Unraveling the Mysteries of Channel Marketing Management
Effective channel marketing management is hard to come by, especially in the start-up and small business environment. Part of the reason is these folks have great ideas but no clue as to how they should be marketed.
The result? Around 90% of new startups will fail. Yeesh!
Before you panic, take a deep breath. We’ve broken out the Do’s and Don’ts of channel marketing management to help get you started. No trial and error required!
Engage Industry Leaders and Influencers
You get to “borrow” the company or individuals’ brand strength and lend legitimacy to your own in the process. You can accomplish this in a variety of ways:
• Offering them a share of the company
• Engaging them for consulting work
• Starting a joint project or venture
• Offering them a seat on an advisory board or your board of directors
• Asking them for an honest review in exchange for your product or service
The possibilities are nearly endless, but they all have one thing in common: getting the word out that your brand and company is in a league with the best.
Track, Track, and Then Track Some More
For a strong channel marketing management strategy to emerge (and succeed) you need to know where and how every single click, install, or site visit was generated. Doing so allows you to see where you’re having success, as well as areas where you’re weak.
In the world of startup marketing, every dollar counts. Being able to understand what’s working, and why, will allow you to put more dollars into the things that are working and skip the stuff that’s not generating a good return on your investment.
It will also tell you where your best customers are coming from; so, you can properly engage them, drive up their lifetime value, and then recruit more just like them. (For more on that, check out our other blog post on the measurable benefits of customer loyalty programs.)
Make It Easy for Customers to Come to You
Everybody wants control over where and how they interact with various brands. Gone are the days of annoying pop-up ads and email spam. Today’s consumer ignores all that ad noise and goes straight to what they’re looking for.
As a result, you need to be in a variety of business-appropriate* places to catch their attention. Think the App Store, Facebook, Instagram, digital newsletters, coupons, referral programs and more.
*In this context, business-appropriate means channels that make sense based on the industry you’re in. For example, a bakery probably doesn’t need an app, and a plumber pushing his business on Instagram is probably missing the point. Think about the channels that are right for you. These can include a variety of social media, high visibility brand placements, media promotion, and more.
Make Sure Your CRM Is Working for You
The first step in a great CRM program is understanding what drives your business. What are your key KPIs? Which areas would drive more revenue or reduce costs if you had more visibility? What kind of customer information is needed for all of this?
Once you have a good idea, you can set up a CRM program that works for you. Whether it stores a history of all contacts, a client preference for caviar, or records of repeat purchases and customer product rankings, it’s completely up to you. Just make sure whatever you’re tracking is going to drive the bottom line.
Segment Your Customers, and Identify the 20% Driving the Most Value
Every company just starting out should understand the 80/20 rule. Usually, 20% of their clients (i.e. the very best customers) drive 80% of the business. It’s important to know who these customers are, and also what they look like.
No, we’re not talking their appearance. We’re talking the typical demographic information that represents the group. Why is this important? Well, when you know what your best customer “looks” like, how they arrived at your door, and what they love about your business, it becomes remarkably easier to find more high-value customers that look just like them.
Build Customer Loyalty & Show Appreciation with Channel Marketing Management
Every company should aim for a satisfied customer. But great companies know they need to satisfy their most valuable customers first.
A great channel marketing management plan and customer loyalty program allows you not only to gather more information about your clients, but it also enables you to strengthen and deepen their relationship with your company. It doesn’t take a private jet and trips to Hawaii, either. It’s just understanding your base and showing your appreciation for them in a way they’ll find meaningful.
Make It Easy: Contact Loyaltyworks and Let Us Get You Started with a Channel Marketing Management Strategy
Still have questions? Interested in finding out how we can help you take your channel strategies to the next level? Contact LoyaltyWorks today for more information about channel marketing management.