How To Choose The Best Marketing Channel For Your Business
Posted on March 14, 2017
There is No One Size Fits All
We all look for hacks and “magic” bullets. But the trust is that there is no one size fits all approach when deciding what the best marketing channel is for your business. This is because choosing your best marketing channel will depend on upon your business model and ideal client.
Two companies with the same business model in the same industry may have two different ideal marketing channels. If one company is focused on customers that want the cheapest price, they may want to focus on digital. However, the other company may want customers that aren’t price sensitive and want a higher-end product or service, they may want to focus on direct mail since they can target higher income customers and avoid price sensitive customers.
Let’s look into how you can determine with marketing channel works best for your business.
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You Must First Look at Your Ideal Customer
You must first determine who your ideal client is to choose a marketing channel that will allow your business to grow profitably and rapidly.
Look at Your Current Best Customers
One of the easiest ways to find your ideal customer is to look at your current best customers. If you look at your current customers, there should be some that spend more than others, refer more people, and use your products or services more frequently.
If you aren’t already, your business should be using a customer relationship management software to keep track of your clients. Depending upon your business, some CRM programs will work better for your business than others. A comprehensive CRM that is likely to work for all businesses is Infusionsoft. There are others out there that are cheaper options like Active Campaign.
With your CRM, you’ll have access to all of your customers so that you can see your ideal customers and customers that you’d rather not have.
Take a look at the demographics of your ideal customers. When you review them, look for similarities between them like gender, income, geography, profession, position, hobbies, preferences, and affinities.
Once you discover these similarities, you’ll have a foundation of the demographics and psychographics of your ideal clients.
If you have a list of over 1,000 customers already, you can hire a modeling company to discover these demographics and psychographics from your list. Even if you don’t use direct mail as one of your marketing channels, getting this data about your current list can be used in your digital campaigns.
You Ideal Customers May Not be Your Current Customers
You may discover that your current best customers are still not your ideal customers. And for many businesses that aren’t intentional about their marketing channels experience this exact same thing.
Once you look at your current best customers, image if you had a company full of those customers. Would you be satisfied with that? If not, then you have to done more work discovering who your ideal customer is and what it’s going to take to attract them to your business.
This may mean that you have to change your businesses positioning and value proposition to attract your ideal customers. If you want clients that spend more money per purchase and purchase more frequently and your current best clients aren’t doing that, you must ask yourself a couple questions.
First, am I not attracting my ideal customers because they just don’t know about my business?
Secondly, am I not attracting my ideal customers because they aren’t interested in my current value proposition?
It is extremely important that you get as much data as possible on your ideal customers. Whether that is through mining your CRM, gathering demographic data, gathering psychographic data, using surveys, or hiring a company.
Quick note on hiring a company or delegating this to someone else. Defining and targeting your ideal customer is the most important thing you can do for your business. YOU want to be the person leading this process since this will determine the positioning and success of your business.
Consider All of Your Options/Channels
You must consider all of the options you have for choosing your marketing channel. Here are a few examples of some marketing channels you may decide to use.
Digital Marketing – Advertising
Digital Marketing – Organic
Search Engine Marketing
Affiliate Marketing Partnerships
Review Sites – (Google Local, Yelp, etc.)
Traditional Marketing – Advertising
Advertising With Other Companies
Traditional Marketing – Organic
There are plenty more options outside of this list that could work for you. This is just to give you an idea of some of the marketing channels that could work best for you.
Digital May Not Be Your Best Marketing Channel
We live in a digital age. So it is completely understandable that the most frequent marketing channel used it online ads and media. But the truth is that in many cases, offline marketing can be the most important marketing channel for you. Even if it isn’t, it should be considered. Even Google, the search giant, uses direct mail to get new clients.
So even if you have a digital business, you can leverage offline marketing to attract your ideal customers.
I am a huge fan of both digital and direct mail. I don’t believe that they should be viewed as odds. They should both be considered to have a robust and synergistic marketing arsenal.
Direct mail and offline partnerships have been used for centuries before the creation of the internet. Empires were built using these methods. John D. Rockefeller used partnerships with railroads and other companies to build one of the largest fortunes in American history. You better believe that there is a ton of opportunity to grow your business offline.
If you decide that digital is your best option for marketing channel, you should brainstorm on how you can use offline marketing to compliment your digital efforts.
We’ll be coming out with a post that focuses more on how to use direct mail and partnerships to grow your business.
Be Sure to Remember Digital
If you decide that offline marketing will be the best marketing channel for you, consider how you can leverage digital channels to compliment your offline marketing efforts.
If you are focusing on direct mail, maybe you can send your mail recipients to a landing page that has a pixel on it so that your online ads can follow them around the web until they decide to use your service. That way you are maximizing your direct mail efforts.
There are a ton of different ways you can use digital marketing to compliment your offline marketing. Get creative and start thinking out of the box. Feel free to reach out to me if you need some help or ideas.
Hire a Specialist
When you decide which marketing channels works best to acquire your ideal customers, it is best to hire a specialist in that area.
If you decide that Google AdWords is your best marketing channel, you should find the very best person or agency FOR YOUR INDUSTRY to help you correctly and profitably execute.
If you decide that direct mail is your best marketing channel, you should hire the best person or agency for your industry in direct mail campaigns.
You must make sure that you attain as much wisdom as possible about that channel. You can get this knowledge through books, training, or online. You’ll need this fundamental wisdom to be able to determine who the best person to hire is. You’ll be able to ask the right questions and weed out the people or agencies that aren’t a fit for what you’re working to accomplish.
What you’ll discover from gaining wisdom about your targeted marketing channel is that you’ll even know more about that channel than some of the companies that you’re looking to hire. Some of them won’t even know some of the terminology and fundamental things industry experts will teach you in books. This will give you the red flag that they aren’t the fit for your business. This will save your tons of time and money from hiring the wrong company.
The wisdom that you acquire from books and training will give you an idea of the company you’ll need to hire to accomplish what you’re working towards. Once you spot that person or company, it’ll occur to you that they are exactly what you were looking for. But that only happens when you have the fundamentals on the marketing channel you are working to dominate.
It Takes Focus and Consistency
Regardless of the marketing channel that you choose is best for your business, you must make sure that you focus. Focus all of your efforts on building out a profitable marketing campaign. It can be easy to get distracted and venture into other things, but make sure that you are focused on the marketing channel that you chose. It will get tough, but be sure to muscle through to the tipping point.
While you are focused, but open to being able to pivot is you discover a channel or method that may produce better results. Don’t use being able to pivot as an excuse for not focusing, but while you are focusing be open to switching things up able while staying on track.
Consistency is the other side of the coin of focus. While you are focusing, be consistent in how you go able implementing your best marketing channel. If your budget doesn’t allow you to hire a specialist in your marketing channel, you must get even more education on the subject from books and training to consistently attack your marketing goals.
Test, Test, Test
You must make up your mind that you are going to test and test often when discovering the best marketing channel for your business. Whatever channel you decide to dominate, make sure that you are always gathering data and testing different campaigns and approaches to reach your ideal customers. It’s only through testing and iterating that you’ll discover what works best and how to continuously improve.
You have everything you need to get started within this post. The next step is to take action. Start today. Don’t get paralyzed trying to determine everything at once. Get started finding out who your ieal customer is and monve on to the next step from there.
Remember that we’re here to help you along the journey. Feel free contact us using the contact form to ask us any questions you have or leave a comment below.
What are some things that are challenging for you or have helped you determine the best marketing channel for your business?