How to build a Web3 marketing budget?
To build an effective Web3 marketing budget, it's essential to start with setting your goals or Key Performance Indicators (KPIs) as we marketers call them. Once you have identified your marketing objectives, it becomes easier to determine the financial resources and all other resources required to achieve them.
Next, it's crucial to understand your target audience accurately by analyzing on-chain and Web2 activity as well as demographics. This understanding will help you identify the most effective marketing channels and strategies to reach them. The link between on-chain activities/holdings and social media behavior is especially crucial for social media marketing to be effective.
Understand your resources, and don’t forget to consider all types of resources such as budget, time, team size, content creation capabilities, measurements and optimizations tools, team talent, an ecosystem network of connections, etc. The holistic nature of marketing requires a comprehensive approach that works in synergy. Unleash your creativity! Your marketing team may not be large, but you can tap into the unique skills of different department team members to enhance your marketing efforts. For instance, a developer with exceptional writing abilities can create compelling blog posts, while an office manager with strong visual skills can conceptualize stunning infographics. Utilize your human resources intelligently to maximize your potential.
Understand your competitors, their marketing efforts and budgets, and the ecosystem you operate in can help you identify the opportunities and challenges you may face, which will directly affect your marketing budget.
Determine the desired return on investment (ROI) and return on advertising spend (ROAS). It's essential to stay focused on your KPIs while keeping an eye on the available runway. Depending on your situation, you may need to achieve a positive ROI from day one, or you may have the flexibility to invest in growth with a negative ROI initially.
Reviewing and adjusting your marketing budget regularly is vital as your business grows and your marketing needs evolve.
