Any method you can employ to make your products, promotions, and services grab your target audience’s attention is your own best strategy. What works for one may not work for all. That being said, there is no specific marketing channel that can ultimately produce sustainable growth for all businesses. For this reason, you will need to discover the right channels that are relevant to your target audience.
As already established above, individual products or services have different channels that work like magic for them! With buyers’ behavior and the economy changing at an unprecedented rate, competitors never cease to emerge at all angles. Hence, there’s a pressing need to continually update your marketing strategy to keep track of the rapidly evolving business world.
Discovering the right marketing channels for your business is not rocket science, and neither is it a puzzle. By following some simple steps, you can find channels that work for your business. All you need to do is supply answers to pertinent questions, provide relevant information, and take concrete actions. Here are some questions you should take the time to answer –
- Does the channel reach my intended audience?
- Is it affordable and sustainable in accordance with my company’s budget?
- Does my target audience receive the channel well?
- Will I be able to measure its success?
- Do the channels I am considering work together to relate my message?
It would be wrong to assume that you know what choosing the right marketing channels entails by just answering these questions. So, I would briefly explain the nitty-gritty of marketing and the types of marketing channels we have. A marketing channel is simply the method through which information about a product or service gets to the end-user or customer. Marketing channels connect products to consumers. There are lots of marketing channels, let’s have a look at a few –
- Search Engine Optimization
- Pay-Per-Click Marketing
- Email Marketing
- Social Media marketing
- Content Marketing
- Word of Mouth Marketing
- Public relations
- Offline advertising
- Utility marketing
- Paid advertisement
- Referral marketing etc.
Now that we’re clear over some marketing channels, let us choose the best channels to produce maximum results for your business. Follow the six steps below, and you’ll be able to select the best marketing channel for your business in no time!
- Define Your Goal
- Know Your Consumers/Customers
- Nurture Your Customers
- Take Cues from Your Competitors
- Network Your Ideas with Strategic Partners
- Analyze your Results
Define Your Goal
Choosing the best marketing channels for your business starts with knowing what you want for your business. As in most establishments, goals determine how far an organization plans to reach the ladder of success. If you don’t have goals, there would be no yardstick for measuring just how well your business is doing. So, before you dwell so much on the best marketing channel to use for your business, first take some time to set clear-cut goals. Without clear goals, you’re more likely to select the wrong or less effective marketing channel.
Is your goal to make your sales skyrocket, get more people to sign up for your newsletter, or create awareness for your new product? . This marketing channel helps you successfully strengthen your relationship with customers, reach a specific age-bracket, etc. If your marketing goal is to create massive awareness in your potential customers’ subconscious minds, billboards are an excellent channel to reach your customers.
So, when you can clearly define your purpose for marketing, you’ll be able to choose the right marketing strategy very quickly.
Know Your Consumers/Customers
Knowing your customers is perhaps the master key that can help you open any door. Successful managers and CEOs know and understand what their customers want. The best market strategy enables you to create the perfect demand for your product from the right customer. For example, the Rolls Royce company does not target every customer on the market. They have a preference for the super-wealthy and do not need to make their pricing competitive. If you want a Rolls Royce, you’ll go for it.
Knowing your customers or consumers help you to tweak your products and services to serve them efficiently. The depth of knowledge you have about your customers is also crucial. You should know their hobbies, interest, the sites they visit the most, the apps they use the most, and lots more. Knowing all these will give you an edge and a good advantage over the competition.
Nurture Your Customers
Every business owner needs to know how to convert a first-time buyer into a perpetual customer or user of your product. All you need to nurture more substantial relationships with your customers is to become intentional about seeking out opportunities to engage them before, during, and after a sale. Doing this will help them develop a loyalty to you and your brand. Therefore, you must choose a marketing channel that allows you to keep in touch with your customers.
There are three main questions to answer when selecting the best marketing channels for customer nurturing –
- Does it help you in achieving your goals and developing long-term relationships with your customers?
- How far can it help you in increasing your current customer base?
- Does it integrate well with your current structure?
If you can answer those questions correctly, then you good to go!
Take Cues from Your Competitors
You need to know your competitors, follow them closely, and learn from them – their mistakes and successes. Chances are you’re not the only one operating the type of business you currently run. You have competitors. Taking cues from what your competitor does to get sales can save you lots of time. While you may not necessarily replicate their business strategy, you can fine-tune it and make it better.
Your competitors can be a great source of motivation and a great avenue to help you generate ideas. What are the marketing channels your competitors employ? What strategy gives them the results you desire? Use the power of leverage and learn from your competitor’s marketing successes and failures to make your marketing channel choice.
Network Your Ideas with Strategic Partners
It is a saying that your network is your net worth. When you network, you bring people together to share ideas. Networking involves connecting with experts and professionals who have been in the business industry or have knowledge about the various marketing channels. Networking helps you accelerate your business and career, and you cannot overemphasize its importance. No one is an island of knowledge. Network with people that matter and gain unprecedented success.
Analyze your Results
You have to be sure that you’re channeling your efforts and resources in the right direction. For this reason, it is crucial to analyze every channel you have chosen to use. A good marketing channel analysis will look at where you are currently investing your online marketing efforts. It will also help you identify your strengths and weakness and the profitability of each path. It lets you know if and when there’s a need for a change in the marketing plan. A few tools are available for analysis, one of which is the A/B testing method.
AB testing takes the guesswork out of website optimization and enables data-informed decisions that change business discussions from “maybe” to “I am sure.” By measuring the impact that changes have on your metrics, you can ensure that every change produces positive results.
In conclusion, with just a little effort, you can get great results. All you need is to acquire the right knowledge and use it properly. You can save yourself lots of money by avoiding the wrong marketing channels that yield little or no profit. Just follow the instructions above, and you will discover your marketing channel. You now have all you need for a productive marketing channel!