In November we reached to marketers to find out how they spend a budget of $25,000 in the first quarter of 2022. Tips ranged from making full use of one channel to investing in a copywriter and creating video content.
But since then, the belts have been heavily tightened. We reached out to several marketers from our previous survey and reached out to a few more to find out how they would spend their $75,000 budget in summer 2022. With economic uncertainty, we also asked how their plan would change if their budget was $10,000.
“For a $75,000 budget, we would really be focusing our efforts on performance-driven digital media,” said Ellen Kim, VP of Creative at MarketerHire. “We are always iterating new creative versions and analyzing digital channel spend to be as efficient as possible.”
Here’s who we spoke to:
- Ellen Kimvice president of creative MarketerHire
- Jack Hallamgrowth and leadership in the community, Ammunition
- Jonathan MetricDirector of Development, Portage Ventures
- Jonathan Martinezfounder, JMStrategy
Ellen Kim, VP Creative, MarketerHire
Imagine you have a budget of $75,000 for the summer of 2022. With the current uncertainty in the economy, how would you spend it to accelerate a B2C startup? B2B startup?
With the knowledge gained from the B2B startup experience – combined with the uncertainty of the current economy – we have developed a clear understanding of the importance of constantly monitoring advertising results as a barometer of growth. With this $75,000 budget allocation, we would really be focusing our efforts on performance-based digital media.
We are constantly working on new versions of creatives and analyzing the costs of digital channels to be as effective as possible. This has proved successful in digital channels – using iteration not only as a downward funnel tactic, but to get our message across as a viable growth tool by building an entire freelance marketing team for startups that are trying to achieve growth quickly and easily.
If you only had $10,000, how would your recommendations change?
With a smaller budget, we would focus on search with maximum efficiency to satisfy our customers when they are really interested – it is easier to capture traffic with a high intent and a low funnel, since you have an intent signal from the search itself. Social media can work well as a disaster recovery channel (and it does for us), but it’s less reliable than search.
Another way to maximize a smaller budget is to consider playing where our competitors don’t, to identify new types of clients. This hyper-targeted approach ensures exceptional accuracy in both messaging and placement to be the most successful for this client.
Are your clients expecting a faster return on investment than in 2021? How does this affect where you allocate performance costs?
Everyone wants profitability. To ensure that we manage expectations—and in doing so, meet requirements—we conduct deeper research into potential customers and ask ourselves important questions. We are looking at which clients are more likely to have a long-term ROI approach—rather, those we need to continue to develop—versus those who could become an immediate client on the road to a return.
From here, we must take into account what this brand needs to grow immediately, which in turn creates positive outcomes for everyone – the marketer, our company, and the client. Increased demand for ROI is definitely more prevalent in some sectors than others.
In terms of the impact on where we allocate performance spending, we continue to see significant demand for less revenue-generating roles, and as a result our allocation of performance spending has not changed significantly. However, it’s more important than ever that we understand the client’s goals during onboarding and match them with the right marketers to achieve those goals.
Credit: techcrunch.com /