Do you know what growth hacking is? Nowadays, you just need to look on LinkedIn to find several professionals who call themselves growth hackers. The term is growing a lot in Brazil, because of the explosion of startups, but many people still don’t know what it is.
A growth hacker is a professional with a total market domain and focused exclusively on the growth of a company. We even have a really cool article on the subject, in which we unveil the myth of growth hackers.
Every professional is guided by methodologies, which serve to optimize the work routine and increase results. I follow and you, of course, follow too, right?
With growth hackers, it’s no different. There are several methodologies that help this master of growth. Most build their own, but one of the most popular is the bullseye framework.
Bullseye, in English, means “in the eye of the bull”. It is a similar expression to our “hit the bulls-eye”. In other words, a methodology for you to hit the nail on the right channel to gain traction.
Traction is the time when a company already has enough customers to validate its existence and can focus on scaling. In other words, to gain traction you need to have a sizable customer base for your business.
The bullseye framework even became known after being presented in the book Traction – A Startup Guide to Getting Customers.
In this article, I will explain to you what the bullseye framework is and how to use it to find the best channels to gain traction. Stay with me to learn.
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- Nineteen channels, many possibilities
- Finding the best channel for your business
- Conclusion – The bullseye framework can help you grow
Nineteen channels, many possibilities
The bullseye framework analyzes 19 channels used to acquire customers to reach the three most promising for a company. It is basically a circle with 3 layers like the image below.
In the outer layer are all the existing channels, in the middle the interesting channels and, in the center, the three channels with the greatest potential to bring results.
Channel selection is the most important part of the bullseye framework, but before I explain how it works, I’ll go over all the channels with you, one by one, okay?
1) Agreements and negotiations – Close partnerships with other companies, so that the public “passes” to the other.
2) Press office – Investing in press releases and other communication materials in an attempt to be featured on TV, radio, magazines, newspapers, etc.
3) Blogs – Create a platform to publish your own content about your company, product or niche.
4) Communities – Identify and nurture forums and groups of people who relate to your company.
5) Email marketing – Build a subscriber list and send out newsletters and other content periodically.
6) Engineering – Focus on user experience and invest in software to improve your service.
7) Events – Promote classes, conferences, meetings, etc.
8) Advertising moves – Plan controversial actions with the sole intention of appearing in the media.
9) Content Marketing – Produce and distribute valuable content to attract the lead.
10) Viral Marketing – Create messages that customers want to spread so they become advertisers.
11) Presentations – Seek and accept opportunities to speak publicly about your business.
12) Existing Platforms – Invest in presence within successful platforms such as Facebook or YouTube.
13) Affiliate Programs – Joining an association in which one member recommends the work of the other and receives a commission for it.
14) Conventional advertising – Buy billboards, commercials, banners, etc.
15) Online Advertising – Buy ads on social networks, websites and anywhere else on the internet.
16) SEM – Buy ads to appear on internet search engines.
17) SEO – Optimize your website to appear in internet search engines.
18) Trade shows – Participate in events focused on promoting products and networking, such as business fairs.
19) Sales – Generate leads and actively prospect for customers.
These are the nineteen channels to get traction. Did you already know them all?
Well, now that you know it, I’ll explain how to go from 19 channels to just three. Come on?
Finding the best channel for your business
No, it’s not like that!
The way to find the best channel to gain traction goes through a few steps. I’ll go through it with you one by one and it’s important that you don’t skip any. After all, a method exists to be followed.
1st Stage – Brainstorm
Bring your team together and discuss the possibilities of each channel: the strengths and weaknesses, what it can offer, the presence of the persona …
But no guesswork! Bring real arguments into the conversation. Things like “the persona is not in this channel” or “the cost of acquiring customers is too high”.
2nd Stage – Rank
After thoroughly investigating all channels, build a ranking from best to worst. It is this list that will guide your choices.
And, if you are in doubt between one channel and another, choose the one with the best cost-benefit ratio. The idea is to scale, so the investment value is more than a decisive factor.
3rd Step – Prioritize
It’s time to fill in the bullseye framework. Remembering that in the outer layer are all the existing channels. In the middle one, you’ll jot down the six channels that the team found interesting. And, at the center, are only the three priority channels, with the greatest potential to bring results.
You may notice that some channels can be complementary, such as Content Marketing, Blog and SEO. In that case, consider the most significant channel in the strategy.
For example: your company chose to have a blog to rank on the internet, so you do Content Marketing. Now, if you are going to try to rank the company’s website without producing texts, the channel is SEO. It was clear?
4th Stage – Tests
Don’t bet everything you have on one channel. Many companies that joined the wave of Content Marketing, for example, today complain that they invested everything in text production and didn’t get results . It is to avoid this that there are tests.
When setting up a channel, put in a small investment and take an observation period. If the result is good, increase the investment. If not, switch it to one of the six promising channels that have been left on stand-by.
5th Stage – Focus
Ready! Now that you’ve identified the best channels for your project, forget about the ones that were left out. You don’t want to be like those companies that have three hundred websites, show up at every event but have nothing to say, right?
The coolest thing about the bullseye framework is that you don’t need to be in every channel to get good results. Be in the few but that really brings customers to your business!
Conclusion – The bullseye framework can help you grow
t’s going to be legen WAIT FOR IT dary!
Investing in a methodology is not a guarantee of results, but they help you to plan and have greater control over processes and indicators. That is, to grow with the method.
The best use of the bullseye framework is in the B2C market (the company sells to the final consumer), for launching products or marketing campaigns in particular. But of course, this will suit your reality.
Facebook and Dropbox, for example, got traction betting on Viral Marketing. Hubspot with Engineering. And we, well… Prioritize Sales. 😉
The motivation behind this channel prioritization is to promote focused campaigns and save unnecessary expenses, such as investing in channels that are not suitable for your project.
Well, that’s it. I really hope this content was helpful to you. Tell me in the comments what you think and if you have any questions, okay?
And oh, be sure to check out our rich materials page. They’re all free, like the ebook below on how to get to know your customers and sell more. To download, just click on the image.