Let's explore a simple four-step process that you can use to craft the best marketing strategy for your new business or product. It's called The Bullseye Framework and it comes from "Traction" by Gabriel Weinberg and Justin Mares.
NEW 2022 EDITION OF THIS VIDEO HERE
HERE ARE 33 MARKETING STRATEGIES TO GET MORE CUSTOMERS
This approach makes it easy to brainstorm marketing ideas, select promising options, perform inexpensive tests, and ultimately select the best marketing channel for your specific business or product.
Watch that video to explore marketing options and then go through the simple four-step process in this video to start marketing your new business, product, or service.
Content by Rick Kettner
Produced by Kyle Trienke
- Hey, it's Rick Kettner here.
And in this video, we're, gonna explore the best marketing strategy for promoting a new business or a new product.
Essentially, we're gonna be looking at a simple method that you can use to choose and execute on the best marketing opportunities for your specific business.
This is a follow up to a previous video that I published on 33 ways to get more customers.
You can find the link to that video in the description box, below.
And of course, if you're interested in learning more about how to build and grow your business, then I recommend that you subscribe to the channel and turn on notifications.
So you don't miss out on future.
But, let's get into it.
Number one reason why new businesses fail is that they don't attract enough customers.
The reality is a lot of businesses make it through the other stages like coming up with a brand name, coming up with a logo, even building out a basic product or service, but unfortunately, many of them fail when it comes to actually attracting prospects and converting those prospects into customers.
That is the entire focus of this video.
We're gonna be going through a simple four step framework called the bullseye framework.
This is from "Traction" by Gabriel Weinberg and Justin, Mares.
A, really great book for startups that are looking to attract customers to their business.
This is a simple like I say, a four step process that you can use to attract customers.
The, very first step is to brainstorm marketing ideas.
What you wanna do here is you wanna go through all the different ways that you could possibly attract customers to your business.
And you wanna come up with realistic scenarios for how you might execute on those opportunities.
Now, I mentioned earlier that I recently published a video covering 33 ways to get more customers.
You can go through that video, that's, 33 different marketing channels that are covered in that video.
The idea here, even though we're, not gonna be pursuing all 33 channels at once.
We'd be spreading ourselves way, too thin.
The idea here is to come up with realistic scenarios for each and every one of them, just as an exploratory process.
So, for example.
If you go down the list and you see content marketing, you wanna come up with a realistic scenario for how you might promote your business using content.
What kinda articles.
Could you create? What kinda videos?, Would, you create a podcast? You.
Wanna explore exactly how you might pursue that opportunity.
If you absolutely had to.
And, then you wanna do the same as you go down the list with search advertising, social advertising, hosting live events.
You might consider.
Would you host a local meetup, a small meetup group with enthusiastic customers,? Or would you try to put on a big fancy event and invite other speakers? Whatever, the marketing channel might be.
The idea here is to simply explore the possibilities to reasonably brainstorm.
What you could do if you absolutely had to pursue the various different marketing opportunities that are out there.
The reason why this is important is because oftentimes, businesses get stuck in a rut where they really only pursue marketing channels that all of their rivals are pursuing.
If you see another potential competitor using search advertising, you might be tempted to just say, "Okay, search advertising is the way "that you market.
This kinda business." And that really limits your options., And unfortunately.
When you follow that kinda strategy, you're actually playing into your competitor's strengths and you're pursuing a channel that is already gonna be competitive, right? So by its very definition.
The most popular channels may not necessarily be the best opportunities.
They are still.
Sometimes they aren't.
The entire point of this first step is to actually explore what you might do.
If you had to pursue different channels in order to just flush them out and see what might be possible.
Step number two is to select promising channels.
This is a very important step where we start to narrow the field.
Instead of pursuing all 33 channels, we're, gonna narrow it down to about three to five of the most promising opportunities.
And when I say, promising, because you're a startup, your number one priority should be speed.
You wanna find channels that are likely to create results for you quickly.
And of course.
You also wanna choose channels that are likely to offer a lot of customers, right?, So you're talking about both volume of customers and speed at which you can actually attract them.
Of course, another consideration would be your ability to attract them, profitably.
So, just because a channel can deliver a lot of customers, and can do so quickly.
It might not be cost effective to pursue it.
The kinda thing you wanna be thinking about as you narrow down the field to three to five of the most promising channels, or the most promising opportunities based on your initial brainstorming.
Then, it's time to move on to step three.
Step three is something that I think a lot of businesses skip over just naturally when they try to pursue marketing opportunities.
Step three is to perform.
This is critical, because even if an opportunity seems really promising, and as you go through how you might pursue it, it seems really attractive, and it might be really exciting.
The fact is not all marketing channels are equal.
Sometimes you might be really surprised to find out that one channel just isn't that effective.
If you don't, compare its results with another channel, then you're really never able to make that differentiation and to realize, hey.
This might be a half decent opportunity.
But over here is a much, much better opportunity that we should really be focusing all of our time and attention on.
This step is all about just simply performing inexpensive, simple tests to validate the potential of each of your promising opportunities.
One mistake, a lot of businesses make when it comes to testing marketing opportunities like this, is they try to overly optimize in the process.
So for example.
If you were gonna place ads on Google AdWords, you might go on there and say, "Okay, I have a $40 margin on my product, "I can't afford to spend more than $40 per conversion here.
So if I'm spending more than "that, then this channel just isn't, very promising." And that thought process leads them to aim for targets and to set their ad spend in a way that is unlikely to provide really great results.
The reason why this is bad is because the only goal of this step here is to validate two things.
One, that there are enough customers in this channel that it's worth pursuing.
And two, that you have a vague sense that if you took the time to optimize your efforts, and to improve your ad copy and to improve your landing page and your entire marketing funnel as it relates to that channel, then over time, you almost certainly will be profitable.
That's, what you're trying to figure out.
You're, not trying to actually optimize because if you do that too early, you're ruling out a channel before you even give it a chance to breathe.
What you wanna do here is just simply perform inexpensive tests to validate.
There are customers there and that it's worth your time and energy to pursue things further.
Then afterwards, later in the future, you can worry about doing all that optimization.
In some cases.
It takes months if not years, to really perfect your entire approach to that channel.
And, that's perfectly okay.
You can do that in the future, and it's, not gonna affect your long term potential with that channel.
The idea behind this step is just simply to validate that it's worth your time to explore things, further.
Then we move on to step number four, which is to look at all these tests that we've performed and to select one, promising channel., To, select the single thing that we're gonna focus on when it comes to building momentum with the business.
This is incredibly important when it comes to a brand new startup, because you really can't afford to be spreading yourself, too thin.
The reality is that when it comes to a lot of marketing channels, there's, a bit of a winner.
Take all dynamic that happens with marketing.
Search is a great example of this., The person that is able to best optimize and best outperform their rivals when it comes to advertising for a specific keyword or a specific family of keyword phrases.
They tend to far outperform.
Whoever is second in that area.
Whoever is second best at utilizing that marketing channel.
It really pays to become an absolute master at at least one channel when you're growing a business.
In, fact, that's, pretty common wisdom within the marketing community that you really.
If you wanna have a successful business, there should be at least one channel out there that the entrepreneur or founder, or at least one of the co-founders of the business, is incredibly familiar with and is very proficient at using.
And that really gives the business a lot of strength.
So the idea here is really simple, right? You, just wanna focus on one channel.
You wanna become really great at that one channel.
And you wanna absolutely focus your efforts on capitalizing on all of the potential of that channel, until of course, you hit diminishing returns., And that's, the point at which spending more money on the channel doesn't really give you more results.
You might find a point like let's, say, Google AdWords.
You might find spending more than 50,000 in a given period.
Just simply does not increase results.
And at that point, it's time to revisit this process, explore other channels and figure out what second or third channel.
You can tag on to expand your business., But that's, really the process, here.
It's, really straightforward., It's, really simple.
It might almost seem too simple, but that's okay.
And it's, a very powerful way to like I, say, select and test and ultimately find the one channel that is most promising for your business.
Anyway, that's it for this video.
You have any questions, or if you have any thoughts or even suggestions for better ways to attract and convert customers, please share them in the comment section below.
And of course.
If you're interested in learning more about how to build and grow your business, then I recommend that you subscribe to the channel and turn on notifications.
So you don't miss out on future, videos.
But with that said.
Thank you for watching and I'll.
See you in the next video.
The most effective marketing strategies are those that are targeted toward a specific audience, focused on key benefits based on the audience's point of view and interests, and delivered at an appropriate time – when the audience is most likely to be attentive to and interested in the message being delivered.What is the most effective strategy in marketing a product? ›
The most effective marketing strategies are those that are targeted toward a specific audience, focused on key benefits based on the audience's point of view and interests, and delivered at an appropriate time – when the audience is most likely to be attentive to and interested in the message being delivered.What are the 4 product market strategies? ›
The four Ps are product, price, place, and promotion. They are an example of a “marketing mix,” or the combined tools and methodologies used by marketers to achieve their marketing objectives.How do you write a marketing strategy for a new product? ›
- State your business's mission.
- Determine the KPIs for this mission.
- Identify your buyer personas.
- Describe your content initiatives and strategies.
- Clearly define your plan's omissions.
- Define your marketing budget.
- Identify your competition.
The ultimate marketing strategy is a comprehensive approach that combines prospecting, retargeting, and search engine advertisements to reach and engage the right customers.What is the most effective business strategy? ›
A successful business strategy includes the following key components: Identifying and targeting a specific market or industry. Developing a unique value proposition. Creating a business plan with relevant focus areas to achieve the business objectives.What are the five major product strategies? ›
- Strategy 1: Product–Communication Extension (Dual Extension)
- Strategy 2: Product Extension–Communication Adaptation.
- Strategy 3: Product Adaptation–Communication Extension.
- Strategy 4: Product–Communication Adaptation (Dual Adaptation)
- Strategy 5: Product Invention.
Some examples of marketing strategies include promoting brand awareness on the Internet via social media platforms and search engines. Marketing strategies are powered by a cycle of goal setting, planning, execution, and tracking.What is a strategic plan for new products? ›
A product strategy is a high-level plan that defines your product goals throughout its life cycle and how it will support the organization's goals. The product strategy will also answer who the product will serve and how it will benefit them. These plans are then brought to life on the roadmap.What strategy focuses on reaching new markets with new products? ›
Diversification. This strategy focuses on reaching new markets with new products. Diversification can be either related or unrelated.
A product strategy often includes three core components: your market vision, product goals, and product initiatives.What is a more effective strategy? ›
An effective strategy brings together vision and execution. Strategies are much more specific than an organization's vision, mission, and objectives. They are typically only shared within an organization and ideally built around an organization's needs and market context.What are the most effective selling strategies? ›
- Identify a problem and solve it. ...
- Understand your product. ...
- Price appropriately. ...
- Know your customer. ...
- Align with your customer's needs. ...
- Don't sell what isn't needed. ...
- Build a relationship. ...
- Articulate a clear sales message.