When you think of a channel what's the first thing that comes to mind?
Most people probably think of a TV channel. Or if you're a nerd like me, your first thought was a flowing stream of water that leads to a bigger body of water. But this isn’t geography class.
In marketing a growth channel is the medium through which you acquire new customers into your business and retain them.
Growth is not a one way street. There's tons of different avenues you can take to get new customers and keep them.
But with so many options, where do you start?
Take a scroll over to our blog, my friend. We’ll explore what a growth channel is, go over 10 examples of how companies have successfully leveraged these channels, and help you discover which channel(s) would be best for your business.
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To help you uncover which growth channel to prioritize, here are some questions you can use to make a list of new growth channels to explore:
One of the first things you should be thinking about when building your growth strategy is what could be performing that doesn’t exist in your business yet?
Building something new is usually one of the most impactful things you can do for your business. Maybe you need to introduce a new email funnel to nurture your customers to purchase.
Do you have a content and SEO strategy in place? This is important for compounding your growth over time.
Word of mouth should never be overlooked. It’s very common for people to find out about your business from their friends - it could be time to introduce a new referral program to harness that energy and incentivize your growth.
Sometimes you need to pivot from strategies that already exist but are not working as intended. Take some time to investigate what is fundamentally broken about your funnel?
Are customers not making it through your onboarding process? Do you have a high bounce rate on your pricing page? Are your users churning after their free trial ends?
Identifying what you know isn’t working in your business can help you bridge the gaps in your funnel.
Look for places where you are seeing signals for potential growth. Do you have really high engagement rates on your content? Maybe you’ve gotten a bunch of customers from a referral channel, can you build it out to make it stronger?
Pay attention to these growth signals and double down on them. With some time, resources, and attention you can nurture these channels into growth opportunities.
Remember that growth is not a one way street. What may work for some businesses may not work for others. Don’t be afraid to experiment with different channels and fail. Some of your most useful learnings will come from failure. Enjoy your journey to growth.
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