Keep reading for FREE
Different times call for optimizing different things.
Learning - You might be trying to learn something specific about engagement, interest among a certain target audience, monetization, etc. Learning is typically the priority when your startup is a pre-product-market fit or when you are expanding to a new target audience.
Volume - There will be a time in your business when you will want to prove that you can go from a certain base amount of customers to moving the needle in a meaningful way.
Cost - Optimizing your CPA to get more out of your budget.
In the header row fill in the attributes of each channel that you are comparing. At a minimum, there are 6 attributes you should have:
The next step is to research each channel so you can fill in each cell with “low”, “med”, or “high” values. You aren’t trying to predict exact values. Get enough information to make educated comparisons of each channel relative to each other.
The matrix looks very different for different companies. For example, “Low” will mean different things to different companies (i.e. A enterprise SaaS company with a high LTV vs a consumer mobile app monetizing with ads).
Building a channel matrix helps give you three things:
1. A methodical process to evaluate each channel
2. A way to compare each channel on the same attributes
3. A visual organization of the information for each channel
Step 3.1 - Open your favourite spreadsheet tool (google docs, excel, numbers)
Step 3.2 - List Out All Potential Channels In The Header Column
Certain channels can be broken down into more detailed tactics. For example, content marketing could be broken down into blogging, guest blogging, infographics, webinars, ebook, etc
Your constraints will differ depending on the product, stage, funding, industry, etc. The most common constraints will be:
In a perfect world you want channels with the following values:
Targeting - High, Cost - Low, Input Time - Low, Output Time - Low, Control - High, Scale - High
You will rarely get a channel that fits those values perfectly so the question is how do you prioritize? This is where the work you put into Step 1 and Step 2 come in. Sort your channels using your constraints as a guide. If your biggest constraint is money, then look at channels that have a low cost as the first priority and come closest to the ideal values for the other attributes.
Targeting: Does the channel have the type of targeting you need? How close to your exact target audience can you get with this channel?
Cost: Are there upfront costs? Minimum spends?
Input Time: How much time is required to get to the first experiment? How much time to run each additional experiment?
Output Time: How much time will it take to start getting results? How many experiments do we have to run to get meaningful data?
Control: Can you turn the channel on and off at will? Is there a middleman between you and the knobs you turn?
Scale: How large is the channel in overall volume?
MORE LIKE THIS
Ready for the next level?
Read Like a Pro
Explore the World’s
Take Your Ideas
Just press play and we take care of the words.
No Internet access? No problem. Within the mobile app, all your ideas are available, even when offline.
2 Million Stashers
Best app ever! You heard it right. This app has helped me get back on my quest to get things done while equipping myself with knowledge everyday.
Don’t look further if you love learning new things. A refreshing concept that provides quick ideas for busy thought leaders.
Great interesting short snippets of informative articles. Highly recommended to anyone who loves information and lacks patience.
This app is LOADED with RELEVANT, HELPFUL, AND EDUCATIONAL material. It is creatively intellectual, yet minimal enough to not overstimulate and create a learning block. I am exceptionally impressed with this app!
Great for quick bits of information and interesting ideas around whatever topics you are interested in. Visually, it looks great as well.
I have only been using it for a few days now, but I have found answers to questions I had never consciously formulated, or to problems I face everyday at work or at home. I wish I had found this earlier, highly recommended!
Brilliant. It feels fresh and encouraging. So many interesting pieces of information that are just enough to absorb and apply. So happy I found this.
Even five minutes a day will improve your thinking. I've come across new ideas and learnt to improve existing ways to become more motivated, confident and happier.
Read & Learn
Access to 200,000+ ideas
Access to the mobile app
Unlimited idea saving & library
Unlimited listening to ideas
Downloading & offline access
Claim Your Limited Offer
Get Deepstash Pro