Having a high-level marketing strategy, the right budget, and the right team, isn't enough to ensure that you'll succeed.
Because it's also really important to make sure you have the most effective ideas to help you achieve your goals.
Remember, the Pareto Principle means 80% of revenue comes from just 20% of your efforts.
If your marketing strategy isn't succeeding in blasting your product into space, it's time to re-evaluate, rank your marketing activities, and transform your existing marketing strategy into an outstanding one!
Say hello to the three of the best prioritization methods for ranking your marketing activities and delivering revenue.
At the end of this article, you'll know exactly which tried and tested techniques will boost your marketing funnel, and you'll get ready-to-use templates and tools to make the right decisions.
You can create your prioritization strategy from scratch, or you can take inspiration from a decision matrix that's already been proved to be successful.
Here, I'll show you the best methods of doing just that by using airfocus.com and its built-in prioritization templates.
What's more, you can tailor these ready-made templates to your own marketing strategy needs at any time.
Weighted scoring is very popular and one of the most effective ways of prioritizing marketing ideas. It can be a solid and powerful way to make decisions when you can weigh certain criteria e.g., based on existing data or market research, and you can use weighted scoring to guide you through the jungle of data.
It covers almost every business need.
Prioritizing based on data gives you bulletproof decisions.
This method ranks your ideas based on predefined criteria, i.e., your current core marketing goals. Here are some examples:
Business value criteria
Lead generation - you can score an idea on how effective it can be at generating leads. You probably can't estimate all the leads you will get, but you can rank the potential number of leads on a scale of 1 to 10.
Brand awareness - don't be scared to e put a score on brand awareness By using the predefined T-Shirt sizes (S - M - L - XL), as shown below, this ranking is super-easy to find out.
Project days - a marketing team's capacity is limited and highly valuable. Therefore the time period within which the ideas should be ranked is crucial.
Costs - not only is the team's capacity-limited the budget could also be tight, so monetizing ideas is vital too.
This method calculates the score by using the following formula:
w1 x C1 + w2 x C2 + … wn x Cn = Weighted Score
Where "w" refers to the weight of criteria, and "C" refers to the criteria. Find out more about the weighted scoring method.
The formula used for this template is:
30% x Lead Generation + 20% x Brand Awareness + 25% x Project Hours + 25% x Costs = Weighted Score
You can change the weighting at any time to adapt it to your specific needs.
When scoring the criteria, airfocus shows an overall score as a result of the ranking process. This method is called weighted scoring because the impact of each criterion can mean that they rank differently. The predefined weights of the four criteria are equivalent by default, but you can modify them anytime.
If the weighted scoring feels a bit complicated at first, don't worry. If you're looking for an easier method, you'll like the LICE method.
This one does a great job when a marketing team needs to test brand new channels.
This method works with two value and two effort criteria to score.
But, the only thing you need to do is rank these criteria on the same scale, e.g., 1-10 or T-Shirt size scale.
Lead Quality - you should look behind the numbers. Your marketing strategy could easily underdeliver if you focus only on the number of leads. Different marketing channels deliver different quality leads. For example, a lead from the "request a demo" page converts a thousand times better than a page on which users can just download your free ebook. You can differentiate leads based on knowledge level too - for example, experienced users might engage with your tool easier, and beginners, on the other hand, might need to be educated. The higher the points, the better the quality of the lead.
Impact - The previous criterion is about quality, but the impact score tries to estimate the quantity. For example, you can differentiate between the results of publishing an article on TechCrunch and publishing a guest post on a small blog by awarding 10 points to tasks with the highest impact.
Cost - if you struggled with estimating costs, then you'll definitely enjoy the fact that you can score everything on a scale of 1-10, where 1 point mean the cheapest solution.
Effort - effort can represent all the non-monetized costs needed to launch a new experiment, regardless of whether you want to deal with project hours or project days, score this in a similar way to costs.
This method calculates the score according to the formula:
Lead Quality + Impact + Cost + Effort = LICE Score
The prioritization for this is the same as before. After scoring the four criteria, airfocus summarizes the values and shows a focus score.
This method provides an easy environment for making decisions and for building a marketing strategy, and you can set up the framework with just a few clicks by picking up the LICE method when you set up the board.
If you want to use the most lightweight solution for collecting the right ideas for your killer strategy, then the ICE method is the one for you. The ICE method is a good choice if you want to see a high-level priority order.
The ICE method works with just three criteria.
Impact - points to how effectively you can influence the targeted result, where the higher value indicates that these ideas will have a bigger impact on the result.
Confidence - shows the probability that this activity will lead to the degree of improvement you set in impact. To keep confidence scores consistent, you should predefine the values. For example, score it from 1 to 3 when it's a feeling as opposed to a data-backed idea or 4-7 if you ran a test, etc.
Ease - summarizes all the effort used in the previous methods no matter what your team's weak point is (budget or labor capacity). Score it on a scale from 1 to 10, where the activity that ranks number 10 points is the easiest and quickest activity to implement.
This method calculates the score according to the formula:
Impact x Confidence x Ease = ICE Score
Tasks with the highest ICE score have the highest priority.
The general argument against the ICE method is that some people think it can be too subjective. However, you can easily avoid it becoming too subjective by using the following tips:
Declare a general meaning for each criterion/value, e.g., score "Ease" from 8 to 11 when it could be delivered in 5 business days; 5 to 7 when it needs two weeks, etc. Create a cheat sheet from these values and use it when prioritizing
Use the team's input, discuss all the ideas in a prioritization session and combine these benefits with the formerly described cheat sheet
Work in short iterations - score all the ideas, then re-prioritize the remaining tasks after the first iteration - so the team/marketer can learn and prioritize wisely
You can easily refine the ICE method by adding new criteria; moreover, it can be upgraded to the Weighted Scoring method, by splitting the "Ease" criteria into "Cost" and "Effort." Using airfocus, you can insert new criteria with just a few clicks.
I recommend you prioritize using the ICE method for a while, at least whilst you don't have enough data or learnings to give accurate estimations. Try to log and note all of the efforts, especially labor costs e.g., It's hard to predict how long it takes to compile blog posts before you have done a couple in a specific field or for a specific customer.
Revise your data
investigate revenues: how many leads can be generated by a channel, by an article, by a campaign?
try to monetize costs, e.g., content: working hours, guest writer, proofing, images, etc
To sum up, useless activities could kill your growth, or even worse, your company. Therefore making the right decisions is critical.
You should know which are the most promising, up-and-coming projects. A solid prioritization method works wonders for your marketing strategy by selecting the most valuable activities from a potential crowd of marketing ideas.
If you don't want to create a marketing prioritization framework from scratch, just try a ready-to-use airfocus template and integrate it into your existing workflow seamlessly.
This enables you to visually map your marketing priorities on a chart and transform into an actionable roadmap at the click of a button and share it with your stakeholders.
To set up the framework, avoid the inefficient and time-consuming options. Manage the scoring in airfocus to:
save time on building a prioritization framework
boost productivity by adding collaborative features such as comments
keep the crucial data in one place using details and attachments
push all the discussed and scored items into your project management tool with a single click (Trello, Asana or JIRA)
Unlike old-school solutions, you can integrate prioritization and decision making processes seamlessly into your existing workflow. As well as the collaborative features, there is a proper decision matrix where the ideas can be visualized. The value-effort chart provides an intuitive spot to choose the right ideas to execute.
The weighted scoring fits for all business needs and has benefits, especially when you:
have too many competing ideas
are working in a big team
have enough data for a hyper-accurate estimation