Activity 1 – A Suggested 90 Day Rapid Scaling Plan
Task: Create a plan to scale the growth of Caribu’s marketing efforts in 3 areas:
- Consumer / User adaptation and trial
- Push the Wefunder investor campaign
- Develop Holiday marketing push
Current Data shows that there is a void of content and severe lack of engagement.
- Caribu has over 50,000 registered users in over 150 countries (why are they not engaged?)
- Facebook – EXTREMELY low organic engagement – mostly curated – no audience development – not enough content – Only 15 posts in entire month of July – Only 1 video posted in all of 2019
- Pinterest – 112 followers
- IG Feed – 2,200 followers – little to no engagement, irregular postings
- IG Stories – not likely regular postings – none in the last 24 hours (should be 4-7 per day)
- YouTube – 270 subscribers and only 3,100 total views
- Twitter – 2,100 followers, little to no engagement, most content is curated
- Most site visits are driven by search, but Caribu is not protecting it’s name in search (no ad words campaigns)
Assumptions: The Craibu brand has been the recipient of a great deal of PR focus. There are plenty of mentions in the SERPS regarding Caribu, but it appears that there hasn’t been any real push behind driving traffic, app downloads, and registrations. There is a paid campaign for future investment.
Question: The question that arises, is that given the level of investment, why hasn’t been there been a sizeable investment in paid advertising? This brand will NOT be able to reach the scale it desires without a sizeable commitment to paid advertising.
Please understand that the 3 aspects of growth are not existing in silos. The Caribu marketing ecosystem is helping to fuel each of the aspects. Campaigns will be running simultaneously for ongoing brand awareness, conversions, retargeting, and reach designed to drive future investment, a more engaged consumer base, and positioning Caribu for the holiday marketing season.
Days 1 – 7
- Assess current metrics, KPIs, CPA, current retention, LTV, all the 3 letter metrics need to be obtained so that we can begin what I call Initial Triage. I need to pull back the curtain and find out where we stand right now. what needs to be killed, what is working, what we need to amplify…a true deep dive into the data.
- Met the Team. Who is monitoring social media? Who is doing creative? What are our overall budgets? Who are the stake holders? What is the approval process? Being a remote position…how will everything be coordinated?
- Identify the low hanging fruit that will allows us to obtain some immediate results
- What tools are in place? CRM? Social listening? Publication tools? Ad management tool? Automation systems?
We will initiate a number of campaigns designed to drive traffic and measure behavior. This is important in order for us to develop the various audiences that we will be targeting. The initial testing will be a two-pronged approach.
- We will build a number of campaigns and the testing will be based upon audiences, both Custom Audiences and Cold-Interest targeting and mobile optimized creative. The creative should consist of still images, 3-4 15 second videos, IG and IG Story build outs
- We will take the existing subscriber database and upload it into FB to match similar audiences on Facebook and IG. We will then create 1,3,5,7, and 10% lookalike audiences based off of the email upload and run campaigns similar to what is described above.
I would be prioritizing these tests to develop our baseline KPIs.
By this point we will have a good handle on what is working and what is not working. We kill what’s not working, based upon KPI measurement, and we amplify what is working.
Day 31 -90
The only thing holding us back at this point should be budget. If we are hitting our KPIs, then the growth should be solely based upon ROAs/ free trials. If we’re hitting 2.0 or better, then scaling in a deep blue ocean of grandparents is pretty easy. Budgets at this point should exceed $10,000+ per day.
By now we have Facebook and Instagram running at scale and it would be time to use the data we have proven to scale horizontally into Pinterest and YouTube.
How is success defined? ROAS, Audience growth, incentivized engagement, user retention, CPC, free-trial conversion, and forecasted LTV.
Weekly Updates: It would be my suggestion to have weekly status meetings to go over results with stakeholders and to forecast the next week. Each week we’ll discuss Funnel optimization, creative scoring, consumer feedback loops, messaging optimization, and landing page optimization which leads to better conversion rate optimization.
Our viral coefficient is dependent upon driving the most amount of users, in the shortest amount of time with the longest retention rate. If we can get users to be brand ambassadors, they can help us scale quickly without the need for such an aggressive paid budget. I call this the Dropbox method. While it’s much harder now, we can still use the existing customer base to help us build virality into each download.
Inherent Assumptions: By virtue of Caribu’s ongoing success in raising capital, winning pitch competitions, and driving over 50,000+ users thus far, I feel confident in the fact that the current business plan has in place the pre-requisite vision and growth acumen needed to drive and sustain the growth that it seeks.
The current financial projection shows that by growing to 575K subscribers and great retention (1 year of LTR) we can earn $41M in ARR in only 3 years. Those numbers are viable, if the retention is achieved.
My focus, outlined herein is based upon the following:
“While bootstrapped, we acquired them through word of mouth referrals, earned media, app store search, and organic social media. With investment, we focused on social and search ads, affiliates, and influencers. For Grandma specifically, we plan to double down on Google and Facebook ads, and test TV, Direct mail, and partnerships with senior organizations.”
TRUE SCALE: If the budget to truly scale to television is in place, my network will afford Caribu with quality, and cost-effective television commercial campaigns that will substantially increase both brand awareness and scale users.