Great topic, thanks for posting.
When it comes to budgets, paid, ads, etc., too many ecommerce companies mess up their campaign narratives from the get-go, and waste a ton of money as a result.
I wanted to add my $0.02 to the discussion:
The ideal place to begin this story is by looking at what your differentiator is. The unique selling proposition. That’s still an incredibly valid place to start. In a distracted online environment, it’s never been more relevant.
You have to put yourself in the shoes of someone whose life would be improved by your product.
Here’s our favorite question to ask new clients:
Who is the kind of person that, if they had this product, and you took it away from them, would feel some sort of pain?
This question helps us build out specifically who that person is in terms of their needs and media consumption, what kind of similar brands they're shopping with, and so on.
Anyway, we published a post about this in greater detail, if anyone’s interested in reading more about campaign narratives: https://bit.ly/2HWiFYY
Hope that helps!
Hey Mike, thanks for posting. Tough issue, I understand. Here's my two cents...
For many of the new brands we work with, specifically those who are launching for the very first time, they should expect to spend at minimum, $15,000 a month on digital marketing.
Over three months, then, that’s $45,000. Which might be an intimidating number for a new brand. And the hard part is, you’re not going to know what will work, campaign wise. There’s not enough historical data to benchmark.
Meaning, brands must reframe their initial spend as more than just a pure marketing budget, but an invaluable investment in research and development.
Anyway, we blogged about this today if you want to read more numbers: https://bit.ly/2YedYkF
Hope that helps! Good luck
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