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This week: Summation of course knowledge, strategic media planning for Freedom Financial.
This week we bring the summation of course knowledge together with a cohesive strategic media planning presentation for Freedom Financial Marketing! We dive into what makes Freedom Financial unique, our plan, budget, and rationale for advertising, as well as the data behind our specific media outlet selections. Happy viewing and we look forward to your comments and questions!
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Zane,
Awesome job on your strategic media plan. I watched to find some ideas on how to get my strategic media plan together, so while I was here, I just wanted to let you know that it is a job well done.
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Tonya,
Thank you so much for listening in! I am more than happy to help and hopefully, I was able to offer up some ideas and tips that help you work through finalizing your own project. Needless to say, this isn’t an easy task but it is a beneficial one as it forces us to complete a truly thorough plan of how we can enter the market successfully, rather than simply leaving it to chance. Best of luck and I look forward to listening/reading your plan soon!
Cheers,
Zane Breeding
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Zane,
Thank you for sharing your strategic media plan for Freedom Financial. I like your 10% marketing budget. When I was doing my own research, I found a similar number of around 12%, but it is interesting to see the range that companies spend on marketing from 10-20%, which, of course, varies with goals and revenue.
Having the ability to take advantage of economies of scale is hard to compete with. Still, with Freedom Financial’s customer-centric approach, more value can be generated, leading to greater revenue. Your differentiation strategy is spot on and ties back into a superior customer-centric approach. You’ve really done your research, understand the market, understand your customers, and understand how to reach your customers through various marketing mediums.
You have a well-thought-out customer acquisition rate and know exactly what revenue your customers need to generate to become Freedom Financial customers. Would you consider taking part-time clients or one-time clients who don’t have $10,000 to spend? I know it needs to be worth your time to consider the type of customer you take on, but it’s just food for thought. Depending on the client’s goals, it could be a great way to quickly generate extra income.
Thanks again for your in-depth and well-thought-out presentation. It was a joy to watch and learn more about your plan for Freedom Financial.
Kindly,
Shawn
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Shawn,
Thank you for checking in and for your comments. Per budget considerations, I do think it varies slightly by model and specifically, if we are talking about an established business or one that is launching. Likewise, I think its also important to consider word of mouth and the standing in which the business launches, as in whether there is an existing customer base upon launch. In the case of Freedom Financial, we would launch with 3 fully established clients, which gives us a bit of a leg up when budgeting for net new marketing efforts.
As it pertains to clients, we absolutely would take clients who only want a certain subset of services, we simply looked at average spend per client across all service offerings and made a conservative estimate of those who participate and came to the $10k number. The reality is, even a single service in this model would typically be in the $4-5k range given the vertical, so the $10k figure isn’t all that striking in a competitive sense. It’s likely we will have some clients who are in the same range, which is perfectly fine as our goal is to upsell within the portfolio, while at the same time its also likely we will have some customers in the $25-$35k range. One thing I will say, we have and would plan to meet with all potential customers first and foremost, as understanding their vision and goals to ensure we align is the first step toward success. Thanks again for chiming in!
Cheers,
Zane Breeding
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