In our last post, we listed out 19 ways to get new customers to your website. In this post, we’ll be talking about how to work through those channels to make sure which one is right for you.
19 ways to get your product out there is a lot to get through. That also doesn’t mean you should try everything at the same time. Not having a solid focus is a common mistake many new businesses make.
Out of the 19 channels we listed, all you need is one channel to work for you. Finding that one channel then just comes down to efficient testing and measuring.
The best way to effectively work through the channels is by using the bullseye framework. It’s a three-step process, where you work through all the channels to find the one(s) that work for you - that channel is the bullseye.
What is Possible - The Outer Ring
The first step of this process is to go through the list and work out at least one way your business can use that channel. This is your ‘outer ring’.
Everyone has biases and knowledge gaps, which causes them to dismiss opportunities early, or to focus too much on others. Therefore, it’s incredibly important to go through every single channel and brainstorm at least one idea for it.
Don’t skip any.
Hopefully, reading through part one of this guide would has given you some ideas. But if you’re stuck for ideas, a little bit of research could help you. Try looking for other ways companies have made a channel work for them. It also helps if you look at your competitors and see how they use a particular method, and explore what hasn’t worked before.
What’s Probable - The Inner Ring
After you’ve listed out all the ideas, go through the ring and promote your favorite ideas into the inner ring.These are the ideas that are most exciting to you, and show the most amount of promise.
As a good rule of thumb, try to limit the number of ideas you move into the inner ring to around 3. Limiting yourself ensures you don’t get overwhelmed, and that you have enough resources to explore each channel.
Your job in this step is to run cheap tests to see which idea has the potential to move the needle forward for your company. Try to design tests that don’t require a lot of upfront cost or resources. For example, an inexpensive test could be running a small number of Facebook advertisements to check the display advertising channel. Another is launching some blog posts to see how content marketing works for you.
The key in this step is focus and speed. Spend a day mapping out the channels, and constructing an experiment for them. Then run the experiments for around 2-weeks to a month as a ‘sprint.’ At the end of this sprint, you then evaluate how each channel did for you.
Things you need to keep in mind when measuring your results are:
- How much did it cost to acquire customers from each channel? Take into consideration time and resources as well.
- How many customers did you reach during the experiment? How many customers in total are available on this channel?
- How high-quality were the customers the channel acquired? How high is their estimated lifetime value? Or if your goal was to gather leads, how likely were the leads to convert into a high paying customer? Not every customer is equal!
Some methods take more time to build than others. For example, SEO and content marketing are usually long-term games, whereas advertising shows results overnight. Some channels might also interact with customers differently. High-quality content marketing, for instance, does not sell your product directly; customers might read an article, think about it for a bit, and then return a week later to purchase. In this case, how do you compare channels that function differently?
The key would be to find the common metrics you can measure both channels with. This would involve some digging around in your Google Analytics to determine the performance of each different medium. Some of the metrics you might compare could be:
- Bounce Rate
- Sessions Per User
- Conversion Value
Don’t forget this step is to determine would move the needle forward for your business. Many founders make the mistake of scaling too early, too fast, and don’t correctly measure their experiments.
What is Working - The Bullseye
If all goes well in the second step, the third step is to find one thing that is working best and focus on it. You should direct all your resources and efforts towards it, as you should try to scale your results.
Many businesses often get distracted by other channels, possibly 2 or 3 others that performed well in earlier tests. Some channels, such as SEO, only work if used with others. It’s important, however, to ensure all your efforts are spent on supporting the core channel, rather than to have many fingers in different pies.
The reasoning behind concentrated focus on that if quick, cheap, early tests showed promise, then spending more effort and time on uncovering more strategies for that channel, and honing your abilities using the channel, well result in even bigger gains.
One thing to remember is eventually all channels will hit a saturation point - a point where they are no longer as effective as they were. You will see results taper off, at which point it will become increasingly expensive to acquire customers.
When this happens, you will then need to refer to your inner circle, and promote another promising channel to your bullseye.
Let us know how you went with the bullseye framework! Which channel ended up becoming your core channel?