Budget allocation is the most complex question marketers are faced with. With endless marketing channels, identifying the high-performance channels, can determine if a brand will grow, or drown. There are many decisions to be made: what channels to invest in and how much? Where is the brand’s audience? How fast would I like to grow the brand? And could I bare the risk?
Evaluating the parameters we collected during the strategy stage along with a deep competitor analysis can help with understanding where to start the conversation with the customers and evaluate in which stage they would convert.
Map all user acquisition channels
The question of growth phase is the hardest. Obviously most brands vouch for growing fast and big- but are they willing to pay the price?
The balance between budget size and results volume needs to be based on the KPIs. Meaning, if the goal is to introduce the brand to as many people- subway/ TV or digital awareness campiagns will go before any other channel. But if keeping control on the ROI while optimizing- paid acquisition is the key.
Some of the channels are the basic, and will always have to run in the background.
Are you overwhelmed? Don’t be.
No need to be everywhere at the same time. Unless you have collected enough information, start investing in a few channels, and if they work start scaling while testing others.
How do you know a channel is performing? High ROI and the channel is scalable
Planning the costumer journey start at the campaign stage
Getting in front of the customers is not enough if you are looking to optimize results. When planning any campaign, the realization of the communication process and the stage of the journey to the site is the first step of understanding who is standing in front of you. I am using a simple flow for social campaigns to make sure the brand's goals are being served with the relevant call to action. Preforming A/B testing campaigns can lead to the answer what information can trigger the customer to shop/click/engage and in what order. Your target can be a return customer, a new one or "on the fence". Each segment will see a different set of ads that will lead them to convert.
Turn a lemon into a lemon tart
Undies.com is a great example of a safe responsible growth. As a new brand, with a limited budget, we started looking for our customers in obvious channels- social advertising, affiliates, and micro influencers. While always keeping some $ for testing new channels.
This way we could:
· Increase control on spent vs return and optimization flexibility
· Focus on low cost channel (influencers)
· Following the trends and be there before our competitors (Pinterest)
· Allocate budget to high perform channels
· Learn more about our customer