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Identifying, testing, and measuring growth channels — review

It is rare for a company in an early stage to be great at all of these channels and it is also rare for a large company at a late stage or an enterprise software company to be doing growth marketing with all of the channels at top peak performance.It’s essentially, you just have to understand where your customers are and what they’re doing.Well, you shouldn’t spread yourself too thin because you won’t be successful in any.It’s important to be able to identify the even one to three channels that’s working for you,whether you’re an early stage startup or here in a larger company, to be able to either sell it for the execs from the enterprise side or to survive from the startup side.Finding that product marketing fit and making sure it makes sense for you.You definitely don’t have the time to be wasting to invest your resources, both time and money, on a channel that doesn’t work and perform for you.

So how do you choose an experiment with marketing channel? How do you pick that first channel? It is recommended to take a look at all the channels. Is your audience active? Are they engaging on those channels?

First decide if your audience is using it, if they’re there.If they’re not, then you should not start with that. Be able to identify the mismatch between your products and services and the audience and if they’re in the channel.For example, if you are a B2B payroll software company, you wouldn’t be on social medial channels.You could dabble in it, but that wouldn’t be the first channel that you would pick.You don’t want to pick the missile lined channel for your business and you don’t also want to pick the channel that is most competitive.You want to pick a safe bet to start, which would be SEO. SEO is a great channel to start, just because you’re have to get it done when you launch your product and service.So it’s good to have that insight for your keywords and look at what your competitors are doing while still setting up your website for success.If your goal is to just have organic traffic,you don’t want to invest $80 in advertising,then SEO is essentially, and social media marketing,great channels for you. But if you have some budget,if you have some resources, then test.Test the different channels and see which ones are working and you could easily throw up a Facebook ad test. It’s so targeted.You can target down the demographic and socio demographics there and target incredibly cheap for down to like, 20 cents, potentially.Test for a full day, $20 a day,and see if that’s the right channel for you and who those people are.You’ll get incredible insights off of Facebook and Twitter advertising.

So the next question is, how do we measure the results of the channels?How do you know when a channel is effective and when should you double down?

And that depends on what your metrics of success are defined as, but great marketers have to look at which channels have great ROI and can scale compared to channels that have higher ROI,but have no ability to scale.So for example, a great channel for, if you’re a B2B,if you have great ROI on LinkedIn,LinkedIn has a great ability to scale if you can target your C-suite CFOs, CEOs, CTOs.That can result in monthly touch points versus small scale events that have great ROI, but can’t scale.So for example, something like a dinner with all of your potential prospect CEOs and having them down, you’ll have great ROI,they’ll most likely sign a deal with you,but that is a very difficult channel to scale.

How do you know when your channel has failed and should be ignored?

Look at your data again and don’t look at what other people are doing.Great ticket insights from them may not work for your business.If the channel isn’t producing revenue ROI for your business and it doesn’t meet your standards,know when it’s time to trim the fat and cut your losses.When the ROI is low, it has no chance to scale.So don’t keep that strategy just because it’s a popular channel.Just because everyone’s advertising on Facebook,doesn’t mean that that is the channel that’s right for you and that you should be wasting your resources on that channel.

So when talking about optimizing and doubling down on your channels,once you find the channel that has the traction,how do you double down?

If you find a channel that’s performing well,give it an opportunity to succeed.It may take a couple of months,especially for SCO, it might take you a year.Up six months to a year for it to fully develop.And channels must be given the opportunity to scale before you can say whether or not it can.For example, even PPC, it might take you a couple of months.I mean, a PPC tends to move a lot faster,but in my experience, it took us a couple of years before we decided, this is also coming from a very large enterprise company,to move from $750,000 to $2.5 million.And now, it’s more than doubling down because we were able to prove year over year,month over month, year over year,the success for the channel that worked out for us.With PPC, you can see through your MQLs,or the market qualified lead,which will then, it’s not just about getting the leads,but getting the qualified ones that make sense.

Are they the ones that are most likely to buy?Are they the ones that are purchasing?Rather than, are they just filling out a form and they’re interested and they’re just signing up for your newsletter?

So being able to identify these channels,you’ve got to be an agile growth marketer and take a look at the data and make data driven decisions.It’s going to be different for everybody,even if you’re looking at your competitor,what’s working for your competitors may not work for your business,and that’s important to identify that. What you learn from them, or your competitors,are valuable insights, but it’s definitely not something that you want to blindly follow because your competitor has shown success and you feel like,potentially, that that would be a quick win for you.Definitely, you got to look at your data.You got to look at what’s working for you.So the answers for which channel is going to work for you can’t be given,but this is why it’s important to keep testing.Testing to find what new channels are out there,what ones are working.You want to be that first person that finds,that created the display ads, that found success on PPC and once you find out what that channel is,you’re going to see exponential growth.

-from cxl

Growth Marketing Intern