Whether you’re building a new brand from the ground up or you’re an established business looking to grow, lead generation is a crucial part of your strategy.
Perhaps you’re thinking about trying a quiz? If so, you probably have a lot of questions. Maybe the most pertinent issue is to do with how much you should be paying. You might be wondering how much marketing budget to allocate to a quiz or what are you competitors are spending.
How much you’ll spend depends on various factors. We’re going to break down the question by looking at the influencing factors such as your industry, your goals, what type of quizzes are available and where they place on the spend scale.
What you spend on marketing depends on what industry you’re in
The amount of revenue spent on marketing varies depending on what industry you’re in We’re going to take a look at overall marketing spend across B2C and B2B.
The average B2C product-based company spends 15.5% of their revenue on marketing, while a B2B product-based company only spends around 10.3%.
That doesn’t mean that B2B spend less money on marketing, they may spend a smaller percentage of their revenue, but it equates to more cold hard cash.
This is because typically, B2B leads cost more than B2C leads, but B2B businesses need less leads to turn a profit. For example, the benchmark cost per lead (CPL) for IT services is £38 to £75, while the CPL for consumer goods is around £20.
These benchmarks could change, recent reports suggest B2B technology is one of the fastest growing industries, whereas consumer goods and retail have taken a hit, so industries may be beginning to even out.
What are your goals for your quiz?
Before you even think about how much of your marketing budget to allocate to a quiz you must define your goals:
- Do you want to create a viral social media that will generate a massive number of impressions?
- Do you want to increase engagement with your audience?
- Do you want to direct your leads to a specific product offering?
- Do you want to segment your leads so you can personalize your email marketing?
- Do you want to qualify leads for a sales team?
- Do you want to do market research for a new or existing product or service?
What you want your quiz to achieve and how much of your own time you want to invest in it will dictate how much you need to spend. If, for example, you want to create a viral Facebook quiz to boost impressions, your spend needn’t be too high. But, if you want to generate a large number of leads, increase conversions, improve revenue quickly and without doing the manual work yourself, you’re going to need to allocate more budget.
If you’re a small brand its essential that you choose a quiz provider who can be savvy with your budget. That’s more likely with a quiz specialist. Someone who can work with you directly and has their own tech will be able to make your money go further than subscribing to an online DIY quiz builder or using an agency who might outsource to their preferred quiz solution.
What sort of quizzes are available?
Quiz marketing spend can differ based on a business’s size, resources, and goals. So, what type of quiz would best suit your needs. Below we’ll outline the different options and in the next section we’ll look at how much you’re likely to pay for each quiz type:
A scored quiz can be a knowledge, diagnostic, or assessment-based quiz but with a specific score that is revealed to the quiz taker at the end.
- The score keeps prospects intrigued and ignites their competitiveness, which in turn increases engagement
- Providing a score allows quiz takers to benchmark their progress
- Providing an accurate score can be difficult if you don’t have the knowledge or experience of a quiz expert
This is a more traditional assessment method that tests the level someone is at in relation to your field of expertise.
- Great to measure your audience’s understanding of a topic
- Great for benchmarking progress
- You can segment your audience based on their knowledge or experience
- No cons with this beauty of a quiz!
A trivia or general knowledge quiz tests quiz-takers knowledge on a particular topic. It’s usually something fun based on a trending pop culture item. These types of quizzes spark our innate curiosity and competitiveness.
- Very effective at driving impressions, brand awareness, and viral traffic
- High engagement, which brings with it a higher lead capture rate and cheaper advertisement costs
- Your prospects can identify and better understand a problem they have
- You can survey and segment your audience
- You can collect a lot of leads but may have lower conversions
A Personality Quiz is a highly engaging quiz that helps quiz takers learn something about themselves.
This could be a more serious personality quiz like the Myers-Brigg assessment, or it could be a fun light-hearted style personality quiz like ‘What Animal Are You?’.
- High engagement leads to higher lead capture rate and cheaper advertisement costs
- Survey and segment your audience
- You can collect a lot of leads but may have lower conversions.
This quiz helps your audience understand their problem and matches them with a solution. For example, it could help them identify a mistake they are making, what product on your website best meets their needs, or what content will help them solve their problem. See our case study on Lisa Johnson for an example.
- Help your prospects identify or better understand a problem they have
- Help your prospects match a solution with their specific problem
- Survey and segment your audience
- Less likely to be shared socially
What are the most expensive quizzes?
It really depends on what your goals are. Let’s say you want a robust diagnostic, assessment or scored quiz that is going to deep dive into your ideal client’s pain points and position you as the solution they need. A quiz specialist or marketing consultant is likely the best option for you. They will have a bigger upfront fee but the end result will be a more powerful, more cost effective, harder working quiz that delivers tangible rewards.
What are the cheapest quizzes?
Again, it depends on your goals. If you want to churn out a lot of trivia and personality quizzes as part of a content strategy to gain brand awareness, a subscription to an online DIY quiz builder might be the cheapest option for you. But the monthly fees and add-ons can mount up. Many DIY solutions offer free trials or free plans such as Google Forms.
So, what’s the answer?
Figuring out how much to spend on a quiz will depend on your size, resources, and goals. Most brands spend anywhere from five to 12% of their budget on marketing.
There is no perfect answer to the question “how much should I spend on a quiz?”. The truth is you have to figure that out by looking at your existing resources and your goals.