Growth Newsletter #209

The Bullseye Exercise Framework helps you narrow in on the most effective marketing channels for your startup—rather than spreading yourself thin over all 19 growth channels.

It’s not perfect as presented and leaves some things to interpretation

But I’ll help fill in some blanks with other frameworks/data.

Let’s walk through it step-by-step:

Steps to Implement the Bullseye Exercise Framework

1. Brainstorm: Generate ideas for each of the 19 traction channels (see below).
2. Rank: Prioritize the channels based on their potential impact.
3. Test: Conduct cheap tests to validate the highest potential channels.
4. Focus: Double down on the most effective channels.

Let’s dive in.

Step 1: Brainstorm

Identify all potential traction channels that could be used to attract customers. The 19 traction channels are:

1. Viral Marketing (going viral organically on social platforms)
2. Public Relations (PR) (pinging journalists)
3. Unconventional PR (going viral with publications)
4. Search Engine Marketing (SEM)
5. Social and Display Ads
6. Offline Ads (billboards, radio, etc)
7. Search Engine Optimization (SEO)
8. Content Marketing
9. Email Marketing
10. Engineering as Marketing (product-led)
11. Influencers
12. Business Development (BD)
13. Sales
14. Affiliate Programs
15. Existing Platforms
16. Trade Shows
17. Offline Events
18. Speaking Engagements
19. Community Building

Write down at least one idea for each channel, even if it seems impractical.

Step 2: Rank

Rank the channels based on three criteria:

1. Potential: How big is the channel’s audience, and how well does it align with your target market?
   1. Writing the hilariously large size of the channel’s audience is silly and feels like something you'd do in a business plan. I would focus on how well it aligns with your target audience.
2. Cost: How expensive is reaching and converting customers through this channel based on the channel and your resources? For example:
   1. Ads = $$$
   2. Outreach = effort
   3. If you're a skilled writer, you can create content yourself.
3. Feasibility: How realistic is it to successfully execute a test in this channel with your current resources and capabilities?

Ex: If you have zero budget, a lot of ads is off the top.

Prioritize the top three to five channels that score highest across these criteria.

I feel like this part is missing a lot of guidance.

Not all of these things work for all kinds of businesses. I recommend using this chart from Right Percent as a guide (I wrote about it previously here):

Step 3: Test

Startups have limited resources. Always best to test first.

Red Bull can commit to the Stratos jump because they can afford to. But you should start small scale.

Design inexpensive tests to validate the potential of your top-ranked channels.

The tests should provide enough data to understand if the channel can be a significant source of growth.

Let’s use Lenny’s Racecar Growth Framework (covered here) to give better guidance on how that might look. Check out the Kickstarts and Turbo boosts:

Other testing methods include:

• Running a small ad campaign. It likely won’t be profitable at first, but as long as it’s generating conversions roughly in the right ballpark.
• Reaching out to a handful of journalists for PR.
• Creating content on LinkedIn for a couple of months.
• Setting up a basic affiliate program and contacting your list.

Measure the results in terms of cost per acquisition (CPA), conversion rates, and overall engagement to determine which channels are worth further investment.

Look for clear winners.

If there are no clear winners, keep testing.

Step 4: Focus

Once you find a winner, go hard.

In the Racecar Growth Framework, that’s the Growth engine. The self-perpetuating engine where growth begets growth (ex: profitable ads → more budget to run ads). Another name for these is Growth Loops.

Allocate more resources to these channels and scale your efforts. Continue to monitor their performance and make adjustments as necessary.

Practical example

Let's say you're launching a new productivity app.

After brainstorming, you decide to rank and test the following channels:

1. Sales: Cold outreach campaigns.
2. Community Building: Create a community.
3. Social and Display Ads: Run Facebook and Google Ads.
4. Influencers: You convince or pay influencers to talk about you.

You run small tests for each:

• Sales: Create very targeted lead lists using LinkedIn. Write very personalized messages and offer free value. 
• Community: You become active in existing productivity communities—easier than making your own.
• Ads: You run a small-scale ad campaign pushing towards the product/lead magnet.
• Influencers: You recruit a few micro influencers to post about you.

Then based on the results, you’ll decide to lean into one of these and make it more scalable.

The goal is to find a scalable growth engine that’s right for your startup where it is now. Use this framework to help you find it.