- On December 8, 2020
We talk a lot about channel marketing, being a channel marketing agency it’s sort of our thing, what we don’t talk too much about is how to get the channel to work to achieve your business goals, because thats also our thing and we need you to need us!
But there comes a time where a channel marketing agency has to surrender some of its secrets in good faith just to make your lives easier. We hope after the dust settles you’ll still be around to let us put the principles we’re about to divulge into practice for you.
With all that said, today we’re going to look at a few sneaky ways you can help strategise and rearrange your channel to give you the best returns for the least effort, just the way a channel marketers (like us!) would.
First we have to consider the channel as it exists. Finding the ideal marketing channel strategy is a process that can take a long time. Where is it best to put your money? How often should the program be reassessed? What KPI’s should you be following to determine where you’re winning or losing?
In an ideal world every strategy should be focused on creating value. But for lots of companies, especially those looking to grow, it’s also important to be able to scale adequately not just make you money in the short term. Consequently channel marketing agencies frequently need to find the channels have great ROI and can scale as opposed to those that have good ROI but no ability to scale or vice versa.
Which of the channels works best in this regard depends quite frequently on the industry, market conditions and even just the time of year so research and knowing the territory is absolutely pivotal. It could be that your clothing brand is really popular with the younger generation and consequently your social media is a low cost and extremely efficient method of bringing you revenue but that radio ad you made isnt looking so hot. Ok, it’s an extreme example, but you get the picture. Use all the channels and know which are the ones which bring you not only the best ROI but also can be attributed to the largest share of the revenue. Which brings us to attribution
Attribution data connects your marketing to end of the line KPIs such as revenue. They allow you to see how your campaigns are affecting your bottom line. When we begin to get into long tail campaign strategy its vital channel marketing agencies use multi-touch attribution data. In order to get the most accurate data on how your marketing programs are affecting your income, a multi-touch system ensures every channel, at every stage, of your marketing funnel has the power to be recognised as an influence. There’s a chance that customer only started following your instagram because they’d overheard your radio ad! … ok its worn out we’ll stop. So where to go from here?
The Keys to Channel Marketing Agency Style Success
A few key takeaways that will mean you can create an ROI busting, revenue producing channel strategy of your own like us channel marketing agency rockstars.
Use your own Data.
Never just blindly follow the leader. It’s always tempting to try and find patterns in business between yourself and companies like yours, but don’t get completely swayed. Having their channel strategies in mind can be a great start, but inevitably, as with all things, it’s best to test the waters yourself. See what works for you and use your own data to determine whether a channel is the right way forward.
Stay up to date.
Especially in todays climate all channels are constantly changing. Every digital channel available has only become more aggressive and fast paced in the way it changes and adapts to the market. Paid advertising changes on or off the social platforms can have a massive impact on your ability to generate interest. When channels make changes or a new sub-channel appears on the market, stay vigilant and see how it affects your data.
Keep only what you need
The sunk cost fallacy is one of the most insidious ideologies in channel marketing. Agencies are ever wary of putting good money after bad, if a channel, no matter how popular is not producing the right results, and can’t easily be optimised it’s best to …
Back the winners.
Conversely to the last point, when you have channels that are hitting your metrics consistently, support them. Taking the time and resources to nurture channels on the up can be a game changing move in almost any instance.
Don’t stop collecting data.
Channel marketing can feel like a game where the goal posts are constantly moving, something that worked excellently the week before, is now completely out paced. As such it’s essential to have a firm handle on the key aspects of every past success and failure. If things take a downturn in your KPIs its wise to consider changing tac and building from past successes while avoiding previously fallen into pit falls is essential. Most of all, be diligent, always.
We hope these ideas can help you streamline your channel marketing strategy and get those much needed returns. Should you need any other advice or some outside help enhancing your channel, why not get in touch and see if the specialists over at Gorilla can help out.
Looking for an easy way to get some powerful multi-touch attribution? Find out more about the technology we use to help ensure your marketing message is getting through.