With the emergence of social media, advertisers everywhere had to pivot at the speed of light to stay relevant. Now we have ads populating our sidebars, our news and our videos, but are all of them relevant to us? Are these ads working?
The answer is a disappointing “not really.” Since ads became the norm, our minds quickly learned how to ignore them. So what does this mean? Companies need to pivot again—now that everyone has ads everywhere and the target audience is ignoring them, what do you do to stay ahead of the game?
Austin Evarts founded GoChime to answer this question. I spoke to the entrepreneur about his company and his eternal optimism, even when facing failure.
What is GoChime?
GoChime is a social media ad-targeting platform based on buyer intent. We sift through publicly available posts, comments and status updates on social media and extract buyer intent for products and services. We then allow brands to run advertisements based on this intent. On Facebook specifically, GoChime outperforms their targeting by three to seven times, greatly lowering the cost per customer and increasing the overall effectiveness of social media advertising campaigns.
What motivated you to start GoChime?
We saw that people were expressing needs for things on social media (just as they would on Google) that were going on answered. We wanted to answer them.
How is business?
Great! Like most startups we've had our ups and downs but we've had the honor of working with some of the brightest people in our industry. Our momentum is good.
What has your biggest failure been with GoChime?
We've had a lot of failures. I think our biggest failure is not failing more and faster, in order to find a product market fit that was truly scalable and repeatable.
What has your biggest success been?
Well we think that we've found a product market fit that is truly scalable and repeatable. If we are right, that will be our biggest success.
What advice would you give entrepreneurs just starting out?
I'd advise them to find traction around their product or idea as soon as possible. If you get real people using or buying your product, even if it's just vaporware on the backend, then you have something really interesting.
This is different for each company. For us, it meant searching for expressions of intent and manually responding to them through our social media accounts with relevant offers. It was extremely time consuming but people started paying us to do that, then we built a product around it.
Posted By Team www.MeetAdvisors.com