Your Guide to Efficiently Assessing a New Marketing Channel for your Business

One of the questions that have been asked countless times in the realm of marketing is:

“What marketing channel should I focus on?”

Unfortunately, there is no clear-cut answer.

It depends on the nature of your business as well as your target audience.

Determining the marketing channel or channels you focus on are pivotal, especially when you are starting a new business. Focusing on the wrong marketing channel can set you back tremendously. You will also be putting your existing operations at risk for a new channel that may not pan out as expected.

There are many challenges that marketers must overcome, so it is desirable not to add another challenge to that list if you select the wrong marketing channel for your business.

The most important aspect is to resist the urge to diversify.

You don’t need to be everywhere at once. It is vital that you focus on one marketing channel, at least in the beginning.

The reasons why you shouldn’t focus on multiple marketing channels are:

  • You will have less impact. If you’re focusing on several channels, it will be difficult to spread your effort on multiple channels to manage them successfully.
  • It will cost you more. Using a multichannel approach will cost you a lot more than you may be willing to spend. If you are looking for an organic and cost-effective approach, stick to one channel.
  • You’ll never actually know where your strength lies. Jumping from channel to channel means you won’t really know the impact of one strategy on your business.
  • You will remain behind your competitors. Find that one channel and dominate in your market.

Here are three helpful tips that will guide you in how to evaluate your options and narrow down the best choice quickly.

  1. Know your options

Brainstorm all your possible options that you can use to connect with your target audience and enhance the visibility of your business.

Here is a great map of all the possible options:

There are different channels but there is convergence. For example if you select Facebook as your primary social media platform, it is ideal that you experiment with Facebook Ads.

Let’s look at some of your options:

There are different channels but there is convergence. For example if you select Facebook as your primary social media platform, it is ideal that you experiment with Facebook Ads.

Let’s look at some of your options:

Content marketing

This is all about creating and promoting material that will interest your target audience.

Did you know that 90% of businesses market using this channel?

This means that no matter what strategy you use, there is no doubt content will be part of it.

Types of content include blogging, guest blogging, podcasts, and emails.

Social media marketing

With the rise of technology and popularity of social media, social media marketing is a great route to get noticed, build influence, and grow a strong community.

Bonus brownie points: you can also use it to drive traffic to your main site.

Paid advertising

Unpaid advertising is organic and will take time to generate results.

Paid advertising is the only way to fast-pace that, with the only downside being that you must fork money out of your pocket.

  1. Choose the channels aligned with your business goals

Now that you have a clear understanding of the possible channels you can choose, it’s time to make a list of all the channels that will boost your business.

As your business evolves, the marketing channel you use right now may not be viable in the future. Consider what stage your business is at and set goals for the short-term.

Your business goals should serve one of these three phases of business:

  1. Increase the number of customers
  2. Increase the frequency of purchases
  3. Increase the number of units sold

If you’re in the first stage, your goals might be to build brand awareness, lead generation, and customer acquisition.

If you already have a list of customers, your goal might be to increase sales.

If you already have a reliable stream of sales, your goal might be to maximise profits and retain customers.

Focus on what your business needs at the moment, as each business is different with different goals.

How do you select a channel that fits with your business goals?

Eliminate the channels that would be less efficient, and rank your remaining options.

  1. Narrow down the list by going where your audience is

Now that you have a few options, it’s time to prioritise which is best.

To do so, you have to find your potential customers. If your customers aren’t hanging around in a particular channel, you will be wasting your time and effort.

Here are some tips for finding out where your audience is:

  • SEO
  • Competitive research
  • You can’t go wrong with social media, everyone is using it

SEO

In order to interact with your target audience, you must be easy to find on the internet. By searching for keywords in your industry, you’ll get an idea of what your audience is searching for and how often.

Competition research

Researching your competitors is an important way to gain valuable knowledge of where your customers are, and what they like.

Social media research

A great tool to use is BuzzSumo.

Once you type in your competitor’s domain, you can see a list of all the top performing content on the site, and which one of their social platform has been generating the most shares.

It is ideal that you pick a platform that doesn’t cost you too much to get started. If the platform takes too much time and effort to get your head around, you may be investing too much trying to figure it out while neglecting other parts of your business.

Final notes

Choosing a new marketing channel is tough. There are so many aspects to consider but it is vital that you take the time to look at the pros and cons of a potential channel before you focus on it.

Do you have any tips in choosing the most effective marketing channel?

 

Related Tags: Digital Marketing Consulting | Social Media Marketing Courses

About the author

Olivier Mamet is the director and owner of The Seo Consultant & Out of the box. The first one providing search engine optimization, online public relations, social media marketing and the other providing video marketing and video production services. A general enthusiast of the Internet of Things.

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