This week in the Marketing Strategy Lab, we’re working through Obs + Strats. Once we do, we’ll need a channel strategy to translate marketing strategies into a realistic plan.
A channel strategy defines the pathways we select in order to meet and engage prospects where they are most likely to seek and find information, knowledge, opinions, and guidance. We also consider the “relationship” factor, and how each channel engages prospects differently.
These pathways are integrally tied to meeting KPIs, payback scenarios, and even talent resources.
The Plan, the Process
In the Lab, we commit to getting budgets figured out halfway through so we can drive the practical work of getting to a plan. This is where a channel strategy comes in.
Even though these seem like obvious decisions one would make in marketing, it’s always a surprise to me how difficult it is to focus on just a few priorities so enough resources are available to support the effort. It’s harder than it looks to dedicate enough effort to make a difference.
We have to take a deep breath and do the following in order to develop an effective channel strategy:
- Focus on a core audience. This could be an expanded target base, more of who you already serve, or even current customers.
- Commit to the most important element of the buyer journey that maps back to your growth goals: lead generation, nurturing, sales fulfillment.
- Based on one of several approaches, estimate a marketing budget that will deliver on KPIs.
- Work through an estimated range of spending by channel to build a prototype plan.
- Revise and refine performance metrics so there’s time to pivot if other opportunities and learnings arise.
We have to factor in budget early in the process--and be honest about it. Budgets must be rooted in realism, not wishful thinking. After all, what good is a marketing plan you can’t afford?
Are you ready to jump in? We’re booking the next Lab now. Apply here.
