a sponsored Snapchat filter in one lonely Thursday evening, you cave. Facebook serves you an ad offering you 50% off Hans juggling set. And really that was the straw that broke the camel's back.

You've been convinced by Han's and his life story. And finally, you relent input your credit card details and voila, seven days later, a box set of useless juggling balls arrives at your house. So in simple terms, a funnel is something that creates awareness, brings potential customers in indoctrinates them and looks to make them paying customers.

Now, who do you actually get to create a funnel? Well, that would be a contractor. Now contractors are one of the most important elements of a successful agency, or at least, especially at the beginning, take mine for example, IAG media.

Now these days, I'm not really involved with the day-to-day operations and I'm normally involved with the service delivery. Instead, I have a team of full-time employees. Now, bear in mind.

It wasn't always like this. For the first two years of my agency, I actually worked exclusively with contractors to help deliver the services. Some people call them media buyers in my agency.

We call them performance marketers and put simply they're the people behind the scenes who are responsible for running the ads or writing the copy, building the funnels, building any automation that needs to be put in place. A good contractor is worth their weight in gold because the better the contractor, the better the results and the better the results, the happier the client and the happier the client, the better the you guessed that retention rate. So before I tell you what retention means, I have to admit something and actually make an apology to you at GrowYourAgency.

My education company for agency owners, we make a big deal about three different tiers of clients. When someone sends a client between one to $3,000, we call them a fish. But if someone signs a climb between three to $8,000 a month, we call them a shark.

Now, if someone signs a client over $8,000 a month, we called them a whale and we get pretty excited about whale clients at green sea, but as great as a high paying client, is there something even better, a high staying client, basically a client who sticks around for a long time. And that's exactly where retention is. How long do you keep the client?

There are a few ways to increase this, but I've learned big lessons over the year. You know, in 2019, I just became test with whales. Like it was, it was weird.

I, I even have a tattoo here of whaleand that was great in all. I signed a lot, a lot of whale clients in 2019, but our retention was nowhere where it is these days. So really starting from the beginning of 2020, I've lowered my base retainers.

I've increased my performance fees and I've extended my minimum term to six month minimum. And that moves into rolling month by month. So really the apology I have to make here is, you know, if you go back to my 2018/19 videos and you know, I'm, and I'm screaming from the top of my lungs about how the Holy grail is signing whales, I apologize.

I was a more immature agency owner back then these days retention is my number one priority. But if you're looking to increase retention, the best way to do it is by getting killer results for your clients. Speaking of which I want to know a great way to get paid depending on how good a job you're doing.

Let's talk about Roaz for most marketers, ROAS is seen as this great mystery and the Holy grail of working with clients out of reach to the ordinary agency owner. But really it's not that complicated first let's look what it stands for. Return on ad spend.

In other words, how much money do you get back for how much you spend on advertising? When you have a ROAS deal with a client, they agree to pay you a percentage of what you managed to bring them back from advertising. So let's say you spend a thousand dollars and make them back $5,000 and you have a 10% return on ad spend deal.

Well, in that case, you would build them $500. It's a win-win for you and your client. You're incentivized to work harder.

And then they only pay you a fee based on what you bring them back. Now, this week, we actually just brought on a new killer ROAS e-commerce client, and they were actually referred to me from one of my other clients, which is a great example of inbound lead thought we were done with leads. Don't worry.

I don't have any more scandalous photos to show you, but this is actually a bonus round because we're going to be covering two types of lead inbound leads and outbound needs. Let's deal with the ladder everyone's least favorite kind, outbound leads. Now these are leads that you have to prospect and find, and then reach out to more often, not this involves cold calling or cold emailing.

When you're first getting started, it can be a little daunting, you know, not very fun. And sometimes he can lead to some not fun interactions, but how else are you going to find potential clients? If you don't go to them?

Well, they can come to you and I don't want to boast or anything, but I'm somewhat of a big deal in digital marketing base. And everyday I get hundreds of messages like this. And every once in a while, I'll get a message from someone who'd like to hire my agency to help run ads for their business.

Now, this is one of the few advantages to having a personal brand. It takes a long time, but it can provide you with some decent inbound leads. Other examples of inbound leads are people finding your website, SEO or referrals.

Now for my final convoluted segue referrals, more likely to happen. If you specialize in one industry or a niche. Now this is absolutely essential.

If you run a social media marketing agency, and if you don't know exactly what this means, don't worry about it. It's really just the industry or area you focus on. So for some people they work with real estate agents or restaurants, others work with yod brokers or doctors, but there's one industry that really everyone wants to work with.

So I want to take a moment to dispel one of the most aggressive and unfounded myths in the SMMA industry, that you can only be successful if you work in the e-commerce niche. So again, apology time, because I don't just work with info-product and e-commerce businesses. I talk about it a lot too.

So, yeah. Sorry about that. But let me use this as an opportunity to make it very clear that while e-commerce is a great niche to scale to six and even seven figures a year with your agency, there are countless examples of other agency owners who have done it in different niches right now.

I want you to search Iman Gadzhi and John Danes in YouTube. And what you'll actually find is a student interview. I did with him as a member of the green sea community.

He's actually a great example of someone who's managed to scale to seven figures a year, a year later on from when we actually did our first interview, where I think he was doing around 18 grand a month. And he's done that while working with real estate agents. Now, finally, at the beginning of the video, I promise you a treat for sticking around until the end.

So if you comment below with a term, you think that everyone should know and what it means. I'll go ahead and pick my favorite. One week after this video goes live, and the winner will not only receive a pair of gadget BluBlockers, we'll also send you a care package.

Season two of gadget, my bespoke clothing line, which is actually sold out on the website. Now, ladies and gentlemen, apart from that down below, there'll be a pin comment. This is the updated 2021 case study for people who want to start or take their existing agency, and very quickly ramp it up to $10,000 a month.

Even if you have no prior experience using some of the concepts I talked about in this video, such as contractor arbitrage, it's not super long, it's only around 40 minutes and you can actually watch on two X speed. So I don't bite your guys's ear off, but I'm able to say things that I'm not allowed to say on YouTube, not allowed to reveal on YouTube, and I'm allowed to have a little bit more time in order to do it. So go ahead and check out that video little heads up at the end of that video, I sell absolutely nothing.

So that's my promise to you and you don't even need to opt in or put in your email or anything like that. Literally just click the link, watch the video. There's no sell at the end, nothing like that.

It's just the latest and in SMMA information. So I hope you guys all enjoy this video and I'll catch you in the next one. If you enjoyed that video, I went ahead and picked out another special video that I know you're going to find immensely valuable.

You can find it right there. I know you're going to love it and I'll see you in the next one.