Where Marketers are Spending Their Money in 2020

Written By: A.J. Rounds

2020 Marketing Landscape 

We are now entering the second quarter of 2020. At the time of this writing, you and I are currently under heavy restrictions of quarantines and physical distancing for COVID-19. However, that doesn’t mean that marketing budgets disappear. In many cases, companies are ramping up their marketing spend. The following paragraphs are the top marketing objectives, budgets, and results predicted for 2020. 

Top Marketing Strategies and Objectives 

Marketing channels most implemented in 2019 and carried through 2020 continue to be email, social media advertising, and blogging/content marketing tactics as reported by Sales and Marketing Management. SEO strategies follow as a close fourth place. 

Top marketing objectives for 2020 include converting leads to customers, increasing sales leads, increasing brand awareness, producing thought leadership content, and increasing website traffic. Interestingly enough, SMM also reports that most leads are still found through referrals, trade shows, and events. The percentages are as high as 63% (referrals) and 44% (trade shows) respectively. Print advertising and direct mail are the least utilized at 3% overall. 

Marketing Dollars Spent

In support of these marketing strategies, SMM also reports that 56% of budgets are being allocated to digital marketing, 52% of budgets to website development, 36% to trade shows/events, and 27% to content/email marketing.  

RevRoad Marketing Initiatives for 2020

This data coincides with current RevRoad and portfolio company marketing strategies.  RevRoad is also ramping up our marketing spend online, building home and landing pages to convert that marketing spend, generating more content on LinkedIn, social media, and blogs, while still building person to person relationships (at a socially safe distance). RevRoad continues to invest resources into new videos produced by our amazing video team to promote online. 

As mentioned, we will be revamping our website to be more focused on you and other entrepreneurs who’d like to apply. This includes restructuring and formatting content better. Our goal certainly falls in line with converting leads into sales and increasing brand awareness. As a start, we recently launched a services page complete with videos to ‘show’ not ‘tell’ about the services we offer to scalable companies like yours. 

Summary

Without question, the largest portion of marketing budgets for 2020 will be allocated to digital strategies. Based on what SMM reports and what we’ve seen at RevRoad, the marketing channels mentioned above produce the greatest ROI. 
Good luck with your marketing efforts. Whether it’s a pandemic or other changes to the economy, don’t be afraid to adjust your marketing strategies to accommodate changing business needs. Keep going. You’ve got this!

Responsibility in Families

Written By: A.J. Rounds, Chief Marketing Officer at RevRoad

Responsibility in family. What a fantastic topic. Families come in all shapes, sizes, and varieties. 

Cultures and societal norms can play a big part in what defines responsibility in every family. In other words, it can be defined in many ways. 

Most can agree that parents have a responsibility to care for their children’s well being, while children have the responsibility to learn to be responsible family members, good citizens, and demonstrate responsible behaviors.

Teaching Children Responsibility

One of the ways in which children can learn responsibility is by watching and emulating the examples set by parents.

Being responsible means taking action.

It is beneficial for kids to learn that helping yourself, your family, others, and the community is a choice. But taking that first step towards responsibility is not always easy. 

Responsibility often requires an act of courage.  

Parents have the responsibility to guide and support courageous behaviors. 

Taking the initiative to be responsible requires a push out of our own bubble. It requires us to leave our comfort zone for the sole purpose of helping someone else

Sometimes, the choice to do so is simple. If we see a pregnant woman on the train it’s a good idea to offer our seat. If we see someone struggling with many bags, we should open the door.

These small acts of kindness are essential to creating a responsible society and are often taught within the family unit. But there are other, different types of responsibility that we need to partake in as well — actions that require a little more courage and choice

These behaviors are often less clear and require value judgements, judgements taught and supported at home.

Recognizing Responsible Situations

Think back to being a kid on the playground. Maybe, as we dangled from the monkey bars, we noticed another child bullying a classmate. The easiest thing to do would be to ignore the incident and keep playing. The responsible thing to do, however, would be to stand up to the bully. Doing so would be scary but show bravery, and ultimately a powerful act of responsibility.

Responsible situations happen daily. There are always opportunities to act responsibly. 

 What about stepping in to help out a community after a disaster? Or reporting to the scene of a crime?  These things can be difficult but that doesn’t mean we shouldn’t do what we can to help.

Sometimes responsibility means inserting ourselves into situations in order to do good, and teaching family members why and when it’s important to do so. 

Let’s make a resolution to find the courage within ourselves to take on responsibilities where necessary and teach family members to do the same. By teaching responsibility in families, we are preparing the world’s next generation of entrepreneurs and business leaders.

Savology Secures $750,000 Seed Round to Democratize Financial Planning

Savology, a Utah-based fintech startup providing free financial planning, oversubscribed a $750,000 seed round of funding to make financial planning more accessible and affordable than ever before.

Several strategic investors participated in the funding round, including:

“Savology has the potential to fundamentally change the direction of personal finances in America,” says lead investor Brady Murray. “I look forward to seeing the positive impact that Savology will have on both households and the broader industry as they improve access to financial planning and other financial services.”

After creating a free financial plan, Savology users get access to a financial report card showing them
their financial strengths and areas that need improving most.

Savology boasts a considerable lineup of financial service provider partners that include the likes of MassMutualAcornsLivelyM1 FinanceSelfBlooomThe ZebraCredible and many others. Savology is on track to expand the network of partners to 50 providers this year.

“We are grateful to the early investors and partners who believe in our mission and make it possible for us to elevate Savology to new levels,” says Spencer Barclay, Founder and CEO of Savology. “We know that we have an incredible amount of work ahead of us, but we are up for the challenge to help millions of households achieve financial security.”

Savology’s Founder & CEO, Spencer Barclay, shares how Savology is helping American households improve their
financial well-being to a crowd of thousands.

To date, Savology has helped nearly 10,000 households improve their personal finances with its free financial planning platform. With the current economic uncertainty and recent stock market declines, there has never been a better time to help Americans with their personal finances. Savology plans to use this funding to help 100,000 users build free financial plans this year.

For more information about Savology visit savology.com.

For media inquiries, please contact Bri Ray, Communications Specialist, at (801) 472-2124 or press@savology.com


Your financial future starts today

Savology is a free planning platform where you can build a free, unbiased, personalized financial plan in about 5 minutes. Your Savology plan will give you action items to start working on as well as an overview of your current financial situation. After you have made some progress, Savology can connect you with some of the world’s top providers to help you accomplish your financial goals.

Build your free plan today

It’s Time to Champion Underrepresented Talent

Diversity, or the lack thereof, has been the topic of conversation as the highly anticipated Silicon Slopes Tech Summit came to a close. Though tech companies in the Silicon Slopes area have provided an influx of new jobs in Utah, the amount of underrepresented talent employed by these companies is low. We could blame it on Utah’s general “lack of diverse population”, on the homogenous religious communities, or on the difficulty of finding qualified underrepresented talent. We could  blame it on numerous factors, but it doesn’t change the fact that underrepresented talent in Utah is just that—underrepresented.

While Utah’s startup community is on the road to becoming the next Silicon Valley, companies face significant recruiting challenges in the most competitive talent market since 1969. “Leaders can no longer afford to ignore any opportunity that could present qualified candidates. This includes creating an inclusive environment where everyone feels like they have a place”(Mentorli, 2020). The truth is, Utah is 78% white and predominantly Mormon. While many of the cultural responsibilities that come with Utah’s dominant religion prove beneficial for entrepreneurs, “the very thing that is transforming Utah into the next tech mecca could be the very thing that ends up holding it back” (Bluestein, 2020). 

It’s no question that the companies on the Slopes are in need of cultural pivots to better recruit, hire, and retain more underrepresented talent. The call for diversity has been issued, and a new company, called Mentorli, appears to have the solution. Through their mentorship platform, Mentorli increases a candidate’s chances of landing a job by 15x. “We’re leaning into that power to close the opportunity gap underrepresented candidates face,” says CEO Luke Mocke.

Creating equal opportunity for job seekers is simply the right thing to do, but it turns out there’s a significant business case too. For one, there’s a linear relationship between earnings and racial diversity on the senior leadership team—to the tune of .8% in earnings for every 10% lift. However, the most compelling reason for fast growing companies in the US, and Utah specifically, to hire diverse talent is to open their talent pool for future hires. Homogenous organizations unknowingly marginalize talent that looks different to them. To ensure they’re creating an inclusive environment for all qualified talent, they need to create a representative workforce. Failing to do so is already creating monumental challenges as minorities in the US become the majority. 

Mentorli supports this philosophy by empowering underrepresented employees to recruit candidates from similar backgrounds—showing candidates how to set themselves up for success in the interview process and thrive in a new environment—building diverse networks from the grassroots level. Read Mentorli’s full press release here. As a participant in the recent Silicon Slopes Tech Summit, Mentorli is offering a FREE first hire to companies that schedule a demo before February 7, 2020. Check it out today!

RevRoad hosts Women Tech Council Cofounder Sara Jones

We continued RevRoad University series in July with a focus on marketing video and the value of lean growth strategies. The free series is focused on business leaders and startup employees, and was open to the public.

Each RevRoad University event includes a workshop about an important element of business growth. Then, over lunch, I get the opportunity to interview local serial entrepreneurs about their experiences.

This month started with a presentation on the importance of storytelling in video from RevRoad Video Director Tigran Mirzoyan. He talked about the history of visual storytelling, the importance of asking the right questions and having humility, and how to create a story arc.

After lunch, sponsored by Squire & Company, PC, Sara joined me on the RevRoad stage to tell her story. She talked about how she transitioned to entrepreneurship after working as a patent attorney, and how much the landscape has changed for women in tech since 2007.

In fact, much of that change may be due to her efforts. Sara cofounded Women Tech Council in 2007, and has helped lead the nonprofit organization ever since. The group is laser focused on providing only what the community needs, and was careful to listen to feedback at every stage of growth. Today, the organization has 10,000 men and women members around the country, has helped thousands of college women in STEM careers and has inspired 12,000 high school girls through the SheTech program.

The complete transcripts and video recordings of the event will be available soon. To watch previous #RevU workshops and interviews, visit us on Youtube and be sure to follow our channel and let us know what you think in the comments.

Then, mark your calendar for our next edition of RevRoad University. We’ll host San Diablo Churros Founder Scott Porter, and focus on branding and raising capital.

 
RevU July – Gallery
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