How to Promote Your Podcast Through Paid Ads

Growing a podcast is a challenge.

There are 1.75 million podcasts in the world and more than 43 million episodes.

There’s a lot of competition, but podcast consumption has also increased exponentially.

Thirty-seven percent of US adults have listened to podcasts, a three-fold increase compared to the last ten years. Podcast listeners also tune in to an average of seven different shows per week, and 80 percent listen to the entire or most of each episode.

The podcast industry has a bright future. Both the number of podcasts and podcast listeners have spiked.

One of the most effective ways to promote your podcast audience is using paid ads.

Here’s how to do it.

Why Should You Create a Paid Ad to Promote Your Podcast?

Paid ads provide a fast and effective way to promote podcasts and increase brand awareness. Unlike content marketing, which takes a ton of time, paid ads can quickly grow your audience in a matter of weeks.

Here are a few other benefits of paid ads:

  • Widen reach: Not getting enough listeners? Paid ads are an effective tool to boost your audience. Ad targeting makes it easier to get your podcast in front of your target audience.
  • Set your podcast apart: What topics do you discuss on your podcast? Why should people tune into your episodes? A PPC ad can highlight what sets your podcast apart from its competition.
  • Cost-effective advertising: PPC is a cost-effective way to promote your podcast because you pay based on clicks, impressions, or conversions. Most social media platforms also provide metrics on your advertising results, so you get your money’s worth.

Types of Paid Ads to Promote Your Podcast

A wide range of platforms offer paid ads you can use to promote your podcast, such as Facebook, Google, Instagram, Snapchat, TikTok, and Discord. Below, we’ll cover why you should consider each platform and the types of ads they offer.

Google Ads

Google ads appear when users search for your business or use business-related keywords in their Google search. This lets you reach one of the widest audiences of any platform.

Types of Google ads include:

  • text
  • responsive
  • image
  • app promotion ads
  • video
  • product shopping ads
  • showcase shopping ads
  • call-only ads

Facebook Ads

Facebook ads let you promote your social media page, posts on your social media page, or your podcast website. You can target users based on their demographic, geographic location, or profile information. Facebook ads are also an ideal way to build a community around your podcast, helping it grow.

Types of Facebook ads include:

  • image
  • video
  • carousel
  • instant experience
  • collection

Instagram Ads

Instagram ads are ideal for those who want to promote podcasts through high-quality photos and gorgeous visuals. You can also share short clips, highlight behind-the-scenes images, or share links to podcasts. With more than a billion monthly active users, Instagram reaches a massive audience.

Types of Instagram ads include:

  • images
  • videos
  • carousel
  • stories

Snapchat Ads

Snapchat ads leverage unique advertising features such as augmented reality, face swap, and engaging filters to boost brand awareness and promote podcasts. These ads can also reach a younger audience, with the average Snapchat user being between 15 and 25 years of age.

Types of Snapchat ads include:

  • single image or video ads
  • filters
  • lenses
  • story ads
  • product catalog ads
  • commercials

TikTok Ads

TikTok ads require users to set up an ad campaign to reach their target audience within 24 hours. The platform is newer, which means ads can be more affordable than more established platforms like Google and Facebook.

TikTok ad types include:

  • in-feed ads
  • branded hashtags
  • top view ads
  • branded effects
  • brand takeover

Discord

Discord Servers or chat rooms are filled with like-minded people who want to communicate on a game, topic, or any point of interest. If you have a Discord server dedicated to podcast listeners, head to Advertise Your Server (AYS). You can promote your server and attract dedicated listeners.

LinkedIn Ads

LinkedIn ads are ideal for podcasters who want to target a professional audience, such as business owners or working professionals. While it might not be the right platform for all podcasts, LinkedIn still boasts more than 37 million members and has high engagement rates.

Types of LinkedIn ads include the following:

  • single image ad
  • carousel image ad
  • video ad
  • text ad
  • dynamic ad
  • sponsored messaging

How to Decide Which Paid Ad Campaigns Are Right for Your Podcast

Since several platforms offer paid ads, which is best to promote podcasts? There is no one right answer; you’ll need to consider your niche, audience, budget, and ad types each platform offers.

We discuss all these factors in-depth below.

1. Niche

Your podcasts’ niche or industry plays a big role in deciding which platform to choose.

Are you selling software for the B2B industry? PPC campaigns on LinkedIn will be key to attracting like-minded podcast listeners. Are you a beauty or lifestyle brand? Instagram ads with gorgeous models and pretty products will likely drive the best results.

Check out my social media marketing guide to find the ideal platform based on your industry.

2. Audience

Most paid ad platforms have distinct ad targeting capabilities. Before you start creating ads, make sure you know who you want to reach.

What are their likes and dislikes? Where are they located? What is their gender?

The more information you have, the easier it will be to create targeted ads your audience is likely to respond to.

If your podcast wants to pique the interest of Gen Zers, think about launching TikTok ads. A food-themed podcast could also use gorgeous food-themed pics on their Instagram paid ads.

The Pew Research Center has a social media fact sheet where you can determine the preferred platform based on demographic data.

promote podcast - pew statistics

3. Cost

Every platform has a distinct bidding process. Advertisers are charged based on their goals or objectives such as clicks, impressions, or conversions. The average cost will also differ depending on your niche or industry.

To maximize your revenue, consider the cost of the ads and its results. You can also run a survey of your listeners to determine the platforms where your audience is most active.

4. Ad Types

Different ad types will yield different results and perceptions of your podcast.

Some ad types will resonate with your audience better. You’ll need to experiment with different ad formats to find out which works best for your target audience.

For instance, advertisers who want to launch a unique branded campaign using filters or lenses could focus on Snapchat. Those who find carousel ads effective may leverage Facebook or Instagram.

Take the time to research your audience and test a few platforms. If one type of ad converts at a higher rate, you’ll want to stick to platforms that offer that ad type.

Tracking and Measuring the Success of Your Podcast Promotion Campaign

Besides your iTunes ranking, there are several other ways to track the effectiveness of your paid podcast campaign. Here are a few metrics and KPIs to gauge the success of your paid ads campaign.

  • Direct and referral traffic: Refers to the spike in traffic due to paid ad campaigns posted on social media websites or search engines.
  • Downloads per episode: The number of times your podcast episode is downloaded on a computer, mobile device, or tablet.
  • Exclusive offer code: Consists of a coupon code which is read on-air by the host to track conversions linked to the ad campaign.
  • Cost per thousand (CPM): Refers to the amount the advertisers pay for a thousand impressions on the paid ad.
  • Cost per acquisition (CPA): The amount spent to acquire a new podcast listener or customer as a result of the paid ad campaign.
  • Bounce rate: The rate at which people leave the website without continuing to browse to other pages. Most PPC ads lead potential listeners to the podcast’s website or a landing page. If you experience a high bounce rate, consider customizing your landing page to improve results.
  • Time on site: This refers to the average time that interested listeners spend on their visit. The time spent on your site can determine whether podcast listeners are engaged with your episodes.
  • Conversion rate: The average number of visitors who converted into podcast listeners.
  • Return on Ad Spend (ROAS): The profit earned after spending a specific amount on launching paid ad campaigns.
  • Customer Lifetime Value (CLV): Refers to the amount spent throughout your relationship with your customer.
  • Budget attainment: Amount spent on PPC ad campaigns monthly

Tips for Creating Paid Ads to Promote Your Podcast

At this point, you’re probably looking to create your podcast ad. As someone who has launched many PPC campaigns, here are tips to promote podcasts through paid ads.

1. Choose the Right Advertising Image

Podcasts may be audio, but people are attracted to PPC ads because of images. Use an attention-grabbing image that matches the theme and subject of your podcast.

The Tim Ferris show has a video ad with a compelling illustration of the podcast host. Clicking the play button plays a persuasive quote that encourages listeners to check out the entire episode.

promote podcast - example of tim ferriss

2. Target the Right Audience

Test PPC ads to narrow down your target audience.

When you know your audience, you can leverage ad targeting capabilities to lower your costs and improve conversions.

Let’s say you have an upcoming episode about cooking from a popular local celebrity. You can narrow your audience based on location and a particular theme of the episode.

Likewise, you can also promote podcasts by modifying targeting options based on an episode’s content. A/B testing can help identify the ideal ad sets and demographics of your target audience.

3. Test Your Ads

To increase CTR and decrease ad spend, test ads with different images or copy. Like Tim Ferris’ ad in the previous section, most podcast ads consist of an audiogram or a short clip with subtitles.

I recommend testing various audiograms to find out which works best in generating clicks or conversions. You can also lead users to the website or landing page where they can listen or download the particular podcast episode featured in the ad.

4. Monitor Your Podcast Ad Results

Most advertising platforms provide analytics to track the results of your campaigns. Facebook campaigns can be tracked with Facebook Analytics while Instagram ads can be tracked with Instagram analytics, and so forth.

For every social media platform you use, check the data consistently. Use this information to improve the paid ad campaigns in that channel.

Examples of Paid Ads for Podcast Promotions

Not sure how to promote podcasts with paid ads? We’ve compiled a list of compelling examples to inspire your own.

1. iHeartRadio

iHeartRadio’s paid ad aimed to promote their Ron Burgundy podcast. It includes a short audiogram which provides listeners a sneak peek of their discussion on how the brain works. Curious listeners may be compelled to click the ad to listen to the entire episode.

Promote Podcast - iHeartRadio Example

2. Goldman Sachs

Podcast ads usually have an audiogram, but it doesn’t mean your ads should stick to the norm.

The Exchanges at Goldman Sachs podcast features a behind-the-scenes video of the hosts speaking on-air. The subtitles let viewers understand the topic of conversation even when the video is on mute.

Promote Podcast - Goldman Sachs Example

3. Pfizer

The Antigen podcast by Pfizer explores the political, scientific, and cultural elements of vaccination.

Their paid ad begins with the compelling question, “Do you like podcasts or science?” If the answer is yes, you can check out their podcast about COVID-19, potential treatments, and past pandemics.

Promote Podcast - Pfizer Example

4. March of Dimes

March of Dimes podcast shares stories on pregnancy, parenthood, and loss.

Their paid ad campaign shared a snippet of a father’s inspiring story with his little girl born prematurely. The caption and the featured snippet will draw new parents’ who can relate to the content.

They also have an image of a mother cradling a baby, which can attract the attention of parents.

Promote Podcast - March of Dimes Example

Conclusion

Paid ad campaigns can help boost awareness for your podcast and attract new listeners.

To maximize your results, use a compelling image, target the right audience, test paid ads, and make sure to monitor results. Tracking and measuring the success of your podcast promotion campaign will also help you monitor your results.

As you get more data, you can determine the most effective ad type and ideal targeting techniques for cost-effective spending. Here’s to hoping these tips will help you to promote your podcast and grow your audience.

How will you promote podcasts?

Six Steps to Launching Your New Content-Based Project

The new year is upon us and it is safe to assume that most of us were looking forward to it. Are you read for making your resolutions happen? If you are one of many …

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New comment by alex_rawa in "Ask HN: Who is hiring? (March 2021)"

Rawa TV | Remote (EU timezone overlap needed) | Full-time | Full stack developer, React Native developer

Rawa TV (https://rawa.tv) is a live streaming platform targeted for gamers across the Arab region. We are building the largest arab gaming community that will help gamers directly engage with each other and monetize their passion through our platform. We are backed by strong investors, close to 6 figures of users, growing at a rate of 400 new sign ups per day, and for our next phase of growth we are looking to increase our team with dedicated and talented people.

Work is 100% remote but not async, therefore some EU timezone overlap is needed. In the direct chain of command, everyone but the CEO comes with a strong tech background, so management does understand you. Being a startup, there is also no clear chain of command, but rather a mist.

# Full stack developer

As a professional full stack developer, you will take both frontend and backend tasks, but the ratio strongly favors backend. At the moment the code is v1.0, so not pretty, but a rewrite using proper microservices boundaries and clean architecture is on the horizon.

## Requirements

– Typescript (though good JS knowledge is enough)
– Comfortable with relational databases (PostgreSQL & MySQL)
– General AWS practice, more specific ECS, Lambdas, RDS Aurora
– ReactJs

# React Native developer

At the moment our frontend is split into 3 independent projects, with independent developers: web, Android & iOS. We would like to unite all under one roof, and think React Native is up to the task. As a professional React Native developer, you will be tasked with taking the current project and rewriting it, with a focus on Android and iOS. A separate colleague will focus on web and backends integration, and it’s expected that you will work together closely.

## Requirements

– React Native – Typescript
– Expo – Typescript
– Ability to copy-paste from StackOverflow when dealing with Android/iOS specific issues (some native knowledge heavily preferred)

If you think you fit the job description, please send your CV and any other documentation of your choice to apply@rawa.tv

Sirum (YC W15) join a fast-growing, mission-driven healthcare team

SIRUM is making medications affordable for all. We’re a small (~25) but quickly growing team that’s passionate about our mission of reimagining healthcare access for those in need. We like to work hard, solve tough problems, and are determined to improve healthcare access for families who have trouble affording the medications they need to stay … Continue reading Sirum (YC W15) join a fast-growing, mission-driven healthcare team

New comment by 59243 in "Ask HN: Who is hiring? (March 2021)"

Expensify | Software Engineer – React/JS/PHP/ReactNative/Java/C++ | Remote | Full-time|
https://we.are.expensify.com/#workwithus

Join our passionate team of top-notch engineers to solve a real-world problem, and help people spend less time managing expenses and more time pursuing their real goals. As we revolutionize the way people manage their expenses, being part of the Expensify team means building the easiest, fastest, and most efficient platform to automate everything expense-related.

For the best possible fit, we are looking for someone who:

Has experience writing real-world software to solve real-world problems. –
Communicates well, both interpersonally and in their code. Is a natural problem solver, knows how to solve problems by automating their solutions.
Understands the role and impact that programming can have on the organization as a whole.
Wants to develop and grow their skills in programming and leadership within the organization.

We are looking for people who have a strong understanding of algorithms and design patterns that can apply those concepts into a production level codebase. Knowledge and experience with Javascript, React, React Native, PHP, C++, Java, iOS or Android is a plus.

Please visit https://we.are.expensify.com, and we can’t wait to meet you soon!

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Maximizing Your Business Credit Card Account

Maximizing Your Business Credit Card Account

Every person has actually currently created a routine of availing the credit report. Bank card have actually appropriately been sufficient the demands of people. With the expanding company credit scores are likewise needed for service and also the workers related to them.

A Business credit report card is additionally the one of the advertising method regarding the service. A company credit score card can additionally be easy and also generate to represent the sophisticated standing of a service. Expertly created service debt card assists in making the most of returns from lugging an ideal service credit rating card.

Apart from the photo representation a service credit scores card likewise solves numerous sensible service requirements. Company credit report card therefore ultimately comes in helpful for reliable money monitoring, managing company expenses and also decreasing financial institution fees.

Some organization credit report card service providers provide price cuts on a service credit history card provided to the business. The company proprietor can choose the employees that would certainly be released a service debt card. The staff member can resolve repayments either by check or straight debit each month for any kind of service credit report card released in his name.

These advantages on a company credit report card are practical settlement approaches, from 25 to 55 days interest-free credit scores on goods deals, optional card enrollment plan as well as cardholder defense strategy, 24 hr 365 day cardholder helpline, cash money breakthroughs at all financial institutions releasing financial institutions logo design, accessibility to an array of various other advantages, consisting of discount rates on automobile leasing and also resort holiday accommodation, and so on

. Organization credit score card released by any type of financial institution is typically set apart in 3 groups of little, tool as well as big companies.

Tool calling card is released for very easy expense monitoring approximately 10 in number. It aids in maintaining control on worker expense also provide totally free responsibility to a worker to make a repayment in behalf of the business.

Service credit report released to big business normally can be found in convenient for expenditures, purchase and also traveling administration services. The providing financial institution or seller for a company charge card offers VAT bookkeeping and also comprehensive administration details. Given that these cards are provided on over +10 amount it offers complete accountancy assistance.

Properly created organization credit rating card aids in optimizing returns from lugging an ideal company credit history card.

Service credit history card hence at some point comes in convenient for efficient money administration, managing company expenses and also decreasing financial institution costs.

Some company debt card service providers provide price cuts on an organization credit score card provided to the business. The service proprietor can choose the employees that would certainly be released a service credit report card. Organization credit report card released by any type of financial institution is normally set apart in 3 groups of little, tool as well as big services.

How Much Do Facebook Ads Cost?

983079_HowMuchDoFacebookAdsCost_030321

Last year, Facebook made over $84 billion in revenue. Where do you think the majority of that revenue is coming from? If you guessed Facebook ads, you’d be correct.

Facebook advertising offers endless opportunities to interact with your target audience on a conversational platform. With 68 percent of Americans logging onto Facebook a day, if you’re not advertising on the platform, you’re missing out on some big opportunities.

Now that we’ve established the value of marketing on Facebook, you’re probably wondering how much do Facebook ads cost? Can I squeeze the platform into my paid social budget?

A recent AdEspresso study found that:

  • The average Cost Per Click (CPC) is $0.35 globally and $0.28 in the U.S.
  • The average Cost Per Like in the U.S. is $0.23. 
  • The average Cost Per App install in the U.S. is $2.74.

The issue is a number of factors can impact the cost of Facebook ads. So the average cost doesn’t tell you a whole lot about how much you can expect to spend. 

3 Factors That Impact Facebook Ad Costs

While there’s no set fee per ad type, there are a variety of factors that determine the cost of a specific ad, including ad type, bidding, and metrics.

Below, we break down the different components that work collectively to determine the price of your Facebook ad.

Facebook Ad Type

Facebook’s business platform gives marketers a variety of options to reach their intended audiences and retarget site visitors.

Much like other paid social campaigns, when charting your Facebook ads campaign, you need a clearly-defined budget. Your cost per result is defined within your bidding strategy (we’ll get to that in a bit). To ensure you don’t exceed your budget, Facebook also offers two cap options: a campaign spending limit and an account spending limit.

Here are the different types of Facebook ads you can use to achieve your campaign goals.

  • Page Post Engagement Ads: Reach a larger audience beyond your business’ Facebook page by using this tactic. These ads help you drive engagement on specific posts, stretching reach. By generating more activity on your posts, you gain more likes and followers who react positively to your brand or content. However, these campaigns can drain your budget if not enacted effectively.  
  • App Install Ads: These ads aim to do exactly what their title suggests—drive app downloads. Rather than highlighting individual features, these ads often demonstrate the app’s function and purpose.
  • Video Ads: Historically, video ads earned 135 percent more organic reach on Facebook compared to their stagnant counterparts. Facebook video ads can educate your audience about a product’s value and drastically increase reach.
  • Local Awareness Ads: Hoping to increase attendance for a free event or store opening? Local awareness ads are your new best friend. These ads drive brand awareness in specific regions, targeting users via location.
  • Offers: By setting off-site offer downloads as a campaign objective, you can customize your ads with specific calls-to-action. The offer ad should direct your audience to a landing page on your website that allows them to complete that action promised in the call-to-action.
  • Carousel Ads: Carousel ads are hosted on Facebook, Instagram, and Messenger. These visually stimulating ads allow you to share a narrative through up to ten images. When done right, these creative ads can drive up to ten times more traffic in three months. If your audience tends to react positively to an interactive experience, these ads are the way to go.
  • Image Ads: If you’re looking for an easy-lift ad, image ads are probably the route to take. These simple visuals are common, but don’t count them out: they can be extremely effective. With a visually arresting image and accompanying text, you can craft an effective ad that drives your audience to take action. 

The type of ad you select can impact the cost of your Facebook ads—which makes sense when you consider that making a sale is more valuable than, for example, getting a page like.

Ads that drive direct actions (like app installs) or sales tend to cost more than ads aimed at increasing brand awareness. 

Facebook Bidding Strategy

You’ve set a budget and determined which ad will work best for your upcoming marketing campaign.

Now what?

It’s time to dive into bidding.

When you bid on Facebook ads, you are entering into competition with other advertisers for the valuable terrain that is Facebook ad space. The platform uses an auction to establish which users interact with specific ads.

How does Facebook determine who sees what ads?  

It all starts with the competitive value of your bid. That metric is derived by adding the sum of your maximum bid to your ad’s quality and relevance score.

Quality score is a metric that represents how interested an audience member would be in your ad. Facebook estimates this figure as your ad performs, weighing the positive and negative to assign this figure.

To determine relevance, Facebook assigns a score based on the perceived interest of your target audience.

These metrics can be found in Facebook Ads Manager, and you can adjust your audience as needed to impact their standing.

Now that you understand what impacts who sees ads, let’s talk about the two types of bids—automatic and manual.

how much do facebook ads cost - bidding strategies
  • Automatic: When you select automatic bid, Facebook spends your entire ad budget to maximize your results. For those who are unsure of bid price, Facebook suggests going this route. Despite this recommendation, there’s more room for control when you take bidding into your own hands.
  • Manual: When you select manual bid, you have more autonomy over ad delivery and can enjoy better results for a lower cost than with automatic bids. With this method, you have options when it comes to optimizing ad delivery:
how much do facebook ads cost with ad optimization

Using manual bidding, you can optimize ad delivery for the specific desired result. Facebook’s delivery system and auction optimize for the desired action within each campaign objective.

When manually bidding for actions like conversions or clicks, there are two options to choose from maximum or average:

how much do facebook ads cost with manual entry
  • With Maximum bid, you set the highest possible price you will pay for a result.
  • With Average bid, your price fluctuates as an average, not a cap, giving you greater flexibility to reach your intended audience. 

Automatic bidding might be a better choice if you are just getting started, but manual bidding does provide more control. If you are new, I suggest starting with automatic bidding—you can set a maximum budget to prevent overspending. 

Facebook Ad Costs: Metrics to Track     

How much you spend on Facebook Ads should also be dictated by historical performance. To assess how an ad performed in the past, there are a number of metrics you can look at, including: 

  • Cost per Click (CPC) and Click Through Rate (CTR): From CPC, you learn how much the average click from your Facebook ad to your website costs. CTR represents the percentage of individuals who interacted with your website after interacting with your Facebook ad. With a high CPC, you’re going to want to check your CTR.

If you see a low CTR, that means your creative isn’t working, you’ve picked the wrong ad type to use on your audience, or your targeting is off.

These metrics serve as indicators of success. Check them frequently to ensure you’re not overspending on clicks that don’t result in action.

  • Cost per Action: Actions can take a lot of different forms—a video play, a click, a form fill. By assessing your ad’s CPA, you can get a pretty good indicator of performance. If you can lower that CPA, you can anticipate more conversions and drive revenue with the same ad spend.

For a more contextual understanding of your CPA, measure it alongside your ad set spend and frequency. Individually, ad metrics give you a tile. Collectively, they give you the mosaic of the true value of your ad.

  • Conversion Rate: Your conversion rate is the percentage of people who completed the sales cycle by interacting with your ad and ultimately making a purchase. Your conversion rate is the most important metric—it truly lets you know if you are meeting your goals.  

While there are many metrics you can find through your Facebook ads dashboard, these three provide insight into valuable data points that can tell you if you are overspending on your Facebook ads campaign.

When you ask how much do Facebook ads cost, the answer actually lies within the question: how valuable are my Facebook ads?

What Should You Spend on Facebook Ads?

The amount you should spend on Facebook ads is relative to the business you’re promoting and their specific goals. However, there are a few factors to take into account when identifying a definitive figure, including your budget and overall marketing goals. 

In general, a marketing budget should fall between 5 percent and 12 percent of revenue. If you’re looking to jumpstart growth, maybe you’re closer to that 12 percent. If you’re looking for sustained growth, you’re probably closer to that 5 percent. 

How Much Do Facebook Ads Cost - marketing budget split for facebook ad cost

Your Facebook ad budget should be split into three sections. 

  • 20 percent to engagement, education, and audience building
  • 60 percent to promoting your offer and generating conversions
  • 20 percent to retargeting

Allotting your budget in this fashion diversifies your ads, so you use lead-generation and content-focused ads together to drive Facebook ad success. 

You should also consider your overall goals. If your goal is to increase sales, it might make sense to spend more money to drive sales higher. On the other hand, if you want to increase brand awareness, it’s likely a better idea to have a set budget per month and reassess occasionally. 

Conclusion 

With 73 percent of United States Facebook users logging on daily, the social media platform is definitely worth a second look. 

Whether you’re new to Facebook advertising or a seasoned veteran of the platform, choosing the right ad format for your marketing strategy can make or break the campaign.

After you select and optimize your ads, it’s time to let your budget guide you the rest of the way.

Keep an eye on your performance through the metrics discussed above, and don’t be afraid to make adjustments.

Have you tried Facebook ads? What was your average cost? 

Resquared (YC W21) Is Hiring a Lead Product Designer

Article URL: https://www.ycombinator.com/companies/22996/jobs/aJghsns-lead-product-designer Comments URL: https://news.ycombinator.com/item?id=26522563 Points: 1 # Comments: 0

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What’s Luck Have to Do With It? 5 Credit Score Myths About Your Business

A strong business credit score does not just appear at the end of the rainbow. There are a lot of myths out there.  So many so, that it can be difficult to separate reality from fiction. Don’t fall for these 5 credit score myths. 

Don’t Believe These 5 Credit Score Myths When it Comes to Your Business

Most of the confusion comes from a lack of understanding about business credit scores.  Many do not even know what it is, how you build it, or even that it exists.  Let’s take a look at each of these common 5 myths about credit scores and clear up a few things. 

5 Credit Score Myths: If You Have Business Debt, You Have a Business Credit Score

This may well be the most common of these 5 myths about credit score.  A lot of business owners have some vague idea that a credit score for their business is a thing, but they totally miss the boat on how it actually works. They know they have a personal credit score because they have personal debt. They know that their credit score depends on how well they handle that personal debt, and how much they have.  As a result, most believe business credit builds the same way. This could not be further from the truth. 

Building Business Credit

You do not automatically have a business credit profile. You have to intentionally set up your business properly to establish a business credit profile. Then, your business credit accounts do not automatically report your payments to the business credit reporting agencies. That means, you do not necessarily have accounts reporting positive payment history, even if you are handling your business credit responsibly. You have to seek out accounts that will report.

Keep your business protected with our professional business credit monitoring.

This makes building a strong business credit score a little trickier than building a strong personal credit score.  A business credit expert is a great resource to help you make sure your business is set up properly, establish your business credit profile, and find accounts that will report your on-time, consistent payments.  Don’t leave it to luck. It won’t happen.

5 Credit Score Myths: If Your Personal Credit Score is Good, You Do Not Need a Business Credit Score

Because you can get a business loan with a good personal credit score, a lot of business owners think they don’t need to worry about their business credit score.  However, there are a number of reasons to work on building a strong business credit profile regardless of your personal credit report. For example:

  • Having separate business credit keeps some business accounts from affecting your personal credit report. This can keep you from running into trouble buying a home or car if your business struggles.
  • Separate business credit opens more funding opportunities so that you can access more money for your business.
  • Even when lenders rely on your personal credit score, a strong business credit score can help you get better rates and terms than you would otherwise.

While it is possible to fund a business totally on the merits of a good personal credit history, it is not efficient or wise, and it will lower your personal credit score. 

5 Credit Score Myths: Personal Credit Score Doesn’t Affect Business Credit Score

Your business credit profile, if set up properly, is all together separate from your personal credit profile. Handled the right way, business accounts do not show up on or affect your personal credit report. However, the reverse is not necessarily true.

In some cases, your personal credit score may be used in the calculation of your business credit score.  Not only that, but it is always a consideration when it comes to the overall fundability of your business. This means that even if you have a solid business credit history, you can’t ignore your personal credit score. 

5 Credit Score Myths: You Can Monitor Business Credit for Free

It makes sense. I mean, you can get a free copy of  your business credit report. There are a ton of free apps that let you peek at your personal score throughout the year.  Why wouldn’t you be able to do this with business credit?

Keep your business protected with our professional business credit monitoring.

There are no free business credit monitoring services, though you may be able to get a peek or a sample one time for free. The business credit reporting agencies offer some options for a fee, but Credit Suite can help you monitor your business credit score for a fraction of the price.

5 Credit Score Myths: You Don’t Need Anyone to Help You Build Your Business Credit Score

Credit repair companies are abundant when it comes to personal credit. Many of them are simply trying to make a buck. It’s almost always a scam. The only sure fire way to fix your personal credit score without ending up worse off in the long run is to pay your bills consistently on-time.

This is not necessarily true when it comes to your business credit score. A business credit expert can help you in a number of ways.  They have relationships with vendors, lenders, and other knowledge that can be extremely valuable as you work to establish and build a strong business credit profile. 

Analyze Fundability

A business credit expert can help you analyze and assess the overall fundability of your business.  While it may technically be possible to do this yourself, it is a huge job. It takes a lot of time, and there are so many factors to consider it can be easy to miss something. Furthermore, it can be difficult to access some of the information.  A business credit expert will have the contacts and expertise necessary to talk to the right people at the right place to get things done.

Keep your business protected with our professional business credit monitoring.

Properly Set Up Business Foundation

As mentioned earlier, your business has to be set up properly before you can even establish a business credit profile, let alone build a business credit score.  A business credit expert can work with you to determine if your business foundation is set up as it needs to be. If not, they can help you fix that. 

Get Accounts Reporting

Even with a business credit profile, there is no credit score until you have accounts reporting. The thing is, not all business accounts report payments to the business credit reporting agencies. In fact, very few of them do.  What’s worse, is most companies do not make it clear to customers whether or not they report payments.

A business credit expert has relationships with specific vendors that they know report payments. You don’t have to rely on trial and error.  Doing that, you could go months thinking you are building your credit score and really, nothing at all is happening. Working with an expert ensures you get on the right track and head down it as quickly as possible. 

Your Business Credit Score is Not Found at the End of the Rainbow

When it comes to building strong fundability with the best business credit profile and highest business credit score possible, strategy trumps luck every time.  You have to be intentional and follow the process.  Once business owners know this, most are willing.  The problem is, it is difficult to navigate these waters alone.  Lenders and vendors do not always offer up the information needed easily.  Also, few average Joe business owners know where to look or what to look for to evaluate fundability.  This is where a business credit expert is priceless.  They have the knowledge and skills needed to speed up the process exponentially.  This not only saves time, but in the long term it also saves money. Get your free consultation with a Credit Suite business credit expert today.

The post What’s Luck Have to Do With It? 5 Credit Score Myths About Your Business appeared first on Credit Suite.

How Much Do Twitter Ads Cost?

With an advertising audience of 353 million, Twitter is an ultra-effective free advertising tool. Still, as you probably know, the social networking site also provides plenty of paid advertising opportunities that let you target your followers, automate your bids, and promote your business. When used properly, these ads enable your brand to gain visibility and …

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