One of the main advantages of online channels is that they can reach a wider and more diverse market than traditional channels. You can sell your products or services to customers across different regions, countries, or even continents, without the need for physical stores, intermediaries, or transportation costs. You can also target specific segments of customers based on their preferences, behavior, or location, and offer them personalized and relevant content and offers. Online channels can also help you build stronger relationships with your customers, by providing them with more information, feedback, support, and loyalty programs.
In the world we live in today, especially when it comes to marketing our products, goods, services, courses, programs, or coaching, online channels are a necessity to get more visible to then end buyer/customer/client. Now I will say this, when it comes to using online channels such as social media, you have to be creative, inventive, and outside-the-box when it comes to creating the type of visibility that will attract your ideal people. Lastly, the of the keys to utilizing online channels for your business is to be clear on the outcome you want and to be super consistent with your actions.
Reaching your intended market is the greatest advantage of online marketing channels. These channels give you the ability to both cast a wider net, as well as direct it at a target market. A billboard on the side of the road might be seen by every passerby, but how many of them care? Online channels enable targeting specific customer segments based on insights, behavior, location, and a multitude of other factors that can be defined by the marketer. Online channels, when used effectively, allow you to transform the customer experience from start to finish.
- Wide reach: Access to a global audience, expanding customer base and sales opportunities. - Cost-effective: Lower overhead costs compared to offline channels, affordable setup and maintenance. - Convenience and accessibility: 24/7 access, customers can purchase from anywhere at their convenience. - Targeted marketing and personalization: Data-driven targeting and personalized experiences enhance engagement and loyalty. - Real-time tracking and analytics: Valuable insights into customer behavior and market trends for data-driven decision-making.
Fundamentally, your goal as a business owner is to solve a specific problem or set of problems for a specific set of people. (You could call this a niche) And the best way to find a problem to solve is to find who you are looking to serve in the first place and figure out what they are struggling with. In the past, your niche was limited by technological constraints. It had to be something that you could easily target using the tools that were available. Online channels allow you and your niche to find each other because of the distribution that the internet and algorithms allow. Niching down has always been important, but now there are infinitely more "accessible niches" out there. If done well, niching down eliminates competition.
However, online channels also have some drawbacks that you need to consider. One of them is the high level of competition and saturation in the online market. You may face many competitors who offer similar or cheaper products or services, or who have better brand recognition or reputation. You may also have to deal with customers who have higher expectations and lower loyalty, and who can easily compare and switch between different options. Another challenge is the technical and operational aspects of running an online channel. You need to have a reliable and secure website or platform, a fast and efficient delivery system, and a responsive and professional customer service.
A major drawback of online channels is their dependency on technology. With the proliferation of internet use, one might presume that all potential users are digitally literate. Also, a lack of personalised customer service can be a significant disadvantage. Although most online platforms provide customer service features like chatbots, these often lack the human touch found in face-to-face interactions.
With online channels becoming highly integrated within every aspect of business a risk I’ve noticed is lack of education. An example I’ve seen recently is rfid business cards at events - after recently attending an array of industry events with sales team members we’ve had prospects walk off with our rfid business card as they have never seen them before. Setting up this channel to be able to connect with customers and prospects seems like a good idea but as a company at the forefront of adopting this technology we run the risk of financial loss due to lack of knowledge about the products.
- Intense competition: High competition for customer attention and engagement. - Security and trust concerns: Data security and privacy challenges impact customer trust. - Limited sensory experience: Inability to physically interact with products before purchase. - Infrastructure and technical requirements: Reliance on internet connectivity, technical expertise, and investments in systems. - Customer service challenges: Shipping delays, returns, and inquiries require efficient customer support systems.
Intense competition makes it hard to stand out when marketing online. Therefore, even with an excellent online marketing program, your company must constantly wrestle with competitors' pricing, build trust with your audience, and deliver exceptional customer service - everything any good company must do to survive - but when you're online, the importance of all of those goals is magnified because your pool of competitors is infinitely larger than that of an offline business.
To build on my point above on the advantages, the main disadvantage of online channels is simple. They are new. So for a lot of entrepreneurs, especially ones who don't take the time to understand how the algorithms work, it can be overwhelming. Another thing is the fact that your online activities "seem" free, which means that a lot of people are careless with how they show up on the internet. it can also be difficult to understand and see the link between your actions and your results. This leads to scattered, guesswork-style strategies that don't yield results. You could be posting social media content every single day, yet some piece of your strategy might be wrong and you could get zero results. This can be really frustrating.
To choose the best online channels for your distribution, you need to consider several factors, such as your product or service characteristics, your target market, your marketing objectives, and your budget. For example, if you sell a complex or high-value product or service, you may want to use a website or an email channel that can provide more information and trust to your customers. If you sell a simple or low-cost product or service, you may want to use a social media or a mobile app channel that can offer more convenience and engagement to your customers. You also need to evaluate the costs and benefits of each online channel, and how they fit with your overall marketing mix.
Be sure to be where your target audience is. That means you don't have to be in every social media channel or have every online platform available. Why? - Once you create a channel, you need to feed it. Empty, unused channels make your business suspicious - Creating content is a time-consuming process, so you don't want to do this for a channel you are not sure is visited by your target audience - Keep your channels in check: strategies change, and so does the audiences. A channel or platform that makes sense for your business today may not tomorrow, and vice versa.
When considering online channels for distribution, before thinking about anything else at all, know that having an attractive, user-friendly website is paramount. Beyond that, providing your audience with a channel for direct communication with your company is crucial to provide requested information and establish trust. An active social media presence is ideal for offering convenience to your customers and building a brand image predicated on engagement. Evaluate your product characteristics, target market, and audience preferences in order to select the online channels you'll use. Clearly define your marketing objectives to inform how you'll use those channels. Maximize your ROI by putting effort into both of these tasks.
1) Realise that the goal of social media is to find your ideal client and then bring them into your ecosystem. (eg Email List or Online Community) 2) Realise that there are 2 types of content that can help you do that: Video and written. Play to your strengths. 3) Pick a platform to build your brand on that #1) You will enjoy using, #2) Your ideal client is on, #3) Matches your preferred content type. For Writing specifically I recommend: - Medium (great distribution, rewards quality content) For Videos specifically I recommend: - YouTube (great distribution, rewards quality content) For a mix of modalities I recommend: - Linkedin - Facebook - Twitter Ultimately it depends on the specific type of business you have.
Once you have chosen your online channels, you need to optimize them to maximize their potential. To do this, design your website or platform to be user-friendly, attractive, and easy to navigate. Make sure your content is relevant, informative, and persuasive. Utilize SEO techniques to improve visibility and ranking on search engines. Take advantage of analytics tools to measure and improve performance and customer satisfaction. Leverage social media and email marketing to communicate and interact with customers and prospects. And use online advertising and promotions to attract and retain customers and increase sales.
Search engine optimisation (SEO) plays a crucial role in optimising online channels. By tailoring your content and website structure to fit the algorithms used by search engines, you can ensure that your online presence ranks higher in search results, thereby driving more organic traffic. Social media platforms serve as a potent tool for reaching your target audience. Each platform has unique features and caters to a distinct demographic. Just remember, a strategy that works on one platform may not necessarily work on another. An optimised approach would involve tailoring content to each platform's audience, engaging with users, and using analytics to track and enhance performance.
To optimize online channels: design a user-friendly website, implement SEO techniques, utilize PPC advertising, leverage social media marketing, create valuable content, employ email marketing campaigns, gather customer reviews, track data using analytics, optimize for mobile devices, and continuously test and optimize strategies based on industry trends and customer preferences. That said, remember that optimizing online channels is an ongoing process. One must stay up to date with industry trends, monitor competitors, and adapt strategies to meet evolving customer needs.
In my mind, optimizing your online channels can be condensed to a four part process: 1) Design a beautiful and user-friendly website. And when I say step one, I mean step one. 2) Develop relevant, persuasive, and eye-catching content - and put it on the channels where it will be most impactful! 3) Implement savvy SEO techniques to improve visibility. 4) Constantly analyze your data and be willing to change course as you discover what is working, and often more importantly, what is not.
Finally, you need to overcome the challenges and risks that online channels may pose. To do this, you should consider conducting a SWOT analysis to identify your competitive advantages and disadvantages in the online market. You should also develop a differentiation strategy to stand out from your competitors and build a strong brand identity and reputation to increase your credibility and trustworthiness. Additionally, implementing a CRM system can help you manage and improve customer relationships and loyalty. Furthermore, you should adopt a security policy and system to protect your data and transactions from cyberattacks and fraud, as well as solve any problems or complaints that your customers may have quickly and effectively.
Honestly, figure out what you the goal of your optimisation is. Optimisation for the sake of optimisation is just procrastination. It's easy to try to perfect things but unless it leads to a specific result, it's just busy work. Some business models require a CRM, for others it's a waste of time. Sometimes creating a solid content strategy is incredibly important, sometimes it's better to have a loose strategy that isn't too rigid. Before you optimize anything, ask yourself - why? And if in doubt, find an expert to help you.