Optimizing with a Channel Matrix
Hello, readers and fellow Praxians! Have you ever tried marketing a product? If so, you’ve probably realized how many channels there are to choose from. But how do you know which ones are ideal for your needs?
Choosing an Optimal Channel
This week, I was tasked with creating a channel matrix for a tech startup called "TechWiz," which specializes in a productivity app.
What are you optimizing for?
It’s impossible to optimize for everything at once. Therefore, the first step is deciding what the company should prioritize. In this case, I chose to optimize for learning. Since this startup is still in its early stages, understanding the user base and how they engage with the app is crucial.
What are the constraints?
Here are the main factors I considered:
Target audience: Remote freelancers and digital nomads. Marketing efforts and channels must resonate with this specific group.
Budget limitations: Prioritize cost-efficient channels with a low CPA (cost per acquisition).
Limited team resources: With a small team, focus on channels that don’t require significant effort or extensive technical expertise.
Channel Matrix
Before selecting a channel, it’s important to evaluate how they compare. In a channel matrix, channels are listed in a column, and attributes (e.g., cost, targeting, input time) are listed across the top row. Through research, you can determine whether each channel ranks high, medium, or low for each attribute.
Choosing a channel
To align with the constraints, I eliminated channels that were:
Low in targeting
High in cost
High in input time
Additionally, I removed channels rated as High or Medium in output time, to optimize for learning. From the remaining options, I chose the two channels that were closest to the “ideal” based on the matrix:
SEM (Search Engine Marketing)
Facebook Ads
Making decisions based on data-driven analysis like this increases your chances of success.
