Exploring the Best Marketing Strategy for New Businesses
The number one reason why new businesses fail is that they don’t attract enough customers. Many businesses make it through stages like coming up with a brand name, creating a logo, and building a basic product or service, but they struggle when it comes to attracting prospects and converting them into customers. This article will outline a simple four-step framework called the Bullseye Framework, drawn from the book Traction by Gabriel Weinberg and Justin Mares. This method helps you choose and execute the best marketing opportunities for your specific business.
Step 1: Brainstorm Marketing Ideas
The first step is to brainstorm all the different ways you could potentially attract customers. It’s essential to come up with realistic scenarios for executing these opportunities. For example, consider content marketing—what kind of articles or videos could you create? Would a podcast be beneficial? Explore how you might promote your business using each marketing channel.
The goal of this step is to identify a variety of marketing channels, even if you won’t pursue all of them simultaneously. This exploratory process prevents you from getting stuck in a rut, where you only follow the paths that your competitors are taking. While following popular channels can be tempting, they may not always represent the best opportunities for your unique business.
Step 2: Select Promising Channels
Once you’ve brainstormed your ideas, the next step is to narrow the list down to three to five of the most promising channels. As a startup, speed should be your priority, so choose channels that can yield quick results. Consider factors like the potential volume of customers and the profitability of attracting them. It’s crucial to find opportunities that will provide a solid return on your marketing efforts.
Step 3: Perform Inexpensive Tests
In this step, you validate your promising opportunities through inexpensive tests. This is vital because not all marketing channels perform equally. You might discover that a channel you thought was promising isn’t effective at all. Conducting simple tests allows you to compare results across different channels without investing heavily in any one of them.
One common mistake is to try to optimize too soon. If you’re running ads, for instance, you might set strict margins for conversion costs too early in the process. Instead, focus on validating two key points: first, that there are enough potential customers in this channel to make it worth pursuing, and second, that with some optimization, you could be profitable in the long run.
Step 4: Select One Promising Channel
After conducting your tests, it’s time to select one channel to focus on. This is critical for new startups because spreading yourself too thin can be detrimental. Many marketing channels operate on a winner-takes-all dynamic, meaning the best-optimized campaign often far outperforms the competition.
Mastering one channel allows you to capitalize on its potential fully. Successful entrepreneurs often have a deep familiarity with at least one marketing channel, providing their business with a competitive edge. Once you’ve maximized your efforts and reach a point of diminishing returns, you can revisit your earlier ideas and explore additional channels for growth.
Conclusion
The Bullseye Framework offers a straightforward and powerful approach to selecting and testing marketing strategies for new businesses. By brainstorming potential opportunities, narrowing them down to a few promising channels, performing inexpensive tests, and ultimately selecting one channel to master, you set a solid foundation for attracting customers and growing your business effectively. If you have questions or suggestions for attracting and converting customers, feel free to share your thoughts.
