The challenge of selecting the right marketing channels on a limited budget is a common conundrum faced by many professionals, including Fractional CMOs. With an array of possibilities available, deciding where to allocate resources can be daunting. In this blog post, we’ll explore a workshop approach to strategically identify and prioritize marketing channels for maximum impact, minimal resource utilization, and increased confidence in success.
The Workshop Process:
Cross-Functional Brainstorm:
Begin the process by organizing a small, cross-functional brainstorm session involving individuals with diverse insights into the market and customer behavior. The goal is to generate a wide range of ideas without limiting creativity. All ideas, no matter how unconventional, should be welcome.
Scoring:
Once the brainstorming phase is complete, evaluate each idea based on three key criteria:
- Impact: Assess how much each channel has the potential to move the needle in reaching your target audience.
- Ease: Consider the resources, both in terms of time and money, that each channel would require for implementation.
- Confidence: Evaluate the level of proof or past success associated with each channel.
Ranking:
After scoring, rank the ideas based on their cumulative scores. This step provides a clearer picture of which channels stand out in terms of impact, feasibility, and confidence.
Red Light Analysis:
Conduct a red light analysis to categorize the ranked ideas:
- Green Light (GO): Channels with high scores that are deemed feasible and promising.
- Yellow Light (Think More): Channels that require further consideration or investigation before a final decision.
- Red Light (NO): Channels that, based on the analysis, should be excluded from further consideration.
Benefits of Workshop Setting:
Conducting this exercise in a workshop setting offers several advantages including:
- Buy-In and Ownership: Involving stakeholders in the decision-making process creates buy-in and a sense of ownership among participants. This can lead to increased commitment and collaboration when executing the chosen channels.
- Alignment Across Teams: A workshop fosters communication and alignment across different teams, ensuring that marketing strategies are in harmony with the overall goals of the organization.
Conclusion:
Making strategic decisions about marketing channel allocation on a limited budget requires careful consideration. The workshop approach outlined above provides a structured and inclusive method to identify, evaluate, and prioritize marketing channels. By involving key stakeholders and considering impact, ease, and confidence, CMOs can navigate the myriad of possibilities with confidence and efficiency.