Digital marketing has exploded in an age when more and more people are using their smartphones to shop , so it makes sense to “go where your people are” with new growth marketing channels.
Growth marketing is an increasingly important goal shared by small businesses and large corporations alike. However, utilizing certain growth marketing channels, such as search engine optimization (SEO) or email marketing, can generate more growth than others.
All is well and good, but the question remains; how do you allocate your limited marketing budget?
Allocate marketing budget for maximum impact
Traditional marketing practices, such as outdoor advertising, still have a place. However, many of your potential customers miss the messages entirely. They walk by your place of business, staring at their smartphones. When they’re riding shotgun with friends, their handhelds get their attention… so they can easily miss that expensive billboard.
Spending on growth marketing channels makes an all-or-no decision tempting. However, businesses need to do a few things at the same time to remain successful. As your marketing efforts increasingly move to the digital realm , it may be helpful to have a roadmap. Which channels are most effective in your niche? If you’re planning on breaking out of your comfort zone, it’s great to have the confidence that you’re headed in the right direction.
Today, most marketing experts agree that the following eight channels deliver the greatest ROI for businesses. The channel you choose will depend on your niche, but you can adapt most of these eight growth marketing channels to suit your needs. When developing growth plans, make sure they are worthwhile. For example, if video marketing isn’t the best option in your industry, you might want to know before investing in equipment .
1. Search Engine Marketing
Search Engine Results Pages (SERPs) represent a key metric of success across all of the various growth marketing channels.
If your growth marketing efforts are not working on the SERPs, you need to recalibrate until that changes. Gain insight into which keywords you should be ranking for and what type of content you need to create to move the pointer. Once you’re on the board, you’ll need to keep an eye on your rank and adjust your strategy if necessary. Success on this channel can drive relatively cheap but consistent traffic to your website.
2. Content Marketing
The quality and usefulness of your online content is the primary means by which your company demonstrates that it understands its content. Content represents the main channel through which Domain Authority (DA) rises or falls. The rise of DA is a signal to search engines that your digital footprint should rank for these key search terms.
Search engines will crawl your website and verify that your business has the knowledge and content to back up its claims. This content is also critical to moving prospects through every stage of the sales funnel. It should answer questions and address common pain points at every stage of the visitor journey. Because of this, if you haven’t been paying enough attention to this channel, now is the time!
3. Digital PR
If there are meaningful discussions online related to your industry, you want your company to get mentioned by others.
Third-party verification of your products and services is another key to building online credibility. As unpaid third parties start linking to your material and citing you as an expert on the subject, your DA should rise accordingly. This can help lead to better search rankings and can help build credibility for your brand, all of which will contribute to growth.
4. Email Marketing
Email marketing is an integral part of driving growth. As prospects move through the sales funnel, provide the opportunity to learn more via email. Your online presence should nurture leads by providing in-depth material that doesn’t perform well on smartphones.
For example, a website overview on a related topic could offer an opportunity to download an in-depth white paper in exchange for an email address. That way, your company will educate and respond to real-world needs as your prospect list grows.
5. Paid Advertising
Don’t forget to allocate some of your online marketing budget to the growth channel of paid advertising. Paid insertions on search engines and social media platforms that are popular among your target audience should provide measurable results.
As your company grows, you can reliably compare the cost of these ads to the number of referrals you receive. They play a vital role in making sure your business is in front of potential clients at the right place and at the right time.
6. Recommended
A strong, win-win referral program will pay big dividends as you seek the endorsement of an authoritative voice. When your product is working well and your service is generating positive buzz, you should use what others are saying to your great advantage.
As non-competing businesses start looking to you for reliable answers, many other businesses will feel the effects of following suit. Customers become unpaid cheerleaders. Satisfied customers start chatting with you. Business owners start noticing when your company solves real-world problems for others. As a result, your DA will climb.
7. Influencer marketing
Influencer marketing is more important today than ever for many industries .
Having another respected voice in your corner can reassure potential clients that you are who you say you are. When reputable people verify you with referrals, they are putting their reputation at risk.
Don’t jump in recklessly, though. Screening potential influencers is critical. Are they flashy? Does their reputation fit your target customer base? Try turning to respected industry voices. Avoid controversy at all costs.
8. Affiliate Marketing
Of all the growth marketing channels you need to address, affiliate marketing can be the “low hanging fruit” for companies looking to see significant growth.
Once again, the enduring quality of your partnership will strongly influence the quality of your audience. When any respected voice cites your company as an authority, they take all of their influence on others.
It’s a wrap.
So there you have it! You now know which eight marketing channels will appear on nearly every global top 15 list. Now it’s up to you to choose the growth marketing channel that makes the most sense in your environment.
Expect at least some trial and error, but if it looks like you need to change direction, base all future decisions quickly on empirical data .
Of course, many SME owners are too busy delivering great products and customer service to devote time to developing growth marketing channels. In these cases, it may make more sense to use a growth marketing agency to get you up and running. When you’re considering this option, look for an institution with a teacher’s heart. You’ll want to partner with someone who drives you but has “teach yourself to fish” as the end goal.
As you expand into various growth marketing channels, try reminding yourself and your employees to experiment with some fun and freedom. No one can predict with 100% certainty how the waves in our shared digital ocean will move, so some adjustments will always be required. Just play to your known strengths and remember…keep it real.
