We caught up with Mr. Larry Kim, CEO of chatbot tools platform MobileMonkey, in a candid conversation around digital marketing, the future of social media, with his valuable insights for entrepreneurs and online marketers about what is the recipe for success in the digital world.
Set bold (and even somewhat delusional) goals for yourself. It’s an amazing thing to make a plan that actually works out.
I am motivated by the desire to create useful things that help others, like marketing software that helps people grow their businesses, as well as to create job opportunities for others.
Too many to list out. Off the top of my head, I think that:
I wish someone would make a more easy-to-use, free, open source way to get data from one marketing platform to another.
With the recent controversies surrounding Facebook’s massive data breach, do you think the credibility of social media platforms has suffered? What are the repercussions of this incident on businesses who make money off these platforms?
Yes. Time spent on Facebook is in decline in the USA. And user growth has stalled. As a result, ad prices have gone up a lot (due to reduced ad inventory).
They’ve also removed tons of Ad Targeting options, and Facebook Analytics has been scaled back.
There are no credible alternatives to Facebook and Google right now.
If your business is the kind where your customers already know exactly what they want but don’t know where to find it, spend more of your budget on Google Ads.
If your business sells to people with specific demographics, interests or behaviors, spend more of your budget on Facebook Ads.
I am a firm believer in Growth Hacking (or growth marketing, whatever you want to call it). Find the leverage in your situation, then exploit it like crazy.
Unfortunately, most marketers suffer from ‘donkey delusional syndrome’.
They think that everything they work on is fantastic and don’t fully understand the difference between donkeys (average campaigns) and unicorn campaigns (remarkable marketing campaigns), and thus are not effective at producing more of the remarkable stuff.
I am very happy about WordStream.
This little company that I started in a Panera Bread back in my 20’s grew from just one person (me) to over 300 people, with tens of thousands of customers, managing over a Billion dollars of ad spend.
It’s even more remarkable if you consider that all of the other search engine marketing software companies have gone bankrupt or sold for nothing or are near death.
I learned a lot, and it was an incredible adventure.
Also, because I spend the last ten years teaching people how to grow their businesses, it would have been embarrassing if the company didn’t have a successful outcome.
I am married and have two kids. One is 4; the other is 0. So most of the time not at work is related to kid-stuff. For example, take my older kid swimming on Saturdays, etc.
Be great at a specific thing but don’t rush it!