Excel Writing Assignment

Media Buying Budget Allocation Objective: Your task is to create an Excel spreadsheet to allocate the $100,000 budget across these three advertising channels based on the provided data. You will calculate the expected ROI for each channel and justify your budget allocation decisions. Then, create a client-facing document to present you with media buying budget allocation. Scenario You are the digital marketing manager for InnovateTech, tasked with launching the company’s latest product, the SmartGadget X. InnovateTech has allocated a budget of $100,000 for the product launch, and your objective is to strategically allocate this budget across three digital advertising channels: Facebook Ads, Google Ads, and Twitter Ads. Your team has decided to allocate: 50% of the budget to the channel with the highest expected ROI. 30% of the budget to the channel with the second-highest expected ROI. The remaining 20% of the budget will go to the third channel Background Information The SmartGadget X is a cutting-edge device targeting tech enthusiasts and early adopters. It combines advanced technology with user-friendly features, aiming to disrupt the market and establish InnovateTech as an industry leader. The client has given you their KPI goals for their media buying campaigns. Advertising Channels KPI Goals: Facebook Ads: CPC: $1.50 CTR: 2% Conversion Rate: 5% Google Ads: CPC: $2.00 CTR: 1.5% Conversion Rate: 6% Twitter Ads: CPC: $1.80 CTR: 2.2% Conversion Rate: 4.5% Instructions Imagine you are a digital marketing manager for a fictional company with a $100,000 advertising budget for a new product launch. Create an Excel spreadsheet to allocate the budget across these channels based on your research and analysis. Consider factors such as audience reach, cost-per-click (CPC), click-through rate (CTR), and conversion rate to determine the allocation. Calculate the expected ROI for each channel and justify your budget allocation decisions. Present your findings in a report format that is client-facing, including a summary of your rationale. Executive Summary: An executive summary is a condensed version of a longer document, report, or proposal. It serves as an overview, highlighting the main points, key findings, and recommendations without delving into the detailed content. Introduction: Provides context and background information about the document’s topic and purpose. It sets the stage for the reader by explaining why the document was created and what it aims to achieve. Excel Spreadsheet: Create an Excel spreadsheet to allocate the $100,000 budget across these three advertising channels. Your spreadsheet should include columns for each channel’s budget allocation, CPC, CTR, conversion rate, and calculated ROI. Use formulas to calculate the ROI based on your research. Expected ROI Calculation: Calculate the expected ROI for each advertising channel based on the allocated budget and the respective performance metrics (CPC, CTR, conversion rate). Use each channel’s provided performance metrics (CPC, CTR, conversion rate) to calculate the expected ROI. Use the following formula: ROI = [(Revenue – Cost) / Cost] * 100. When doing the equations, convert CTR and conversion rate into a decimal point; don’t use a % when calculating. Actual Twitter Ads ROI Calculation: Twitter Ads: CPC: $1.80 CTR: 2.2% Conversion Rate: 4.5% Using the formula: ROI(Twitter) = [((0.045 * 100) – 1.80) / 1.80] * 100 [4.5 – 1.80) / 1.80] * 100 (2.7 / 1.80) * 100 150% Budget Allocation Rationale: In your report, justify your budget allocation decisions based on the research findings for each channel. Explain why you chose to allocate a specific percentage of the budget to each channel, taking into account factors such as audience reach, engagement rates, and conversion potential. Consider the objectives and unique features of each platform. Report Format: Present your findings in a well-structured report format that should include: Executive summary (always write your executive summary late when writing a report) Introduction to the product and campaign goals Description of the selected advertising channels Budget allocation breakdown Justification for budget allocation decisions Expected ROI calculations Conclusion Recommendations with Next Steps Required Report Subheader (See the Template below this assignment in the Canvas module) Executive Summary Introduction Advertising Channels Budget Allocation Rationale Expected ROI Calculation Conclusion Recommendations ****Please note that this is a simplified example of a real-world scenario. You would need to consider more complex factors, gather accurate data, and conduct a thorough analysis to make informed budget allocation decisions. ___________ Writing Instructions This is an individual project, NOT a group project. At least 2+ pages full of writing, one additional page to list references. 900+ Words of Writing Use the required subheaders provided in the report template. Audience: Client-facing. Written and formatted to be presented to a company, employ professional formatting and tone. APA Style citations, cite your sources. Arial or Times New Roman, font size of 11-point & single-spaced. Use the file-naming format of LastnameFirstnameAssignmentname.doc Save as a Microsoft Word Doc. All writing should be in your own words; don’t plagiarize. Citations: No more than a combined total of 25% of the submission and no more than a 10% match to any one individual source can be directly quoted or closely paraphrased from sources, even if cited correctly.