A survey conducted by Hootsuite on "Marketing Trends for 2022" showed that about 51.4% of marketing professionals want to increase their marketing investments in social ads, mainly on Instagram, Facebook, LinkedIn, and YouTube.
If you are one of those marketers that took the survey (or you agree with them), we have a question for you: "How do you decide which channel is the best one for your company?
To help you answer this question, you need to use “The Bullseye Framework”.
What is Bullseye Framework?
The Bullseye Strategy, also known as the Bullseye Framework, was developed by Gabriel Weinberg, the founder of DuckDuckGo.
The Bullseye framework provides a structural approach for startups to experiment with different marketing channels, measure their impact, and focus resources on the channels that deliver the best results as well highest return on marketing investment.
The Framework is divided into 3 concentric circles, with each circle representing a different set of marketing channels
Let’s briefly explain each circle and what they stand for:
1. Outer Ring - The possibilities
The outer ring in the framework represents all the available and possible marketing channels that a startup can explore.
This includes marketing channels such as social media marketing, search engine optimisation and more.
The goal in this stage of the framework is to come up with a comprehensive list of all available channels that will be relevant to your business.
2. Middle Ring - The most probable
Here, the goal is to narrow down the list of potential channels from the initial outer ring to those channels that are likely to have a hugely significant impact on the business's success.
To do this, startups will have to conduct small-scale experiments and test each channel to know how effective each channel is and draw conclusions from the data gathered during the experiment.
Note that, the focus is on collecting data and identifying channels that show promising results. For instance, you might run A/B tests, track conversion rates, measure customer acquisition costs, or analyze customer feedback to assess the viability of each channel.
3. Bullseye - The core channels
The last inner circle represents the bullseye which is the core marketing channel that you have identified as the most effective and efficient for your startup.
You are sure that these selected channels deliver results because they have consistently delivered the highest returns on investment and helped you reach your target audience.
The key is to prioritize these core channels and allocate a significant portion of your resources to maximize their impact.
By focusing on the bullseye channels, you can achieve scalable growth and customer acquisition.
The Bullseye Framework is designed to help startups avoid spreading their resources too thin and instead concentrate on the channels that offer the highest potential for success.
By implementing this strategy, startups can make informed decisions, optimize their marketing efforts, and drive sustainable growth.