Prioritize Channels

Channel selection should align with overall business goals. If the goal of a business is profitability, it doesn’t make sense to invest in high-cost channels. Similarly, if your business is looking to aggressively capture a market share, you have to build all of the identified channels. The following are some general business goals and their impact on channel selection:

• Revenue growth requires building all identified channels.

• Market share growth demands that you build a comprehensive network of partners, distributors, and other service providers to serve diverse segments of your market.

• Time-to-market: If the goal is to sell more products and services quickly, setting up a telesales channel, whether in-house or outsourced, could be an easy approach as compared to building a partner network

• Profitability: The goal of profitability requires that you use low-cost channels like the Internet or direct mail.

One way or another, you have to build all the channels that your customers demand. If you don’t, your competitors will provide the flexibility that customers are looking for and will snatch the market share. Brainstorming gives you the blue ocean of channel opportunities, whereas customer criteria filter your short list into a desirable list.

However, businesses always have constraints with regards to money and resources. Therefore, product-channel fit and business goals criteria help you prioritize the list in a workable order. At the end of this exercise, you should have a well-articulated list of channels that you should use to reach your target markets. In the next section, we will see how to integrate these channels for maximum revenue growth and profitability.

Related:

• Table of Content
• Red Queen Effect – An Introduction
  
• The Billionaire Code
  • Secret of World Class Companies
    
  • Impact of Using Secrets of World Class Companies
    
• Cracking the Code
  
  • Customer Experience
    
  • Customer Engagement Channels
    
  • From Multiple Channels to Integrated Multichannel Selling
    
  • Benefits of Integrated Multichannel Selling Models
    
  • Customer Relationship Lifecycle
  • Integrated Multichannel Selling Models
    
    • Reduced Costs
      
    • Improved margins
      
    • Broader market coverage
    • Rapid revenue growth
      
  • In Conclusion
    
• Implementation Plan
  • Renovation or Innovation?
    
  • Implementation Process
  • Baseline Current Go-To-Market Activities
    
  • Protect & Renew
    
    • You've Got Customers. Now What?
      
    • Net Promoter Score
      
    • Customer Profitability – A look from inside
      
    • Finding Treasures
      
    • Customer Life Time Value
      
    • Calculating Customer Life Time Value
      
    • Unearthing the Treasure
      
    • In Conclusion
      
  • Plan for New Sales
    
    • Targeting the Right Market
      
    • Market Segmentation
      
    • Prioritizing Target Markets
    • Align with Your Customers
      
    • Example of Customer Experience Mapping
      
    • Mapping Customer Experience
      
    • Drawing Customer Persona
      
    • Customer's Moments of Truth
      
    • Identifying Appropriate Levers to WOW Customers
      
    • Establish Channels to Deliver the WOW Experience
      
      • Applying Customer Filters
      • Channel-Product Fit
        
      • Channelizing a Product