It's Halloween again – a time to spark your creativity in both your costume ideas and your marketing. This may mean you have to exit your comfort zone and feel a little spooked out. Last year we encouraged you to push the envelop by trying out YouTube as a platform to drive engagement during a time of year like Halloween. In a similar vein, we want you to get a little crazy with how you approach your marketing budget. Kristian Thomassen posted "10% Freak-Out Marketing" on Medium and it caught my eye. Can you really push the envelop and only risk 10% of your marketing budget?
Here's how this marketing tactic works:
As Kristian points out it's actually the 70-20-10 model, breaking down your budget into three sections.
This large portion of your budget should go to what you have already proven works for you. It may be your website, your newsletter, social media, PPC, your big year-end event. With this model as your guide, try to stay safe with the majority of your budget.
20 – Experiment & Test
We all know we should be a/b testing more than we do. Rather than trying the same thing over and over again, identify the areas that aren't working and allocate 20% of your budget to carefully try something new. The most important aspect of this is comparing the new to the old and making sure to track it all.
10 – Freak out!
Trying new things can be scary... Showing up to the Halloween dance in a freaky costume could end badly, afterall. However, it could also win you a reward! That's why we are only risking ten percent. If you completely fail, you aren't left scrambling for funds. If you don't, you've found a new strategy to add to your 70%. Either way, you've learned something.
Get more ideas in the original article on Medium and subscribe to our weekly quick marketing tips below!