Growth Marketing ROI: Think Like a Portfolio Fund Manager

What if you managed your marketing channels like a financial portfolio? Discover how to drive smarter ROI by applying investment principles—diversify, monitor, and optimize like a fund manager.

So… with the recent market turmoil caused by a policy-tweeting President, I began to obsess over my personal investment portfolio. Mapping out my risk tolerance, allocating between equities, bonds, and even a cheeky play on thematic ETFs. Then it hit me, this is exactly how I’ve approached growth marketing for years.

Campaigns are like stocks. Channels are your asset classes. And ROI? That’s your return on capital. Whether it’s a bullish Meta campaign or a stable Google Search ad group, every move in marketing has its risk profile, expected return, and opportunity cost, just like managing a fund. It’s all the same game, just different dashboards.

And here’s where my finance training rears its analytical head: whether you’re investing $10K into ETFs or $1M into paid media, the fundamentals still hold. Know your objective. Balance risk and reward. Monitor religiously. Growth marketing isn’t about throwing money at shiny new platforms, it’s capital allocation with a creative twist.

So what happens when you start managing your campaigns like a portfolio manager? Let’s dive in. Your marketing mix may never look the same again.


1. Define Your Investment Mandate (a.k.a. Growth Objective)

Before a fund manager touches a single stock, they define their investment mandate. Income, growth, capital preservation — the goal shapes the portfolio.

Marketing isn’t any different. Are you acquiring new users? Building brand awareness? Maximising ROAS? Each objective requires a different mix of tactics, channels, and creative risk-taking.

And while I’d argue that every marketing dollar should ultimately ladder back to ROAS (let’s not pretend we’re a charity), the level of aggressiveness varies. Some brands want immediate cash flow; others play the long game with upper-funnel storytelling.

Your objective is your compass. It dictates how much you allocate to Google Search versus YouTube, branded versus performance, retention versus acquisition.

“Without a mandate, you’re just guessing with money.”

2. Diversify Campaign Bets (Like Building an Asset Allocation Strategy)

Enter Modern Portfolio Theory (MPT), the finance nerd’s holy grail. MPT says investors are naturally risk-averse and should diversify across assets to optimise returns while minimising volatility. The same logic applies to growth marketing.

Every channel has its own risk-return profile. Facebook might have a 10% ROAS upside, but it swings wildly depending on algorithm changes. Google Search? A reliable blue-chip with steadier returns. Influencer campaigns? The crypto of marketing: moonshot or dumpster fire.

Let’s break it down:

If you have four equally weighted channels with expected ROAS of 5%, 8%, 12%, and 18%, your portfolio’s expected ROAS is:

(5% x 25%) + (8% x 25%) + (12% x 25%) + (18% x 25%) = 10.8%

Not bad, but here’s the kicker: thanks to channel correlation (or lack thereof), your total portfolio risk could be lower than the sum of individual risks. That’s the magic of diversification. Facebook and TikTok may perform differently during the holiday season; one could tank, the other could thrive.

So design your stack accordingly:

  • Core Holdings: Your proven, high-conviction channels: Google Search, Meta, CRM.
  • Growth Picks: TikTok, UGC, influencer seeding, affiliate plays.

Base channel weightings on historical performance, CAC consistency, and campaign volatility. Measure each channel’s ‘variance’ using historical data, and track cross-channel correlations to understand how one campaign’s success (or failure) might affect others.

“Diversification is not just defense — it’s intelligent offense.”

3. Monitor Performance Like Stock Positions — and Cut the Losers, Double Down on the Winners

Fund managers have Bloomberg terminals. You have dashboards, or at least you should.

Every marketer should have a real-time view of channel spend, ROAS, CAC, CPM, and variance. Not just per channel, but in aggregate. Are you up overall? Or just being buoyed by one runaway success hiding a handful of underperformers?

But data’s only useful if you act on it. Set hypotheses for each campaign, like you would set target prices for stocks.

  • If Meta Ads doesn’t hit CPA targets in two weeks? Trim the position.
  • If YouTube starts outperforming by 20% with lower CPA? Scale it.

Here’s the tough love part: detach emotionally. The fact that “Instagram always worked before” doesn’t mean it’s a forever hold. In both markets and marketing, rational detachment is your moat.

“Be a performance pragmatist. Love the result, not the channel.”

4. Rebalance Regularly

The market changes. So should your marketing mix.

Just as fund managers rebalance portfolios quarterly, smart marketers reassess their stack frequently. What’s working? What’s stale? Are you overexposed to a declining channel? Is there a new ad format or beta worth testing?

Your media mix should reflect today’s consumer behaviour and not last quarter’s case study. Stay close to martech developments, algorithm shifts, and platform evolutions. What’s volatile today might be a stable performer next month (and vice versa).

Rebalancing isn’t just housekeeping. It’s strategic foresight.

“Past performance is not indicative of future results — in finance and in marketing.”

Final Thoughts: From Markets to Marketing – ROI Is All About Discipline

At the end of the day, growth marketing and investing share one simple truth: results come from discipline, not gut feel.

Thinking like a portfolio fund manager forces you to zoom out. It pushes you to look past the shiny new platform or viral ad and ask: Is this worth the risk? Does this align with my objective? How does this play with the rest of my mix?

It’s a mindset shift — from reactive tinkering to strategic capital allocation. It removes emotion, enforces structure, and most importantly, keeps your decisions grounded in risk-adjusted returns.

“The best marketers don’t just launch campaigns. They manage capital. Thoughtfully. Strategically. Relentlessly.”

So the next time you’re about to drop $100K on a campaign, pause. Take a breath. Ask yourself — would your portfolio manager do the same?

And now I want to hear from you.

👉 What’s your current “blue-chip” channel? The one you’d bet the farm on?

👉 And what’s your “high-risk, high-reward” play? The TikTok of your portfolio?

Drop them in the comments or DM me. Let’s compare portfolios. Who knows, your next winning bet might just come from someone else’s allocation.

🫶🏻 Thanks for reading till the end.

➡️ Follow Mervyn Chua and reshare to help others.

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From Tariffs to Teamwork: How Global Trade Teaches Us to Break Down Silos and Grow Together

Inspired by Lee Hsien Loong’s remarks on U.S. tariffs, this article draws parallels between global trade dynamics and workplace collaboration. Discover how businesses can shift from siloed KPIs to cross-functional teamwork to drive sustainable growth.

Last night, as I listened to Senior Minister Lee Hsien Loong’s remarks on the recent U.S. tariffs, something clicked. As someone who has spent my career in growth and performance marketing, with roots in finance and analytics, I couldn’t help but reflect on the parallels between international trade dynamics and the inner workings of today’s companies. 🌏➡️🏢

In his speech, SM Lee highlighted the United States’ shift from a cooperative multilateral trade system to a more unilateral “America First” approach. He pointed out how the foundational principle of the World Trade Organization — Most Favoured Nation (MFN) treatment, which ensures all countries are given equal trading terms, is being increasingly replaced by the U.S.’s push for “reciprocal tariffs.” In short, it’s a tilt from a win-win collaboration to a zero-sum mindset, where power dictates terms and size trumps fairness.

That got me thinking: this same dynamic often plays out within organizations.

Just as nations face challenges when dominant players prioritize self-interest over cooperation, companies can suffer when individual departments chase their own KPIs at the expense of shared success. The pursuit of isolated wins may boost short-term metrics, but it can also erode long-term growth. In contrast, cross-functional collaboration, much like healthy trade partnerships, creates leverage, unlocks synergies, and drives sustainable performance. 📈

In this article, let’s explore what businesses can learn from global trade diplomacy and why shifting from “me first” to “team first” might just be the growth strategy your organization needs.

1. The Shift in Global Trade Dynamics 🌍

a. Traditional Global Trade System: Leveling the Playing Field

For decades, the backbone of international trade has been the Most Favoured Nation (MFN) principle — a rule that ensures countries treat all trading partners equally. Under this system, if one country offers lower tariffs to another, it must extend the same terms to all other WTO members. This has helped even the smallest nations compete on a fair playing field, empowering global trade to become more open, predictable, and inclusive.

In a recent Ministerial Statement by Deputy Prime Minister Lawrence Wong, he reinforced that such multilateral frameworks have helped countries like Singapore thrive despite our size, fostering a stable, rules-based global economy that encourages mutual growth.

b. The Rise of ‘America First’: Power Over Principles

But that balance is shifting. The current U.S. administration has adopted a more transactional approach, favoring “reciprocal tariffs” over multilateral agreements. Instead of playing by established global norms, the U.S. now seeks to leverage its economic might to negotiate bilateral deals that favor its own interests, even if it means bending or breaking the existing rules.

As SM Lee Hsien Loong candidly observed, this strategy disrupts the global order. It’s no longer about fairness, it’s about who holds the bigger stick. And for smaller nations like us in Singapore, this creates vulnerabilities. Our economic model depends on open access and fair competition. A shift away from multilateralism could undermine not just Singapore’s competitiveness but global economic stability.

2. Organisational Parallel: Departmental Silos vs. Cross-Functional Collaboration 🏢

a. Siloed Departments: The Internal ‘Tariff War’

Much like nations, departments within companies often operate in silos — marketing, product, finance, and ops, each with their own priorities and KPIs. These internal borders may not be guarded by tariffs, but they’re just as obstructive.

For instance, a performance marketing team might be laser-focused on ROAS, while the product team prioritizes shipping features quickly, and finance scrutinizes every budget request. The result? Misalignment, duplicated efforts, internal competition, and friction over shared resources.

b. Cross-Functional Collaboration: Unlocking Synergies

Now imagine a scenario where marketing, product, and data teams come together with shared OKRs to improve customer LTV. Instead of finger-pointing, there’s open dialogue, data sharing, and joint ownership of results.

🔹 Example: Apple’s iPhone Development: Cross-functional teams of hardware, software, and design worked closely under “Project Purple,” with even engineers leading marketing efforts, resulting in the launch of one of the most iconic growth-driving products in tech history.

🔹 Example: IKEA’s Sustainability Mission: Diverse teams from across the business, including franchisees and corporate, collaborated through a Strategic Sustainability Council to achieve shared goals like 100% LED lighting and sustainably sourced cotton, powering IKEA’s long-term growth through purpose-driven innovation.

When departments collaborate, innovation accelerates, efficiency increases, and employee morale rises. Just like countries in a cooperative trade agreement, everyone wins.

3. The Pitfalls of a Win-Lose Mentality ⚔️

a. In Global Trade: Short-Term Wins, Long-Term Pain

The U.S.’s “America First” stance may offer short-term gains like better trade balances or domestic political wins. But the long-term risks are mounting: trade retaliation, loss of trust, supply chain disruptions, and a weakened multilateral system that once guaranteed stability.

History has shown that trade wars rarely have winners. The 1930s Smoot-Hawley Tariff Act worsened the Great Depression. In today’s hyperconnected world, unilateralism is even more dangerous.

b. In Organisations: Hidden Costs of KPI Turf Wars

The same applies internally. When departments chase siloed KPIs, it may look good on paper until the company stagnates. You see:

  • Product launches that miss the mark because marketing wasn’t looped in early.
  • Inefficient media spend because data insights aren’t shared across teams.
  • Burned-out teams working at cross-purposes and duplicating work.

Worse, it breeds a scarcity mindset — hoarding insights, resisting feedback, and eroding company culture.

4. Embracing a Win-Win Approach for Sustainable Growth 🚀

a. Strategies for Organisations:

Let’s shift the game from “my department wins” to “the company wins.” Here’s how:

  • Integrated KPIs: Set shared goals across marketing, product, sales, and ops — like revenue per user or net promoter score.
  • 🔁 Regular Cross-Team Syncs: Encourage functional teams to meet, align, and adapt plans in real time.
  • 💬 Leadership-Led Culture: Senior leaders must reward collaborative behavior, not just individual performance.

b. Lessons from Global Trade:

  • Just as Singapore thrives in a fair, multilateral system, organizations grow stronger when every team is empowered to contribute and collaborate.
  • Diversity of thought, like diversity of nations, creates stronger outcomes. Each department brings unique strengths, and when you blend them, you get exponential returns.

Final Thoughts: From Trade Wars to Team Wins

In both geopolitics and business, the difference between stagnation and sustainable success often comes down to mindset. As we’ve seen from the recent shift in global trade with the U.S. leaning into an “America First” strategy — prioritizing self-interest over collective progress can destabilize even the most established systems. The same is true within organizations: when departments operate in silos, chasing only their own KPIs, they may win battles, but risk losing the war for long-term growth.

Whether it’s the MFN principle in global trade or integrated KPIs in a business, the goal should be the same, which is to create structures where everyone has a fair shot at success and where progress is shared, not siloed. Because here’s the truth:

💡 Growth isn’t a tug-of-war. It’s a team sport.

So here’s your call to action: Take a hard look at how your teams work today. Are your departments building bridges or walls? Are KPIs aligned, or are they breeding internal competition? As leaders and collaborators, we have the power — and responsibility — to shift from a win-lose to a win-win mindset.

🌱 Let’s stop pulling in different directions and start growing together.

Keep It Simple, Marketer: How to Evaluate Martech Tools Like an Investor

Discover a simple, profit-focused framework for evaluating martech tools like an investor. Learn how to cut through the noise, avoid shiny object syndrome, and make smarter marketing decisions that drive real business impact.

So this happened to me earlier this week at the MarTech Summit in Singapore… I had more than a few conversations that ended with the same question: “Is this tool really worth the investment?” 🤔

I’ll be honest. Being surrounded by some of the brightest marketers, coolest demos, and the latest marketing tech was super energizing. There’s a real buzz that comes from swapping ideas, learning about new platforms, and imagining the possibilities. ⚡ But that same buzz can quickly morph into overwhelm when you’re faced with a dizzying lineup of dashboards, AI-powered features, and bold promises that this is the tool that will change your life (and pipeline).

Sound familiar? You’re not alone.

In a sea of tools, demos, and jargon-filled pitches, how do you actually cut through the noise and decide whether to pull the trigger on a new martech investment?

Here’s a radical idea: Keep. It. Simple. 💡 Strip away the vanity metrics, the shiny features, and the FOMO. Because at the end of the day, if a tool doesn’t help your business make more profit — by increasing revenue or reducing costs — then it’s probably not worth your time (or budget). 📉💸

Let’s dive into how to make smarter, simpler, and more business-driven decisions when evaluating your next martech investment.

Why Marketers Overcomplicate ROI 🤯

Let’s face it. Marketers are notorious for falling in love with shiny new tools. It’s easy to get swept up by sleek demos, AI-powered this, machine-learning that, and dashboards that look like they belong on the Starship Enterprise. 🛸

But here’s the thing:

🔧 Features Over Functions

We often focus on what a tool can do rather than what it should do for our business. That leads to complexity over clarity and, ultimately, clutter in your stack.

📊 Too Many Metrics, Not Enough Meaning

With every tool claiming to give you “data-driven insights,” we end up swimming in KPIs but still struggle to make decisions that move the needle.

🧠 Analysis Paralysis

You’ve got dashboards for days but no clear next step. Sound familiar? When you try to track everything, you end up understanding nothing.

The Shift Needed

It’s time to stop asking, “Is this tool cool?” and start asking, “What’s the business impact?” The real question is: Does it move us closer to profit?

The KISS Framework for Martech Justification 💡

“Keep It Simple, Stupid (but Smart).” 😄

Let’s bring it back to the one question that really matters:

👉 Will this tool drive profit?

Everything else is noise. Strip away the fluff and focus on the two simple levers that drive profit: Revenue Growth and Cost Reduction.

💰 Revenue Growth

Invest in tools that earn their keep by helping you sell more or sell better:

  • Improve conversion rates: CRO tools, smarter funnels, or better lead scoring.
  • Enhance personalisation: More relevant emails or platform experiences = more engagement = more sales.
  • Boost retention: Loyalty platforms and CRM systems that drive repeat purchases = higher LTV.

💸 Cost Reduction

Save time, cut waste, and do more with less:

  • Automation: Think email workflows, content AI, and smart scheduling.
  • Reallocate manual effort: Free your team from grunt work so they can focus on strategy.
  • Better targeting: Stop burning ad dollars. Smarter targeting = less waste, more ROI.

A Finance-Informed Lens on Martech Investment 📊

Here’s where my background in finance and asset management comes in handy. Let’s take a step back and think like an investor.

🧮 Net Present Value (NPV) for Marketing Tools

Every martech tool is a business investment. And every good investor asks:

“Will the return outweigh the cost and is it better than using that money elsewhere?”

Break it down like this:

  • Upfront Cost: Licenses, integrations, onboarding, training. 💵
  • Benefits Over Time: Either in revenue gains or cost savings over 12 months (a typical contract period).
  • Opportunity Cost: What else could you do with that money?

So the mental model becomes:

“Will this tool deliver more value than its cost over a 12-month horizon?”

Even if you don’t build a full spreadsheet model, this mindset helps you make smarter, more grounded decisions.

Simple NPV Breakdown:

  • 🧾 Initial Cost = license + internal hours for implementation
  • 📈 Forecasted Impact = estimated uplift in conversions or time saved
  • 🔁 Discount Rate = your company’s risk appetite or benchmark ROI

No buzzwords. Just business thinking.

How to Build a Simple Business Case Without Drowning in Data 🛠️

Don’t worry, you don’t need to be a spreadsheet wizard to justify a tool. Just follow this simple, no-fluff approach:

1. Start with a Hypothesis

“If we implement this tool, we expect a 10% increase in lead conversion.”

2. Estimate the Dollar Impact

10% more leads converted × average revenue per lead = projected revenue gain

3. Add the Estimated Cost

Subscription fee + implementation hours (people x time)

4. Consider the Time to Impact

Will results show up in weeks or months? How fast can we get to value?

5. Align with Stakeholders

Finance and leadership don’t care about CTRs or impressions. They want to know if this makes or saves money. Talk in business terms and not just marketing jargon.

🚀 Final Thoughts: Be the Bridge Between Marketing & Business

At the end of the day, marketing isn’t just about crafting clever campaigns or plugging in the latest tools. It’s not just creative, and it’s not just technical — it’s a growth engine. 💡

And the most effective performance marketers? They think like investors. 📊 They know that every tool, every tactic, and every touchpoint needs to serve a higher purpose: profit.

When you lead with simplicity, profit-focused thinking, and business clarity, something powerful happens:

👉 You stop chasing shiny objects.

👉 You start making confident, data-informed decisions.

👉 And most importantly, you become a true strategic partner to the business. And not just the person who runs the ads or manages the tech stack.

So here’s your next move:

💬 If you’re currently evaluating a martech tool or stuck in one that isn’t performing, ask yourself: What’s the impact on profit?

If you can’t answer that clearly, maybe it’s time to go back to basics. Strip away the noise, follow the numbers, and focus on what actually moves the needle.

Because sometimes, the smartest strategy is the simplest one. 💥


Want more content like this? Follow along as I break down growth marketing with a business-first mindset — minus the fluff and with a healthy dose of real-world strategy. 👊

2023 Digital Marketing Predictions

At this point, doing a 2023 prediction now seems to be cheating. I admit that predictions are hard and it probably took me longer than I should to assemble my views. While better late than never, hopefully this will spark conversation and hold us accountable for our predictions. 

AI-Powered Digital Marketing

Let’s start with an easy and obvious one – something I have already wrote about previously. Whether we like it or not, the rise of AI in Digital Marketing is upon us. 

2023 is probably the first year we see the start of real competition to Google’s Search dominance in the form of Microsoft’s new AI-powered Bing. However, this hype about AI has already transcended Search marketing, and many Ad Tech businesses are eager to incorporate AI into their products. 

With AI providing efficiency, what this means for Digital Marketers is the need to go beyond building deep technical expertise and instead focus on soft skills like problem solving, strategic thinking and creativity.

Focus on Enhancing Customer Lifetime Value

From a macro economic standpoint, 2023 is set to continue the tailwinds of a turbulent 2022. Rising interest rates, inflation and a potential recession.

With such a gray backdrop, more companies will probably prefer to be conservative with their digital marketing budgets. As such, to obtain growth in revenue, companies will need to extract higher value per user. 

Companies should therefore focus on product and monetisation to enhance their customers’ LTV. Improving LTV will also reduce the opportunity cost caused by the rising interest rates.

Apple to Extend its Digital Advertising Dominance

Since Apple released iOS 14.5, the importance of Apple Search Ads to Digital Marketers has grown drastically. This has clearly revealed Apple’s ambition in the digital advertising space.

Apple’s strengths lies predominantly in its ecosystem. With full visibility of its audiences within the iOS ecosystem, Apple is in the best position to provide personalised ads and measure its effectiveness. 

All Apple needs now, is to build its own ad exchange and demand-side platform.

Privacy Forces Transition to Probablistic Tracking

Towards the end of 2023, Google is expected to finally release its Privacy Sandbox initiative where it will reduce cross-site and cross-app tracking. This is almost equivalent to Apple’s iOS 14.5.

So, Digital Marketers should prepare for a world without deterministic tracking such as device IDs or cookies. The broad solution to this is probabilistic tracking and it is likely that advertising platforms will resort to using this. 

Tiktok to Finally Overtake Meta and Google

Let’s face it. Attention spans are dropping globally. (If you made it to this point, kudos to you!) We have been saying it for years that video as a medium is the next big thing. Specifically in 2023, short-form videos will takeover the world. To combat Tiktok, Meta and Google have both released their own versions in the form of Reels and Shorts respectively. 

It is probably still a stretch that Tiktok may actually overtake the two behemoths in 2023. But with as the fastest-growing platform dominated by youths, it is clear that the future, for now, lies in Tiktok’s hands.

In all, 2023 will definitely be another interesting year for digital marketers.

What other futures do you see yourself in 2023?