The A to Z Guide to Building a Marketing Channel Strategy in 2024

What is a marketing channel strategy?

A marketing channel strategy outlines the various methods and platforms a business uses to reach its target audience and sell its products or services. It involves careful planning and execution to ensure that the right messages are delivered through the right channels to attract and retain customers.

The essential elements of a marketing channel strategy

To be able to build an effective marketing channel strategy, you must first understand the basic elements that comprise it:

Customer

Understanding your customers is crucial for developing an effective marketing channel strategy. This involves identifying their preferences, behaviors, and needs to tailor your messaging and choice of channels accordingly.

If you dig deeper (and you should), segment your audience based on demographic and psychographic factors, which can help you understand the specific desires and pain points of each group.

Additionally, analyzing customer feedback and data from various touchpoints enables you to gain insights into their satisfaction levels and engagement patterns. This information not only aids in refining your marketing efforts but also helps in personalizing customer interactions to foster loyalty and long-term relationships.

Here's how you can learn more about your customers:

• Conduct surveys and questionnaires to gather direct feedback. If needed, incentivize your customers to answer your surveys.
• Utilize analytics tools to track customer behavior on your website and social media platforms.
• Monitor customer reviews and comments on various channels to understand their sentiments.
• Engage with customers through social media to build relationships and gather insights.
• Implement CRM systems to collect, manage, and analyze customer data comprehensively.

Cost

Cost management is a vital component of any marketing channel strategy. It requires assessing the budget for different channels and optimizing the allocation to maximize return on investment. Keeping costs in check ensures that marketing efforts are sustainable.

Another critical aspect of cost management is evaluating the performance of each marketing channel through key performance indicators (KPIs) such as cost per acquisition (CPA), customer lifetime value (CLV), and return on ad spend (ROAS).

Additionally, it's important to consider both fixed and variable costs associated with each channel, including production costs, software subscriptions, and labor expenses. Employing cost-effective tactics such as leveraging organic social media, email marketing, and content marketing can help in balancing the expenditures.

Convenience

Ensuring convenience for the customer can greatly enhance their experience and boost engagement rates. This might involve offering multiple channels for interaction and providing seamless transitions between them to make the purchasing process as easy as possible.

Here are some ways to make it easier for your customers to find your products and/or services:

• Omnichannel retail. Allow customers to shop online, via mobile, and in-store, ensuring they have a consistent and seamless experience across all platforms.
• Mobile-friendly website. Optimize your website for mobile devices so that customers can easily browse and purchase products on their smartphones and tablets.
• Social media selling. Use platforms like Instagram and Facebook to directly sell products and connect with customers, providing them with another convenient purchasing option.
• Customer support chatbots. Implement AI-powered chatbots on your website to assist customers in real-time, answering their queries and guiding them through the buying process.
• Local pick-up options. Offer customers the option to pick up their online orders from a nearby store or designated location, saving them time and shipping costs.

Control

Control refers to managing and monitoring the performance of different marketing channels. This includes setting clear objectives, tracking key performance indicators, and making necessary adjustments to maintain or improve effectiveness.

Every channel has its own strengths and weaknesses, so it's crucial to prioritize and allocate resources accordingly. For instance, while print advertising may be effective in reaching older demographics, social media might be more useful for targeting younger audiences. It's essential to continually evaluate the performance of each channel and shift resources as needed.



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Collaboration

Collaboration between different teams and partners can significantly enhance your marketing channel strategy. Sharing insights, resources, and expertise can lead to more cohesive and effective campaigns.

For example, marketing and sales collaboration is one of the most common marketing problems -- but also one that provides excellent opportunities. Collaborating with sales teams can help bridge the gap between marketing efforts and actual revenue generated, leading to more accurate and data-driven decision-making.

Additionally, external collaborations with influencers, brand ambassadors, and complementary businesses can widen your reach and attract new customers through co-marketing opportunities. By working together, everyone involved can benefit from increased exposure and credibility.

Competitive advantage

A well-defined marketing channel strategy can provide a competitive advantage by differentiating your brand and offerings in the market. Leveraging unique channels or innovative approaches can set your business apart from competitors.

Again, different tactics apply to different channels, business models, and industries, but as a general rule, keep in mind that:

• Innovate consistently. Regularly introduce new products, services, or processes that set you apart from competitors and meet the evolving needs of your customers.
• Leverage technology. Utilize cutting-edge technologies such as AI, big data analytics, and automation to enhance efficiency, personalize customer experiences, and make informed decisions.
• Focus on quality. Ensure that your products or services are of higher quality than those offered by competitors. High standards can foster loyalty and attract new customers through positive word-of-mouth.
• Enhance customer service. Provide exceptional customer service that exceeds customer expectations. Quick, efficient, and empathetic support can differentiate your brand in a crowded marketplace.
• Build strong brand identity. Develop a unique and compelling brand identity that resonates with your target audience. A strong brand can create an emotional connection and increase customer loyalty.
• Expand market reach. Identify and penetrate new markets or segments that your competitors haven't reached yet. This can involve exploring international opportunities or targeting underserved local markets.

Why do you need a marketing channel strategy

Building a marketing channel strategy sounds like a lot of effort -- so do you really need it?

You don't need it more than you need an overarching marketing strategy, no. But you do need it if you want to allocate resources efficiently, increase sales and revenue, and stay ahead of the competition.

A solid marketing channel strategy provides direction and focus, ensuring that your efforts are not spread too thin. It helps you identify the most effective channels for reaching your target audience and invest resources accordingly. By monitoring performance and adjusting tactics as needed, a well-defined strategy can also help optimize budgets and maximize return on investment (ROI).

Specifically, here are some of the biggest advantages of building a marketing channel strategy:

Be where your customers are

Being present on the channels where your customers spend their time is essential for staying relevant. A marketing channel strategy ensures that you reach your audience across various touchpoints, increasing brand visibility and customer engagement.

For instance, if you sell fashion products, you might find your customers hang out on Instagram and TikTok. If, however, you sell a software, you might find your customers are more keen on LinkedIn and Twitter. Focus your energy and resources where your customers are, rather than where "everyone else" is.



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Do more with your existing channels

Optimizing your current channels can enhance their effectiveness and efficiency. By continually assessing and refining your strategy, you can better leverage existing resources to achieve your marketing goals.

A marketing channel strategy doesn't have to imply you're hunting new channels every week. Instead, it can help you improve your current marketing mix and make the most of what you already have.

Create a unified experience

A cohesive marketing channel strategy helps create a consistent and unified experience for customers. This involves aligning messaging, branding, and customer service across all channels, leading to improved customer satisfaction and loyalty.

Types of marketing channel strategies

Marketing channel strategies come under many shapes and forms, but they can be generally classified under the following categories:

Social media marketing

Social media marketing involves using platforms like Facebook, Instagram, and Twitter to reach and engage with your audience. It provides opportunities for both organic and paid promotions, allowing for targeted campaigns.

Here are some brands that do social media marketing very well, for example:

• Duolingo
• Glossier
• Airbnb

Email marketing

Email marketing is a highly effective way to communicate directly with your audience. It can be used for a variety of purposes, including newsletters, promotional offers, and customer retention efforts.

For instance, the following brands focus a lot on their email marketing:

• Shein
• Betty Croker
• Ralph Lauren

Search engine marketing (SEM)

SEM involves using paid search ads to increase visibility on search engine results pages. This strategy helps drive targeted traffic to your website by leveraging keywords and bidding strategies.

Keep in mind search engine marketing is frequently used as an umbrella term to define both paid and organic strategies applied to search channels (like Google.) For example, in terms of organic search, the following brands have gained a reputatioin for being at the top of their game:

• Best Buy
• Apple
• Amazon

Direct-to-consumer marketing

Direct-to-consumer marketing bypasses traditional retail channels to sell products directly to customers. This approach often involves e-commerce platforms and allows for greater control over the customer relationship.

Direct-to-consumer marketing may also seem a little outdated these days, but the truth is that it has just "evolved" to encompass more digital channels. Brands like the following have all created a unique direct-to-consumer experience through their online channels.

• Warby Parker
• Dollar Shave Club
• Casper



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B2B marketing

B2B marketing focuses on selling products or services to other businesses. This strategy typically involves longer sales cycles and more complex decision-making processes, requiring tailored messaging and channel selection.

Some brands that do B2B marketing very well include:

• HubSpot
• Salesforce
• Shopify

Partnership marketing

Partnership marketing involves collaborating with other companies or influencers to reach broader audiences. These partnerships can take various forms, such as co-branding, sponsorships, or influencer marketing campaigns.

For instance, here are some businesses known for their partnership marketing:

• Nike
• GoPro
• Coca-Cola

The difference between a marketing channel strategy & a marketing strategy

Although sometimes a matter of detail and semantics, understanding the difference between a marketing channel strategy and a marketing strategy is crucial.

• A marketing strategy outlines your overall approach to promoting your brand and products. It includes identifying your target audience, setting objectives, and determining the messaging and tactics that will best convey your value proposition.
• A marketing channel strategy focuses on selecting specific channels to reach your target audience and achieve your goals. It involves analyzing channel performance, optimizing tactics, and monitoring results to ensure effective use of resources.

The difference between a channel, a multi-channel, and an omnichannel strategy

Similarly, a lot of people mistake channel, multi-channel, and omnichannel strategies, but knowing the difference between them can help you choose the right approach for your business.

• A channel strategy involves focusing on one specific channel, such as social media or email marketing, to reach and engage with your audience.
• A multi-channel strategy involves using multiple channels to reach and engage with your audience. This can include a combination of online and offline channels, such as social media, email, direct mail, and events.
• An omnichannel strategy takes a holistic approach to customer experience by seamlessly integrating all touchpoints across various channels. This ensures consistency in messaging and branding while offering a personalized experience for each customer.

How to create a marketing channel strategy

OK, now that we got the basics out of the way, let's take a closer look at how you can create a marketing channel strategy that fits your business and needs. Here are the steps you need to take:

Define your target audience

Identifying your target audience is the first step in creating a marketing channel strategy. Understanding their demographics, preferences, and behaviors will inform your choice of channels and messaging.

Define your budget

Setting a budget is crucial for allocating resources effectively. This involves determining how much to spend on each channel and ensuring that these expenditures align with overall business goals.

Define your KPIs

Key performance indicators (KPIs) help measure the success of your marketing channel strategy. These metrics might include:

• Engagement rates (likes, comments, shares)
• Click-through rates (in PPC, social media advertising, or even organic search)
• Conversion rates (on sales-oriented landing pages)
• Open rates (for email)
• Traffic and impressions (for your website, respectively social channels)

Select your channels

Choosing the right channels involves evaluating where your target audience spends their time and which platforms best suit your objectives. This might include social media, email, search engines, or direct marketing.

Keep in mind you don't need to be everywhere. You just need to be where your audience is.

Mix & integrate your channels

A successful strategy requires integrating various channels to provide a cohesive experience. This might involve synchronizing campaigns across platforms and ensuring consistent messaging.

The best companies leverage a combination of different channels to maximize reach and impact. For example, you could use social media to raise awareness and email marketing to drive conversions. You could prompt people to subscribe to your newsletter on social media, and use your email to send subscribers to your social channels too. When you coordinate your channels, you amplify the effects of each one.

Measure & adjust

Continuous measurement and adjustment are vital for the success of your marketing channel strategy. Regularly reviewing performance data allows you to make necessary tweaks and improve the effectiveness of your campaigns.

Channel marketing strategies: from macro to micro

Bringing your channel marketing strategies from a macro to a micro level ensures that every aspect of your approach is meticulously planned and executed. At a macro level, the focus is on overarching goals and the broader framework of your strategy, such as brand positioning and high-level objectives. This strategic overview provides the foundation for more granular, micro-level tactics that drive day-to-day activities and specific campaigns.

Micro-level strategies involve detailed planning and execution within individual channels. This might include creating personalized content for email marketing, segmenting audiences for targeted social media ads, or optimizing SEO for precise keywords. By honing in on these specifics, you can refine your approach, making it more responsive and adaptive to your audience's needs.

Ultimately, the effectiveness of a marketing channel strategy lies in seamlessly integrating both the overarching strategy and the channel-specific tactics you want to employ This holistic approach ensures that your broad objectives are consistently supported by targeted, actionable efforts, creating a cohesive and impactful marketing experience.

Need someone to help you with that?

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