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Bootstrap Marketing
The document outlines a bootstrap marketing strategy developed by Brandon T. Luong, which focuses on creating effective brand marketing plans that maximize ROI while aligning with business goals. It emphasizes the importance of understanding customer personas, setting measurable objectives, and leveraging analytics for adjustments. Key elements include customer acquisition cost and lifetime value calculations, as well as the need for ongoing A/B testing to enhance marketing effectiveness.
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Bootstrap Marketing
- 1. BOOTSTRAP MARKETING Brandon T. Luong,Founder Guanxi Innovations @BrandonTLuong
- 2. AGENDAAGENDA ‣ Brand-Marketing Strategy ‣Marketing Implementation ‣ Analyze & Adjust
- 3.
- 4. BRAND-MARKETING STRATEGY A brandis the set of expectations, memories, stories and relationships that account for a consumer’s decision to choose one product or service over another. If the consumer doesn’t pay a premium, make a selection or spread the word, then no brand value exists for that consumer. “ ”- Seth Godin
- 5. BRAND-MARKETING STRATEGY The aimof marketing is to know and understand the customer so well the product or service fits him and sells itself. “ ”- Peter Drucker
- 6. BRAND-MARKETING STRATEGY Branding ‣ Strategy ‣Sets company image guidance ‣ Gathers consumer intelligence second hand Marketing ‣ Tactical ‣ Delivers company’s message to target consumer ‣ Gathers consumer intelligence directly from source vs BRANDING VS MARKETING
- 7. BRAND-MARKETING STRATEGY Bootstrap Marketing noun Atactical marketing plan giving the maximum ROI (Return on Investment) at the lowest cost while aligning with the brand’s goals
- 8. BRAND-MARKETING STRATEGY APPROACHES ONMARKETING PLAN 1 2 3 General Marketing Campaigns Product Marketing ‣ Year Round ‣ Relatively static ‣ Flexibility in adjust ‣ Set period of time ‣ Fast pace ‣ Long term planning in short time ‣ Set period of time ‣ Fast/Slow pace depending on product ‣ Possibility of reusing tactics again
- 9. BRAND-MARKETING STRATEGY Ensure marketingreflects the brand FIRST STEPS IN DEVELOPING MARKET PLAN 1 Outline the goal(s) of the marketing plan Metrics to validate the resources used in marketing2 3
- 10. BRAND-MARKETING STRATEGY Specific MeasurableAttainable Realistic Timely S M A R T BE SMART AS TO REACH OBJECTIVES *There are other frameworks you can use
- 11. BRAND-MARKETING STRATEGY EFFECTIVELY CAPTURECLIENTS USING CUSTOMER PERSONA SCENARIOS ‣ Pit customer persona development to SMART framework ‣ Allows companies to understand who are their target audience, also discover pivots sooner ‣ Gives insights on customers and how to persuade them to buy ‣ Lowers cost in customer acquisition, lifecycle and other costs
- 12. BRAND-MARKETING STRATEGY CUSTOMER PERSONASAND SMART LIMITS UNNECESSARY EFFORTS EX: Pick channels that are most relevant to your clients, and not profiles on every single social network
- 13. BRAND-MARKETING STRATEGY HEADER 2 EXERCISE 1)Identify company’s value, swag, culture and overall brand 2) Develop consumer persona 3) Select channels based on your targets’ behaviors
- 14. MARKETING IMPLEMENTATION BRANDON T.LUONG @BrandonTLuong
- 15. BRAND-MARKETING STRATEGY STRATEGY MEANSNOTHING WITHOUT NUMBERS ‣ After establishing customer criteria, have metrics in place ‣ Know the real marketing cost: customer acquisition, lifetime value, marketing- sales conversion, etc. CAC = MCC CA CAC – Customer Acquisition Cost MCC – total Marketing Campaign Cost CA – total Customers Acquired
- 16. BRAND-MARKETING STRATEGY Real Formulafor CAC CAC = MCC + W + S + PS + O CA CAC – Customer Acquisition Cost MCC – total Marketing Campaign Cost W - Wages S – cost of all marketing/sales Software PS – additional Professional Services O – Overhead CA – Customers Acquired
- 17. BRAND-MARKETING STRATEGY Customer LifeTimeValue cost LTV = S x R x T LTV = LifeTime Value S – average value of a S R – number of Repeated transactions T – average retention Time in months or years for a typical customer
- 18. BRAND-MARKETING STRATEGY A/B TESTINGHELPS MARKETERS PIVOT THEIR STRATEGY ‣ Altering colors or layout may increase engagement ‣ Reveal which method is most effective ‣ Enables marketers to change strategy on the fly
- 19. BRAND-MARKETING STRATEGY IDENTIFY AREASOF NEEDED MARKETING $ ‣ Identify highest purchasing seasons according to market ‣ Budget total year, and how much goes into each ‣ Formula: Budget = Digital + Physical + Software + Wages + Misc.
- 20. BRAND-MARKETING STRATEGY HEADER 2 EXERCISE 1)Review customer persona 2) Create several “Facebook Ads” for A/B testing 3) Class poll to see which ads are more effective Constraints: - Header is 25 characters - Body is 90 characters *Disclaimer: Facebook has an image – text ratio of 20%, but who cares for this exercise
- 21. ANALYZE & ADJUST BRANDONT. LUONG @BrandonTLuong
- 22. ANALYZE & ADJUST ‣Review the numbers to adjust the plan ‣ Monitor and comprehend analytics as to avoid the red ‣ Ensure digits are align with goals DON’T EFF UP; ADJUST ACCORDING TO NUMBERS
- 23. SUMMARY ‣ Frameworks areyour friends ‣ Thy shall know the numbers ‣ Strategy Implementation Pivot Repeat
- 24. ‣ Body LevelOne ‣ Body Level Two ‣ Body Level Three ‣ Body Level Four ‣ Body Level Five ‣ Body Level One ‣ Body Level Two ‣ Body Level Three ‣ Body Level Four ‣ Body Level Five THANKS! ‣ Body Level One ‣ Body Level Two ‣ Body Level Three ‣ Body Level Four ‣ Body Level Five BRANDON T. LUONG ‣ Body Level One ‣ Body Level Two ‣ Body Level Three ‣ Body Level Four ‣ Body Level Five ‣ Brandon@guanxiinnovations.com ‣ @BrandonTLuong ‣ Luong.webflow.com