Choosing the Right Initiatives
Once you have your options laid out, it’s time to prioritize and choose what’s worthy of investment. While there are many prioritization methods, one we see used frequently is RICE. This method originally became popular among product managers to allocate engineering time, and it has since expanded into other domains like marketing. The four components of the RICE method are:
- Reach: How many people will this impact within a specific time period?
- Impact: How big will that impact be?
- Confidence: How confident are we in our reach, impact and effort scores?
- Effort: How much will this cost in dollars or people time?
For each of the above, you can approximate actual numbers, or just assign a value like Low=1, Medium=2, High=3. Some prefer more granular options like 1-5 or 1-10 or using bigger differences in values like 1, 3, and 9. If you’re just starting out, keeping it simple and using it to facilitate a discussion of relative value is key.
Putting them together: Reach x Impact x Confidence / Effort = total estimated value per unit of effort. The higher the number, the higher the priority. (Of course, you may choose not to do something or override the prioritization for strategic purposes.)
From there, you then select the set of initiatives you can tackle with the resources at your disposal, sequencing or grouping them accordingly. Keep in mind that choices may reinforce or benefit each other, resulting in a 1+1=3 situation, which can also impact your decision making. For example, a foundational investment in a podcast or influencer marketing strategy might fuel content to improve your SEO or advertising efforts. A big swing awareness campaign paired with a flagship event might increase the success of your sales team and customer marketing efforts.
While this exercise can be subjective, it’s a good way to frame the relative benefits and tradeoffs of your various options. And the better the selection of each marketing investment, the better the overall outcome of your marketing portfolio.