The Marketing Bullseye. In Blackboard Fridays Episode 121, Jacob talks about Marketing. Need this implemented into your business? Talk to the international business advisor who can do exactly that – Contact Jacob, Learn More, or Subscribe for Updates.
Who is Jacob Aldridge, Business Coach?
“The smart and quirky advisor who gets sh!t done in business.” Back independent since 2019.
Since April 2006, I’ve been an international business advisor providing bespoke solutions for privately-owned businesses with 12-96 employees.
At this stage you have proven your business model, but you’re struggling to turn aspirations into day-to-day reality. You are still responsible for all 28 areas of your business, but you don’t have the time or budget to hire 28 different experts.
You need 1 person you can trust who can show you how everything in your business is connected, and which areas to prioritise first.
You hear me talk a lot bout the fact that there’s a million things you could be doing in your business. In fact, one of the challenges we often have as business owners is that we change could to should and start shoulding all over ourselves about all the things we feel we should be doing.
In reality, doing a small number of things and implementing them fully is the difference between business success and a very, very busy life of not really making much change in your organization. Nowhere is that more evident than in the topic of marketing.
You know that there’s an awful lot of things you could be doing in a marketing space and unless you’re actually a marketer or have a marketing background, chances are you’re overwhelmed trying to understand how to make the most of all of those opportunities.
Well, this framework that we’re gonna talk through this week is designed to specifically help you narrow all of that down. It’s called The Marketing Bullseye and it has three components that overlap in a Venn diagram. Here’s how you use it.
Let’s say you’ve got a list of all of those marketing ideas. You then want to assess them against these three criteria. The first, how easy is that for your business to systemize? Every business is different. Don’t compare yourself with others. Relative to self, is that marketing strategy easy for you to systemize or is it something that’s going to require a lot of effort week after week, month after month, forever?
Ultimately, being systemizable helps make sure that you get those benefits for the long-term. The second, is it cost-effective? Again, for your business. I could send you a briefcase with a million dollars of cash in it and let’s say I brought that to you and I said I’d sell it for a million bucks in cash, absolutely, you’d wanna do it. In order to give you that briefcase, would your business actually be able to give that to me? It’s a great idea but how cost-effective is it really for your organization?
And the third one, does it move the needle? And by that, I mean, does this marketing strategy actually have the potential for a sizable impact on your business revenue? This is really interesting because it’s something that changes over time. When you’re small and in startup, a marketing strategy that brings you 10 leads a week or a month might be a fantastic thing.
As a bigger business, when you’re looking after an awful lot of clients, making a lot of sales, your marketing strategy may need to, don’t worry about 10, I need a hundred or I need a thousand. And so, this is a good example of how this tool is something you can come back to. I often say there’s only two timeframes that matter in business: 20 years and 90 days, so doing this exercise every 90 days can be a helpful way of focusing your marketing strategy. Let’s use some examples.
Let’s say you go, I’ve been watching this dude who does a weekly video. It’s fantastic, everyone seems to love it, everyone seems to love him, they’re only human, we could do something ourselves along those lines.
Let’s do a weekly video. And then you ask yourself, well, I mean, how easy is this for our business to systemize? Well, we don’t have any of the equipment, we don’t have any of the experience, and I’m scared of public speaking, it’s actually not that easy to systemize.
Is it cost-effective? Well, we got to buy all the equipment, we’re gonna have to invest a lot of time in getting that out every week. Does it move the needle? Would it have an impact? Yeah, absolutely. But it only sits there. And if you’ve got a big enough whiteboard or blackboard in your business, you can actually start mapping out some of these strategies and put them on the chart where they live.
TV commercials. Okay, well, fantastic, TV commercial, that’s easy to systemize. You shoot it once and then it’s done. It moves the needle, it gets in front of a whole lot of our target clients. Ah, it’s expensive though, may not actually be that cost-effective for our business. So, it would sit up there.
Monthly blog is another example. For a lot of businesses, having a regular blog and a regular newsletter that goes out will actually move the needle, is actually cost-effective, and is easy to systemize.
So, blog and a newsletter might sit right there in the sweet spot. But if you hate writing, if none of your team are writers, it may not be easy to systemize, it sits somewhere else. So this is the exercise you have to do for your business. And the outcome that you’re looking to achieve is a short list of only those items that sit right here in the bullseye.
The three give or take priorities for your marketing business for the next 90 days. And in that 90-day plan, you’re looking to start the systemization of those marketing tools so that they can continue to deliver returns after you go on to the next plan and the next strategy.
Your business will evolve and your business will grow. Efficient marketing is a key part of it. And to make sure that your marketing is efficient, just ask yourself, is this easy for us to systemize, is it cost-effective, and will it move the needle?
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