In the fourth episode of What The Growth!?, Visitor Queue’s chief executive and Co-founder, Nick Hollinger, goes over how to find and leverage your most profitable marketing channels to grow your business.
This is a simple trick that helped Visitor Queue not only grow but also focus it’s efforts and resources.
The first part of this involves tracking everything.
You need to set up a foolproof way of tracking all of your channels and conversions.
I recommend you invest in an attribution software and ensure you set it up correctly, or utilize Google Analytics as a free alternative.
The tricky part here is tracking offline conversions, which can be done through promo codes, custom built websites and other creative means.
As the old saying goes, you can’t improve what you don’t measure.
Now that we are tracking everything, the second part of this tip is to try every marketing channel.
Ensure that you try every possible marketing channel yourself before swearing them off.
From direct mail marketing, to LinkedIn lead generation forms, and everything in between, you should be testing out every channel to see what works for your industry, region, target market, and company.
Best practice is for suckers when it comes to lead generation so don’t listen to people when they say conferences are dead and that Facebook marketing is the #1 channel, because you don’t know if that is the case for your specific scenario.
So, try out every possible channel to see what actually works for you. These can be very cost-effective tests as well to ensure you don’t blow your marketing budget.
You can run direct mail campaigns for $250 that will allow you to measure effectiveness.
Now that we are tracking everything and we have tried everything, the last part of this tip is to maximize the most profitable channel.
This makes so much sense but is missed by a lot of people.
Now that we know which channel is the most profitable, we want to maximize our spend in that channel.
Throw all of your marketing budget into that one channel, literally.
You’ll want to ensure you continue to optimize the channel and monitor for diminishing returns, but until that happens, don’t even bother looking at other channels.
Why wouldn’t you maximize the most profitable channel to the fullest before moving on?
Then, once you’ve started to reach diminishing returns, you can start investing into the second most profitable, max it out, move on to the third most profitable channel, max it out, and so on and so on.
Often, marketers are trying to do too much, spreading their resources thin, when they don’t have to.
So, to recap, start by ensuring you are measuring everything you do, then test out every possible channel, not listening to best practice, and then lastly maximize the most profitable channels first.
That’s all for this episode of What the Growth. Ensure you check back next month for another growth tip.