Welcome to the third video in the joint Wpromote and Google video series! In this series, Wpromote Founder & CEO Michael Mothner meets with Google’s Business Development Manager Katheline Jean-Pierre for a series of interviews at Google HQ to discuss Wpromote success stories, our recommendations to supercharge your digital efforts, our marketing strategies and best practices, and more!
Our full funnel strategy post talks about making use of the Three Bucket Approach, but in this video, Mothner goes into depth about what exactly each of the Three Buckets is and how each has to be utilized properly in order for a brand to maximize the potential of its customer base. Budgeting needs to be thought about not just as a single expense, but as three distinct expenses, or “Buckets”: ROI, brand, and testing.
- ROI: Standard campaigns that typically focus on the bottom of the funnel and shorter-term goals.
- Brand: Strategy that raises brand awareness through long-term initiatives focused on reaching new eyeballs.
- Testing: Innovative campaigns and experiments to best determine what works well for a company and what doesn’t.
Mothner discusses why it is useful to define each Bucket separately versus simply having “one big Bucket,” as the latter can lead to budget confusion. Investing in the second and third areas (brand and testing) is crucial. Solid growth relies on testing, finding new channels, experimenting with different ad types, and constantly seeking out new audiences. Even though these ventures may not immediately generate returns, they will pay off with lifetime value.
The video also discusses how to precisely divide a given budget into the Three Buckets, Mothner even lays out a plan for budget best practices.
Make sure to watch the rest of the video above for all of Mike’s recommendations on the Three Bucket Approach and how it can help your brand best take advantage of its budget! Circle back to our blog as we post more videos in the Wpromote and Google video series!