You have probably been running your small business for the past 5 years or just acquired funding for your startup. Or also simply are looking to expand to a new state or town. So what next? The foundation of any business should be marketing and choosing an effective channel and therefore strategy is key for lead conversion and profitability. But in all honesty, choosing the most effective and convenient digital marketing channel for your business is one of the biggest decisions you will ever make.
The Tech Revolution
With the internet becoming the fastest growing advertising medium of the 21st century. Computers, tablets and mobile phones are common place tools for the most part US citizens with averagely 75% of them owning a computer and 84% owning a mobile phone. Due to the current familiarity, addiction and usage of digital media, many have been identified as a driving force in modern online shopping (ask AMAZON). Consumers of all kinds of products now desire information in order to make purchase decisions. Hence the shift in technological brand preference and intentionality when choosing a marketing channel by most companies.
Demographics still matter
Imagine corporations and companies usually are expected to spend more than $95 billion on digital advertising by end of 2019 and a large percentage of it will be targeted to millennials. This indicates that demographics play a role while choosing a marketing channel. Social networking and inter-active technologies are empowering millennials especially to be more active in the creation and advancement of products, services and brands. No wonder most successful marketers are realigning their techniques in order to positively engage these vocal and proactive internet consumers. But does your brand want to focus only on that age group?
Why Digital Marketing channels?
Digital marketing changed the game since traditional marketing was quite costly and not very targeted. So then channels like print media, SMS and billboards are now being replaced by social media, email and dynamic websites. It gets more technical with deeper digital marketing variations like Pay-Per-Click, affiliate, contextual and influencer marketing. Therefore there is simply no one size fits all in modern marketing nowadays, as companies have multiple options!
An effective choice
As you read this right now, there are people who are frantically searching for your services. While a digital marketing strategy may seem like a no brainer, it is important to understand the decision process when choosing even the most suitable digital marketing channel. Digital marketing is so wide that it touches every aspect of the internet and involves: SEO, social media marketing, search engine marketing, and content marketing. So despite the old traditional channels like television and print media, how does a company make the best decision in terms of an effective marketing channel?
Which factors to consider
Unlike traditional channels, digital marketing allows startups to track return on investment (ROI) more accurately thus adjusting strategies appropriately. At the same time, digital channels have shifted from transaction based to more engagement and customer centric models. That said with multiple flexible channels, how do you decide on an effective marketing channel for your company? Which metrics can help your decision process? To begin with let’s consider these 5 Tips, shall we?
1. Prioritize
Know thyself, in short know your customers and have clear marketing priorities. As a business owner, having marketing objectives is key. Understand your business model and customers very well and their influences. For instance this process can be facilitated by data acquisition on potential customers like basic demographics and market surveys if possible. Thus prioritize your marketing goals as a company clearly. Being all over the place means you’ll make poor marketing channel choices and could make loses. When you know your goals, it becomes easy to engage a marketing company too. In addition, your niche can also influence your marketing channel choice and effectiveness.
2. Timeline
How long do you want a campaign to last? How quick do you require lead conversions? Are you willing to go long term or short term? Does your product have an expiry date? Some channels are slow but sure, while others are quicker but have high risk of being ineffective. Analyze the time requirements and constraints of all your channel options. Some channels take a lot more time like content based channels which include anything from blog posts to social media videos. Your channel choice has to be compatible with your timeline.
3. Budget
Above all your budget can actually be your biggest limiter in choosing the right marketing channel. But that is relative as many companies have sold more with smart cost effective marketing channels. Budget conversations are often tricky when engaging marketing firms as many clients always want discounts or some firms may seem too exorbitant. Estimate how much you’re willing to spend and compare it to your channel options. Though to be fair, having a big budget doesn’t always guarantee the biggest conversions as I mentioned.
4. Target Audience
‘Build it and they’ll come’ mentality has really made many companies derail. Another metric to consider is your target audience. Who do you want to advertise to, elderly or teens? Do they watch TV or YouTube, are they mobile users or PC? Choosing a target audience can help as particular channels are exclusive. For example, Instagram has juiced the way millennials consume short video and pictures. Your channel may require maximum or minimal engagement. Remember your product needs to be where your target customers are, so does your chosen channel!
5. ROI
Is the Return on Investment (ROI) of the channel highly measurable? How do you know if you’re getting your money’s worth? Unlike traditional channels, digital channels are measurable with multiple tools. This can help you learn while determining direct profitability of your venture. It can also help you visualize how customers engage with your service and product across multiple channels.
Conclusion
It’s not as simple as randomly attracting, engaging, converting, and closing potential customers nowadays. The choice of channel matters. Your marketing channel will enable you compete with larger businesses while achieving profitability. If you need help in this process T3 Direct is willing to help.