In today’s digital world, marketing has become more complex. Customers move between channels throughout their buying journey. When B2B buyers consider making a purchase, over 27% of buyers research independently online and spend only 17% of their time meeting potential suppliers, says a report [source].
So, it becomes more critical for marketers to be where their customers are and meet them with the right message at the right time. However, with so many different options and channels available to reach the target audience, it’s tough to know where to start or how many channels you should use as part of your cross-channel marketing strategy.
Related: Why Cross Channel Marketing Is A Must For Businesses Today?
A report with half of this year’s study states that around half of all companies use 3-4 channels to add new touchpoints for their buyer’s journey.[source]
However, the research above also states that only 4% of companies use 10+ channels in their marketing strategy. In contrast, others lose a significant percentage of their potential revenue by ignoring additional touchpoints. [source]
So what’s the correct number of channels for a cross-channel marketing strategy? You’ll need to consider a few factors before settling on a number.
In this blog post, we’ll walk you through some factors you should consider while determining the correct number of channels for your business.
Factors To Consider While Determining The Correct Number Of Channels:
Budget
The first factor you’ll need to consider is your budget. Allocating your marketing budget can be a tricky task. On the one hand, you want to ensure you reach your target audience through as many channels as possible. Yet, on the other hand, you don’t want to overspend on marketing efforts that may not be effective. So how can you achieve the right balance in allocations?
Thinking about how each channel will help you achieve maximum results is vital. Small businesses with less than 5 million can allocate between 7% and 8% of total revenue to marketing, assuming their business margins are 10%-12%, says the U.S. Small Business Administration. [source]
So, it is always good to understand each channel’s role in your overall marketing strategy and allocate your budget to maximize results.
Target audience
Unfortunately, it’s hard to determine which channels to use to reach your target audience in the competitive marketing world.
However, answering these questions will help you determine which channels are most helpful to reach them at each stage of the customer journey.
- How many channels do they use daily?
- Do they prefer traditional channels like television and radio?
- The total number of hours they spend on social media.
Once you know which channels they’re using, you can consider other demographic aspects, such as age, location, gender, interest, preferred channels, chosen devices, occupation, and income. This helps you understand your audience and create a more effective marketing strategy that reaches them.
Marketing objective
As you develop your marketing plan, it’s essential to keep your objectives in mind. Your goals play a vital role in determining which channels you use. Your business’s marketing objective helps you narrow down the field and choose the channels that will work best for you.
For example, adding social media to your marketing mix may be a good idea if you want to increase your online presence. Even if you’re new to social media, it can be a powerful tool for reaching new customers and growing your business.
Resources
The correct number of channels ultimately determines the time and resources available. At the end of the day, one individual or team can only do limited tasks. One way to make the most of limited time is to select the right channel mix for your business. The best way to approach this is to start with the basics and then add on as needed. The key is finding the sweet spot that maximizes reach with minimal effort.
However, you should also find other tools to make cross-channel management easier. Automation, for example, can take care of many of the repetitive tasks that eat up your time. By leveraging these tools, you can free up more time to focus on strategy and creative work. As a result, you’ll accomplish more in less time, making cross-channel marketing more efficient and effective.
As you can see, there’s no easy answer to determining how many channels to include in your cross-channel marketing strategy. It depends on the budget, target audience, resources, and business goals. By taking these factors into account, you’ll be able to choose the best channels for your business’s cross-channel marketing strategy.
