In response to the global pandemic, a marketing analytics startup has created a novel way for business leaders to free up $100Ks in cash from their own marketing budgets. StrategyBox’s algorithm, ‘RedBox’, instantly identifies the marketing campaigns that drive sales the most efficiently. This allows a company to reduce its marketing budget intelligently, reallocating cash to payroll and vital suppliers, while still bringing sales in.
"I was on the phone with a prospective customer, a VP of Marketing. On the call, the VP mentioned an email from her CFO asking how they could cut marketing spend by 80% to conserve cash. I realized the VP had no tools, or experience, in doing that. In three days, we designed and built a solution," says StrategyBox CEO Aaron Vidas. The company has fielded 50+ calls from prospective customers after launching five days ago.
After signing up at strategybox.com, companies can connect their advertising platforms to RedBox in 15 minutes. The algorithm identifies what 20% of campaigns drive 80% of sales, then, in a dashboard, displays what results can be expected with a reduced marketing budget. This is combined with the current advertising campaign performance of their top two competitors, allowing customers to 'reset' expectations of their campaign performance.
Deloitte's Fall 2019 CMO Survey found that 12% of a firm's revenue is devoted to marketing and advertising (source). For a firm making $10M per year, with a $1.2M annual marketing budget, a modest 20% budget reduction frees up $240k. "During COVID-19, companies must have every edge to survive today and thrive tomorrow. RedBox shows them what to cut and frees up cash, while still bringing sales in. Using it could mean the difference between life and death for a business," states Vidas.
StrategyBox is a marketing intelligence company with offices in Vancouver, Canada and London U.K. They make it simple for retail and technology companies to understand how marketing drives sales, then what to do next to drive up results.
Media Contact
Aaron Vidas, CEO, Founder
Direct - 778.288.0488
Email - media@strategybox.com
Site - www.strategybox.com
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Original Source: COVID Sparks AI That Reduces Marketing Spend 80% and Still Brings in Sales
