Discussing budget allocation, Juliette Nicholls, Bassem Saber, and Abeer Raza share insights on smart spending and engaging customers, providing practical advice for maximizing marketing impact.
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HIGHLIGHTS
(0:20) Smart Budget Allocation and Data Analytics
(5:09) Effective Budget Strategies for Small Businesses
(12:09) Harnessing Data Analytics for Growth
(17:41) Maximizing Marketing Budgets for Small Businesses
(22:59) Digital Marketing Tactics for Small Businesses
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QUOTES
"Budget allocation is a critical factor in scalability. I've kind of went through all the cycles where you have little or no budget to allocate, and it's not something that you think about to where you have millions of dollars that you have to allocate in a span of one year."
"People that are super focused on data, they're way more successful. They allocate their budgets way better."
"Define your first look at your competitors, right, like you look at what your competitors are spending on. And understand, you know, what the metrics look like."
"Big brands, you know, they have approval processes, they have committees, they have a lot of hassle when they have to implement changes. Smaller businesses, they can A/B test in a matter of minutes."
"Data is super important. But in order for you to measure data, you need to set the right KPIs, the right metrics in place to measure it, and then act on it based on assumptions that you've created through hypotheses or trend analysis."
"We've all been there where we've exhausted hundreds of thousands of dollars in ad spend and got nothing out of it. You have to set the hypothesis right upfront."
"It's things like these tactics that allow small businesses to scale drastically in markets that are overlooked by big businesses. And that is what makes entrepreneurs brilliant."
"Understanding user behavior through data analytics and AB testing helps in making informed decisions for budget allocation."
"I think it's critical when you define your metrics well, when you define your ROI well, to realize how you scale and what your acquisition cost is."
"One of the biggest mistakes that most small businesses make when they're scaling is looking at setting the right metrics in place."
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