Marketing Software Analysis: You have taken on a new role as a Marketing Director for a healthcare tech startup. The company does not yet have funding, so they want to make the most of its marketing dollars. For this assignment, you must prepare recommendations to present to your executive team. They want to know what […]
Marketing is a fundamental element of business success, particularly in startups. Without widening its exposure, a newcomer business is likely to fail. As it may, startup marketing often poses a challenge attributed to limited resources. Funds, time, and talent resources are mostly in short supply when an enterprise is in its infancy stages (Richter, Volquartz, and Neumann 3). For this reason, as the Marketing Director of a healthcare tech startup, I have to see that every dollar is appropriately utilized. Two budget plans spanning five months each, one with $100 and the other with $500, have been proposed to fuel different marketing programs. This paper analyzes which of the two plans will deliver more value to the healthcare tech company.
Outbrain is a content distribution platform that ensures that promotional articles reach the intended audience. The startup aims at creating three articles and distributing them to top sites through Outbrain. With a budget of $100, this initiative is expected to cost about $20 per month. Assuming that the Cost-Per-Click is set at $0.50 and the monthly campaign’s budget is at $20, only a maximum of 40 clicks will be achieved every month (Outbrain Inc.). Notably, a mere 40 clicks do not deliver value to the upcoming enterprise. In addition, collecting customer insights through SurveyMonkey is fundamental for the startup to generate client-oriented content. With a maximum of 200 respondents required for five months only, the standard plan costing $35 a month is the most appropriate option. Under this plan, payments are made every month, and the maximum number of respondents is a thousand (SurveyMonkey). Unfortunately, the minimum budget required to sustain this plan for five months amounts to $175, far exceeding the $100 threshold. Moreover, HootSuite helps a marketing team manage various social media channels in one place. This platform enables prior scheduling of posts, easy management of social media content, monitor performance and analytics (Hootsuite Media Inc.). A total of four social media channels are planned to be managed through HootSuite. While HootSuite offers a free 30-day trial, the fitting team plan costs $99 monthly. A five-monthly plan would, hence, require a budget of $396, which is untenable relative to the available $100. Generally, it seems unreasonable to dedicate a budget of $100 to run campaigns spanning five months. None of the marketing software can deliver the much-needed value and return on investment with such a strained budget.
Expanding the budget from $100 to $500 is expected to go a long way toward delivering desirable results. In the case of Outbrain, the monthly campaign budget can be expanded to a maximum of $100 which can yield a minimum of 200 targeted and high-quality traffic. An increased budget for Outbrain campaigns translates to a broader viewership and more exposure. With more people knowing about the presence of the new healthcare tech startup, more customers will show up on the official website. Regarding SurveyMonkey, there is no need to shift to the advantage or premier plans as both adopt an annual payment scheme. With $500 at the disposal of the tech startup, only $175 will be utilized, paving the way for $325 to be saved or used in other marketing endeavors. Lastly, even the most expensive marketing software, HootSuite, can be comfortably sustained with $396 leaving $104 in excess, considering that the first month is free of charge. Taking everything into account, a bigger budget is recommended. A $100 budget is not only strained but also invaluable to the progress and growth of the new healthcare tech company. On the other hand, $500 in marketing financial resources delivers value while, at the same time, channeling substantial funds into savings.
Hootsuite Media Inc. “Social Media Marketing & Management Dashboard.” Hootsuite, 2018, hootsuite.com/#. Accessed 30 Oct. 2018.
Outbrain Inc. “What is Outbrain’s Pricing & Billing Model? | FAQ | Outbrain Help.” Outbrain, 2018, www.outbrain.com/help/advertisers/pricing-billing-model/. Accessed 30 Oct. 2018.
Richter, Nancy, et al. “Fostering and Hindering Factors – Success of Early Stage Internet-Enabled Startups.” SSRN Electronic Journal, vol. 2016-04, 2016, pp. 1-15.
SurveyMonkey. “SurveyMonkey Plans and Pricing.” SurveyMonkey: The World’s Most Popular Free Online Survey Tool, 2018, www.surveymonkey.com/pricing/?ut_source=megamenu. Accessed 30 Oct. 2018.
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Published On: 03-03-2017