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Show Objectives - The Why
In today’s business world, there are many different avenues, platforms, and campaigns that companies use to connect with their perfect customers. Your “channels” are the routes that you pick when you’re looking for the best way to speak to your customers in the places and environments that they frequent most.
Channel strategy is about finding the best way to expose your services, products and brand identity to possible customers.
There is no one-size-fits-all for marketing channel strategy. You will first need to determine who your perfect customers are and then research where they hang out and which channel they use to make most of their purchases.
Key Issues - Owner Perspective
What You Need to Know - The What
There are many different types of channel strategy to consider depending on the kind of business that you run, and the customers you intend to serve. One of the first decisions you’ll need to make is whether you’re a B2B or B2C business.
B2B brands typically use a “direct” or “indirect” sales channel strategy to build revenue.
Direct sales are the simplest approach because they allow the vendor to sell to the customer directly.
Indirect sales involve using “channel partners” and intermediaries to support sales. An indirect sales channel strategy may include using retail to sell through an online or offline store. Additionally, some B2B vendors also sell through “value-added resellers” or joint venture partners to improve their access to new customers.
What are Marketing Channels exactly? A marketing channel can mean any method or platform used for marketing activities. Look at this comprehensive list of potential platforms and means of consumer communication:
Some of these could even be broken down further. For example, there are lots of different social media networks, and each could be considered its own channel.
Not all platforms reach the same kinds of audience. Many potential channels like social media have “subcategories” within them that you need to consider too. Some brands will benefit from a social media campaign that uses visual platforms like Instagram, while others will do better on LinkedIn.
Since target audiences are rarely made up of one single type of customer, the best option is to combine multiple channels to reach a broader selection of customers. Using multiple channels at once can be a powerful strategy if those channels complement each other. As consumers continue to demand more from their favorite brands, you may choose an omni channel strategy or a multi-channel strategy.
A multi-channel strategy for marketing involves providing both existing and potential customers with a range of avenues they can use to connect with you. The crucial part of multi-channel marketing is figuring out where your audience spends most of their time so that you can connect with them on their preferred platforms.
An omni channel strategy is like multi-channel marketing, but instead of just giving your audience various avenues to choose from, omni channel also ensures that you can provide the same consistent experience wherever you speak to your audience.
Omni-channel marketing provides a seamless experience across a multitude of platforms so that your customer gets a better all-around buyer journey. Since Google research suggests that 90% of people with multiple devices switch between those devices at least 3 times per day, it makes sense to help customers complete their purchasing wherever they are.
What You Need to Do - The How
Create a channel strategy template
Written/curated by Donna Kunde
new choice for BUSINESS SEARCH
All IBGR Shows Notes are available for download