Marketing Matrix 101: Top Marketing Channels to Scale Your Small Business

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Katherine Darsie | Marketing Manager

Last Updated October 4, 2018

An integral part of growing a small business is diving into the world of marketing. From branding, to a social media presence, to billboards, customer newsletters and print ads… the list can go on and on!

With what seems like infinite ways to market your business, how do you know which strategies are the most effective for your budget? While spending money on all of these marketing tactics may seem like an easy choice, it really isn’t the key to scaling your business.

Best Small Business Marketing Channels_RocketLevel

The real key to growing your small business is developing the perfect mix of marketing channels that can attract new customers and nurture them through the buyer’s journey – until they decide to make a purchase. The best part? Your marketing strategy doesn’t have to break the bank and the entire process can even be automated.

But before we go into creating the perfect marketing matrix for your business, let’s get some pre-planning done.

HOW TO PRE-PLAN FOR YOUR MARKETING MATRIX IN 3 EASY STEPS:

Step 1: Identify your ideal customer

Think about what motivates your ideal customer and how he or she spends their time. Consider creating an “Ideal Customer Profile” by answering the questions below:

Step 2: Set goals

In order to increase your revenue, we recommend you set a goal for the number of leads that you want to convert into actual customers that visit your business. Thinking about conversion will help you determine how to apply marketing tactics throughout the entire buyer’s journey – instead of just the attraction phase.

Step 3: Determine your budget

When choosing your budget, we suggest thinking back to your ideal customer and what types of services they will be purchasing. If your goal is to nurture your ideal customer to purchase a high-value service, you will be earning more revenue in the long-run. In other words, by focusing on selling your top services, you will be able to add more budget to your marketing.

Once you’ve finished the three steps above, it is time to take a look at the Marketing Matrix:

WHAT ARE THE BEST MARKETING CHANNELS FOR YOUR SMALL BUSINESS?

The Marketing Matrix displays all of the marketing channels that small businesses use to advertise. It plots each of these channels into quadrants based on the following qualities:

TRACKABILITY – Can you track the results of the marketing channel?
EFFORT – Does applying the channel take high effort or low effort?
COST – Does the channel require a high cost or low cost?
IMPACT – Overall, will the channel have a high impact or low impact for growing a business?

Traditional Marketing vs. Digital Marketing

The channels are also broken up into traditional marketing (blue) and digital marketing (orange).

It is important to note that traditional advertising is great for building brand awareness, but rarely focuses on converting top prospects into paying customers. While brand awareness is the foundation of your marketing, it’s not what will move the needle.

WHICH QUADRANT WILL MOVE THE NEEDLE AND GROW YOUR BUSINESS?

Below is a breakdown of the pros and cons of each quadrant in the matrix:

Q1 – Trackable / Low effort (High impact)

For most small businesses, this quadrant is the most ideal. Marketing channels in this quadrant provide a big payoff with a low amount of effort needed. Plus, these channels are great for targeting a specific audience – your ideal customers!

Q2 – Not trackable / Low effort (High cost)

MarketingMatrixQ2_RocketLevel

To put it simply, the marketing channels in this quadrant are very costly. While they may be great channels for building brand awareness, it is difficult to acquire new customers through these channels.

Q3 – Not trackable / High effort (Low impact)

This quadrant is the least ideal for businesses looking to grow. The channels in this quadrant are very costly and provide minimal results. While they may be some of the most familiar to you, it is important to think about the overall ROI of these channels and if you are even able to track their success.

Q4 – Trackable / High effort (Low cost)

MarketingMatrixQ4_RocketLevel

Even though the marketing channels in this quadrant are trackable not too costly, it takes a lot of bandwidth to keep up with them. But if you do have the extra time and staff to put some of these channels into place for your small business, it will help grow your business in the long-run.

Which quadrant should your small business focus on?

When looking to scale your business, Q1 (Trackable / Low effort (High impact)) will make the most impact towards your growth. The channels in this quadrant will make the most of your budget because you are able to target a specific group of people instead of casting a wide net like you would with television ads or billboards – which don’t promise a specific audience.  

In Q1 you will notice that there are various forms of social media advertising. These channels allow you to show your advertisement to the audience of your choice. With social media advertising you can narrow down this audience with specific variables such as demographics or location. If you already have a list of potential customers, you can show your ads to this list only.

Another great way to attract potential customers is through Google Paid Ads, or pay-per-click (PPC) ads. The benefit of PPC is the ability to attract leads via their search intent. In other words, you can target specific keywords that these potential customers are searching for in Google, and display your ad as a sponsored link at the top of these search results.

Pay-Per-Click PPC RocketLevel

Once you’ve attracted leads to your website, it is important that you keep your business top of mind until your leads are ready to make a purchase. One way to do this is through retargeting ads. This form of online advertising follows your leads around the internet and shows your business’ ad to them on various websites. This is a great way to slowly push your leads through the buyer’s journey until they are ready to make a purchase decision.

After collecting your lead’s contact information, it is extremely important to nurture the leads and show the value of your business. Email nurturing is a great way to do this. By setting up automated emails, you can stay in contact with your leads and slowly drip information that will influence them to schedule a service at your business.

The best part of the channels in this quadrant is that you don’t have to maintain your campaigns on a daily basis. Once you have a customer journey set up for your leads, the entire process can be automated via marketing technology!

AUTOMATING YOUR CUSTOMER’S JOURNEY:

Small Business Marketing Automation RocketLevel

RocketLevel is an all-in-one customer acquisition marketing platform that provides pre-built sales and marketing funnels that turn your website visitors into leads, and then converts those leads into real customers at your business.

Using RocketLevel’s automated platform, it is easy to launch Facebook or Google ads that link to targeted landing pages with a form to collect your lead’s contact information. Once you’ve collected this info, RocketLevel provides pre-built customer journeys that automatically drip your leads with emails until they convert into paying customers.

RocketLevel’s insightful data and analytics will maximize your conversion while simplifying the overall marketing process!

Take your small business to the next level and start becoming hypergrowth by selling your top services through RocketLevel’s customer acquisition marketing technology.

Click here to schedule a 20-minute demo with one of our small business marketing consultants!

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