How to choose the best marketing channels for your business?
In this series of Stacks Savvy Advises, we have discussed with you in the 1st article the importance of creating an MVP (minimal viable product) for your e-store.
Today we are coming at you with the 2nd savvy advice which is ‘How to choose the best marketing channels for your business?’
When you are finally launching your product/service to the market you want it to gain attention from your potential customers and what better way to do that than with marketing?
- But which channel should you use?
- How much budget should you set for these channels?
- How to know which channels to focus on?
I am going to answer all of these questions for you today in this article, so keep on reading!
Which marketing channel should you advertise on?
The short answer is All, but bare with me here;
There is a strategy called ‘The Bullseye Strategy’ written in the bestseller ‘How Any Startup Can Achieve Explosive Customer Growth’ written by Gabriel Weinberg and Justin Mares. It’s the same strategy he used to gain traction for his company DuckDuckGo. This strategy consists of three stages and I will insert a snippet of each from his book.
“ The Outer Ring: What’s Possible
The first step in Bullseye is brainstorming every single traction channel. If you were to advertise offline, where would be the best place to do it? If you were to give a speech, who would be the ideal audience? Imagine what success would look like in each channel, and write it down in your outer ring.
And he listed 19 viable channels:
Targeting Blogs, Publicity, Unconventional PR, Search Engine Marketing, Social and Display Ads, Offline Ads, Search Engine Optimization(SEO), Content Marketing, Email Marketing, Viral Marketing, Engineering as Marketing, Business Development, Sales, Affiliate Programs, Existing Platforms, Trade Shows, Offline Events, Speaking Engagements, Community Building.
The target of this is for you as a business owner to experiment with all the channels that could turn out to be optimal for conversions, so that you wouldn’t leave any untapped potential for success.
After experimenting and selecting (we’ll tell you what to base your selection on in the next point) the channels that are proven to be promising and may have already started providing your website with traffic, you will move on to choosing those channels for the next round which is the middle ring.
How to choose which marketing channels to transfer to the middle ring?
Depending on your KPIs (Key Performance Indicators) and the goals you want to achieve from these channels whether they are leads or traffic or anything you want to set as your goal, then spend a small budget as you can on marketing these channels until you find 3 to 5 channels that are giving you the wanted Traction. You can then take these channels to the Middle Ring
“The Middle Ring: What’s Probable”
The second step in Bullseye is running cheap traction tests in the channels that seem most promising. Go around your outer ring and promote your best traction channel ideas to your middle ring.
We want you to have more than one channel in your middle ring because we don’t want you to waste valuable time testing channels…..
Yet doing too many things in parallel leads to errors from lack of focus, which means the number needs to be somewhat low.
for each traction channel in your middle ring, now construct a cheap traction test you can run to determine if the idea really is good or not. these tests should be designed to roughly answer the following three questions:
- How much will it cost to acquire customers through this channel?
- How many customers are available through this channel?
- Are the customers that you are getting through this channel the kind of customers that you want right now?
After experimenting and assessing the results according to the KPIs you have set for the channels, you are going to move only the channels that achieved Traction meaning the channels that achieved their goals or even exceeded them to the inner ring.
The Inner Ring: What’s Working
The third and final step in Bullseye is to focus solely on the channel that will move the needle for your startup: your core channel.
If all went well, one of the traction channels you tested in your middle ring produced promising results. In that case, you should start directing all your traction efforts and resources toward this most promising channel. You hit the Bullseye! you’ve found your core channel.
At any stage in a startup’s life cycle, one traction channel dominates in terms of customer acquisition. That is why we suggest focusing on one at a time, but only after you’ve identified a channel that seems like it could actually work.”
- It’s important for you as a business owner to avoid spending all your budget on one channel when testing.
- Understand the Bullseye method and implement it carefully and with patience to avoid making mistakes that would decrease your ROI (Return Of Investment)
- Set solid measurable KPIs that can guide you towards achieving your goals.