24/03/2026
Many founders donât notice when this starts happening.
Ad spend goes up, revenue is still growing, and everything looks broadly fine.
Then, a few months later, costs are higher, growth has slowed, and nobody is quite sure why - it usually gets blamed on the ads. It rarely is.
Whatâs usually happening is simpler. The business is starting to run out of existing demand.
Early on, performance channels work well because they capture people who are already in market.
As spend increases, you move beyond that group and start paying more to reach people who were less ready to buy in the first place.
So efficiency drops, and growth starts to feel harder.
At that point, most brands try to fix it with better ads - new creatives, more testing, targeting that no longer works...
Sometimes that buys a bit of time, but it doesnât solve the problem.
Because the advertising is already doing its job. Itâs capturing the demand that exists.
The issue is there isnât enough new demand being created to support the next stage of growth.
Thatâs the point where growth stops being a media problem and becomes a demand problem.
Performance channels can help create demand, but many brands use them just to capture it.
So the question shifts - not how do we improve the ads, but what is going to drive growth now?
Because real scaling canât be just about capturing demand, itâs about creating more of it.