For this simulation I was given the role of creating campaigns for Buhi’s new line of JuxtaSmart Luggage. My responsibilities were to identify the companies’ target personas and create campaigns to achieve our revenue goal. I was able to spread these campaigns out over the course of eight quarters or two years. I was given a campaign budget of $500,000 per quarter to achieve our Year 2 Quarter 4 goal of $45,700,000 in revenue. My goal with these campaigns was to move our target personas through each of the four stages of the marketing funnel: Awareness/Interest, Consideration/Intent, Purchase, and Loyalty. I was to use the resources that were given to me to identify the appropriate campaigns to launch each quarter, and what type of content to use for each stage of the funnel, while staying within budget.
Quarter 1
For the first quarter of Year 2, I decided to run two consideration campaigns in order to move more customers down the marketing funnel so they are ready to purchase in Year 2. Because Quarter 1 is the quarter most likely for Sue to purchase, I ran a purchase campaign for this target market. This quarter I was able to increase consideration by 9% for Mindy and 5% for Raj. I was able to increase the amount of people in the purchase stage for Mindy to 20%.
Quarter 2
In the next quarter I ran two consideration campaigns as well as a purchase campaign for Mindy. This quarter I decided to try a loyalty campaign for Sue. Although I chose marketing strategies relevant to the loyalty stage, according to the resources provided to me, I found that this campaign had no impact on my results. I found that SMS Texts were most successful in my purchase campaign with a total of 23,486 website visits.
Quarter 3
In the third quarter, I ran three consideration campaigns as well as a purchase campaign for Raj. I was able to increase the total units sold from 78,086 last quarter to 78,658 this quarter.
Quarter 4
In the final quarter I ran three consideration campaigns in addition to my final purchase campaign for Seaside Sally. I increased consideration by 4% for each Raj, Sue, and Mindy. I increased purchase by 8% for Sally.
Overview of Results
Overall, by the end of Year 2 I was able to meet the revenue goal by achieving a Cumulative Revenue of $45,947,833. Throughout the two years of working on Buhi’s marketing team, I was able to steadily increase my revenue from quarter to quarter.
I was able to achieve my goal by selecting the appropriate target market for each campaign and running campaigns aimed at each target market in order to move them along the marketing funnel. By being able to review my results after each quarter, I was able to better determine which type of marketing worked best for each type of campaign and apply that to the next quarter to increase my success.
Year 3
If I was given a Year 3, I believe my purchasing campaigns would continue to be more successful because I was able to move all target markets through the consideration stage in my first two years. In the third year, I would focus on running more loyalty campaigns to ensure that I am continuing to increase overall revenue.
Overall, I feel this simulation was an extremely beneficial experience in inbound marketing. I was able to learn hands on through trial and error and I will be able to apply what I’ve learned in the future.