First, start your paid marketing in places where your potential customers are giving off signals that they are in-market for your product or service e.g. Google.
PRO: This will likely deliver you strong ROI as you’re reaching those who are ready to buy.
CON: All your competitors are in these places too, so you’re always competing against other brands. Customers you find here tend to be more price-sensitive so they’ll shop around, and also tend to be less loyal in the long term.
Second, focus on places where you can target precisely based on online behaviour and interests of your potential customers e.g. Facebook.
PRO: Enables you to target precisely and often deliver strong ROI.
CON: Often crowded spaces that make it tough to stand out.
Third, identify places for paid marketing where potential customers are spending time online but where your competitors aren’t e.g. Podcasts
PRO: Reach potential customers before they’re in-market, in a place with little competitor competition, enabling you to influence their purchase decisions early.
CON: Often direct trackable ROI is limited as you’re focusing on people that are not yet in-market.