High Leverage Versus Low Leverage Marketing Activities
High leverage versus low leverage marketing activities – where you can get the most from your investment?
As a business owner, your time and resources are finite. You’re a “Chief Everything Officer” and you are being pulled in every direction possible. This means you need to make every opportunity count. Your marketing plans and priorities are therefore at the top of your list.
Too often business owners get caught up in marketing busy work. That is, work and activities that are generating a lot of effort, however the impact is questionable. Gone are the days of writing as many blogs as what you can, pushing out multiple social media posts an hour and running tactics that have a little impact on your bottom line.
Today, a business owner needs to focus on the highest leverage activities to get the most out of their marketing spend and move them to their goals, quickly and efficiently.
The ICE Methodology
To understand which high leverage marketing activities are potentially right for your business, CSG Marketing uses a framework called the ICE methodology. ICE stands for Impact, Confidence, Ease of Implementation. Let’s unpack it below.
To start, let’s list all the possible marketing activities that you could be doing that will drive you closer to your business goals.
Next, rank each potential activity from 1 (lowest) to 10 (highest) in the context of the potential impact it will have for your business, the confidence you have that it will work, and the ease of implementing that tactic.
If something is a 1 on the impact rating, it suggests investing time and resources would not have a high impact to your business growth. On the other hand, if the initiative scores a 10 -that is a highly impactful activity and perhaps you should look at focusing your efforts here more.
If something is a 1 in the “confidence that it will work” category, it means you are not confident that marketing tactic is going to work and should potentially consider whether or not it is worth pursuing. If it’s a 10, don’t be afraid to commit to dedicating some time and resources to its implementation.
Finally, if an initiative scores 1 on the “ease of the implementation” category, it is very challenging to implement. A 10 means it’s very easy to implement.
Ultimately, you are looking to focus on tactics that total as close to 30 as possible. This means they likely will have high impact, you are confident that they will work, and the implementation is worth the effort.
There may be some that rank in the middle of the road and they are important too as they provide a baseline for you to consider whether or how you approach them – it gives you a baseline to consider your next moves and priorities.
This is a fantastic framework as your focus areas become obvious. Ultimately, this should highlight the highest leverage activities that you can be focusing on (the ones that total 30 or close to) and it gives you the ability to stack rank and roll them out in a timed approach, based upon your priorities.
This methodology is not only incredibly effective for what you should work on, but it also highlights what you should not be working on which is equally as important. It will help you as a business owner prioritise your initiatives and ensure what you’re doing has purposeful intent and is moving you closer to your goal.