DERGEL Executive Search

Helping great companies hire successful leaders

  • Our Firm
    • About
    • Team
  • How We Help
    • Executive Search
      • Why work with us
      • Positions we work on
      • Companies we work with
    • Executive Coaching
      • CEO Coaching
      • CFO Coaching
      • CHRO Coaching
    • Building Your Team
    • Speaking & Training
  • Blog & Books
    • Executive Leadership Blog
    • Books
      • Guide to CFO Success
  • CxO Communities
  • Contact us

Gaining Traction: Understanding The Bullseye Framework

September 13, 2023 by DERGEL Executive Search Leave a Comment

No matter how great of a product or service you may be offering, it is essential that customers are aware of what you’re providing and the value you are delivering. This is why gaining traction is essential.

92525623 © Publicdomainphotos | Dreamstime.com

Traction is defined as “how consistently you can grow and acquire new customers (or, for a free service, users),” stated by Penguin Random House, “Talk is cheap, but traction is hard evidence that you’re on the right path.”

Gabriel Weinberg and Justin Mares’s Bullseye Framework breaks down what could be chaotic, finding fitting marketing channels, into a step-by-step systematized process.

This framework is best used to identify the most effective channel for customer engagement, no matter the development stage of the organization. Let’s explore their methodology:

Understanding the Three Rings

The Bullseye Framework consists of three concentric rings, what is possible, what is probable, and what is working. For your convenience, the nineteen channels are listed at the bottom of this article.

Outer Ring: What’s Possible

In the initial step, the team will embark to brainstorm and explore every conceivable traction channel. This process involves traversing each given channel and envisioning what success might look like in each. Then document how these approaches might look.

What if you made a billboard with your product?

What would your ideal speaking engagement look like? Who would be in the audience?

It’s important not to dismiss any traction channel during this stage. The outer ring serves as a counterbalance to any preconceived biases, ensuring that all channels are considered. By thoroughly brainstorming ideas for each channel, leaders can overcome the tendency to prematurely eliminate potentially valuable avenues.

For every channel, it is crucial to identify at least one viable channel strategy that has the potential to drive significant results. This could include specific tactics within social ads, search engine marketing, or any of the other nineteen traction channels.

To inform your brainstorming process, it’s essential to conduct research specific to your industry and company. Understanding successful marketing strategies in your field and analyzing how similar companies acquired customers can be invaluable in this stage.

Middle Ring: What’s Probable

The second phase of the Bullseye Framework involves practical experimentation. Team members promote the most promising traction channel ideas from the outer ring to the middle ring.

Often, some channels will stand out as particularly exciting and promising. Focus your efforts on these channels, avoiding those where enthusiasm diminishes rapidly. Then, conduct multiple experiments concurrently, optimizing efficiency. This is different than shotgun marketing as channels are tested and measured in parallel, as opposed to trying multiple avenues blindly.

For each traction channel within the middle ring, create cost-effective traction tests that address three critical questions:

a. How much will it cost to acquire customers through this channel?

b. How many customers can be acquired through this channel?

c. Are these customers aligned with your current goals and target audience?

The specifics of how to test each traction channel can vary significantly from one business to another. The Bullseye Framework emphasizes the need for smaller-scale tests that yield quick results and insights. Speed is paramount at this stage, as the goal is to gather data and validate assumptions on the effectiveness of a channel.

Inner Ring: What’s Working

The final step of the Bullseye Framework focuses on the most promising channel, the “core channel.”

“If all goes well, one of the traction channels you tested in your middle ring produced promising results. In that case, you should start directing all your traction efforts and resources toward this most promising channel. You hit the bullseye! You’ve found your core channel,” as Weinberg said, potentially alluding to why it is called the Bullseye Framework.

The key objective in this phase is to maximize growth within the core channel through continuous experimentation and optimization. Every effort is directed towards extracting the maximum value from this channel.

A common pitfall at this stage is the temptation to maintain efforts in other traction channels that showed some success. However, it’s essential to prioritize the core channel, as it is likely to deliver the most significant impact on growth.

This framework is robust. Although it could be intimidating at first as it incorporates nineteen channels and categories to sort through, with a team involved in the process and eliminating options in the second round, the list will quickly turn into a manageable endeavor.

Gaining traction allows customers and clients to be effectively informed of the value you’re delivering. Using measurable results and proven methodologies attracts growth in a reliable and predictable way.

Do you have comments, questions, ideas, or suggestions? Share with us at: [email protected]

Here are the 19 channels of traction as given by the authors:

Targeting Blogs

Publicity

Unconventional PR

Search Engine Marketing

Social and Display Ads

Offline Ads

Search Engine Optimization

Content Marketing

Email Marketing

Viral Marketing

Engineering as Marketing

Business Development

Sales

Affiliate Programs

Existing Platforms

Trade Shows

Offline Events

Speaking Engagements

Community Building

Filed Under: Leadership Abilities, Leadership Knowledge, Leadership Skills, Opportunity Tagged With: asking, asking impactful questions, being organized, Bullseye Framework, CEO, CFO, CHRO, CIO, CMO, communicate the vision, communication, COO, core focus, creating cohesion, CRO, CxO, DERGEL Executive Search, DERGEL Media, digital organization, divest from secondary pursuits, effective, effective workplace culture, efficiencies, efficiency, elevation, employee, employee led initiative, employee retention, employee-led, employer brand, enhanced productivity, executive, Gabriel Weinberg, gaining traction, healing, impactful questions, initiative, investing, Justin Mares, laughter, leader, leaders, leadership, leading, measurable results, media, opportunity management, optimized systems, organization, organized workflow, outperforming expectations, partnerships, physical and digital organization, physical organization, predictable way, proven methodologies, resolution, resource accounting, resource allocation, sharpen focus, sharpen focus divest from secondary pursuits, skill, skill sets, steer towards success, strategic investing, strategic partnerships, strategic thinking, sustainable workplaces, talent, time management, unearthing opportunities, what is possible, what is probable, what is working, work smarter, work smarter not harder

Core Focus & Letting Go Of Secondary Investments

September 6, 2023 by DERGEL Executive Search Leave a Comment

Focus on what is most important, steer the ship towards success.

99197681 © Publicdomainphotos | Dreamstime.com

It is important chart a course that resonates with the majority of the team in order to receive organic buy-in. Here are some good strategies to implement & grow along this path:

Regularly Assess Core Strengths and Company Wide Focuses

Check in with and evaluate the organization’s core strengths & competencies, values, mission, and vision, on an ongoing basis to ensure relevance. Market dynamics can change, and what was once a focus may become less relevant, or more.

Resource Accounting

Have we made sure to take an accounting of our workforce, our digital, physical, & financial assets, as well as our personal and team wide energy levels? To be aware of the status, condition, and availability of these (and any other relevant resources) allows for proper and intentional allocation and application towards the organizational mission and vision. Keeping up with resource status and maintenance protects the resource condition and usage potential.

Communicate the Vision

Clear communication is key. Leaders should articulate the vision and why streamlining focus to it matters to the organization’s success. Transparency & high quality communication engenders buy-in, not only from the team, but from the public as well.

Avoid “Shiny Object” Syndrome

Resist the temptation to chase every new opportunity that arises. Especially when the opportunity is particularly tempting, evaluate the opportunity carefully to determine if it aligns with the company core strengths and overarching vision.

Anticipate and Limit Distraction

Just as one would take care to turn their phone notifications off before engaging in uninterruptable work, one could also anticipate when those “shiny object” temptations may cross our paths. If it is known that a skilled salesperson calls each year with a compelling and relevant pitch, direct that call to a teammate who is better equipped to politely decline the “shiny new development” that the salesperson is presenting.

Perceive Limiting Secondary Opportunities as Risk Management

When a presented focus divergence or new opportunity is brought to the table, it can be easy and natural to see the situation as an investable opportunity.

However, it may be helpful to adopt an additional perspective on the matter.

We only have a finite amount of energy available to our organization at any given time. By choosing to pursue a new opportunity, we can no longer invest that same energy into the regular operation that the organization stands upon and provides. It may be that the new opportunity develops upon the core output of the organization, and it therefore may be worthwhile to say yes and invest. However, it could pay off to be initially critical and see a new opportunity as a secondary usage of resources, a risk and liability, or even as a threat to the organization’s highest value creation.

Sharpen your focus & divest from secondary pursuits.

Keep to the core strengths of the organization, and only intelligently and intentionally make divergences, to further enhance your ability to focus, develop growth, and sustain success.

Do you have comments, questions, ideas, or suggestions? Share with us at: [email protected]

Filed Under: Board of Directors, CEO, Chief Human Resources Officer, Chief People Officer, CHRO, CPO, Culture, Human Resources, Leadership, Leadership Abilities, Leadership Knowledge, Leadership Skills, Opportunity Tagged With: asking, asking impactful questions, being organized, CEO, CFO, CHRO, CIO, CMO, communicate the vision, communication, COO, core focus, creating cohesion, CRO, CxO, DERGEL Executive Search, DERGEL Media, digital organization, divest from secondary pursuits, effective, effective workplace culture, efficiencies, efficiency, elevation, employee, employee led initiative, employee retention, employee-led, employer brand, enhanced productivity, executive, healing, impactful questions, improv comedy, initiative, investing, laughter, leader, leaders, leadership, leading, media, opportunity management, optimized systems, organization, organized workflow, outperforming expectations, partnerships, physical and digital organization, physical organization, resolution, resource accounting, resource allocation, sharpen focus, sharpen focus divest from secondary pursuits, skill, skill sets, steer towards success, strategic investing, strategic partnerships, strategic thinking, sustainable workplaces, talent, time management, unearthing opportunities, work smarter, work smarter not harder

Subscribe to Executive Leadership Blog via Email

Enter your email address to subscribe to this blog and receive notifications of new posts by email.

Contact us and let’s get started!

+1 (514) 907-0925

or

+1 (888) 510-0511

  • Email
  • LinkedIn

Copyright © 2023 · Parallax Pro Theme on Genesis Framework · WordPress · Log in

 

Loading Comments...