https://freakonomics.com/podcast/advertising-part-2/ This is a great listen from Freakonomics on whether advertising works. The reason we could bootstrap was that we never spent on ads. With no ads, a business is forced to constantly think & do things to get customer love and organic growth. The only time we experimented with ads was for our brand keyword, show our website if you search “Zerodha”. We stopped immediately when we realized that it made no difference to the traffic and the ad was essentially cannibalizing our organic traffic while costing us money.

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