Opinion: Here’s the importance of choosing a single growth channel

Photo credit: Pixabay.

There’s a lot of talk in the startup industry about maximizing all potential market channels to attract a huge customer base. This type of mindset is predominant when the go-to-market strategy is not well-thought-of as part of the business plan. Your go-to-market strategy should be specific as much as possible but not excessively narrow.

The widespread availability and relative affordability of marketing channels in web marketing unlock unlimited customers from non-traditional media (e.g. social media or search engine). This makes a blast marketing strategy readily available at a very low price, free at times.

Just a few weeks ago, I had a chat with Steven Reubenstone, founder and CEO of online incubator Collaborizm, about his thoughts on startup growth channels. His idea is that startups should focus on one growth channel rather than trying to blow all the candles at the same time. This is something that I would agree on and let me tell you why.

Focused vs diffused effort

A lot of startups don’t really think about their go-to-market strategy and how they can attract—or attack—the market that they’re catering to. The typical mindset is to exploit the available online platforms and market the product or service to all potential users through specific ad-targeting strategies.

Each social media and online platform caters to different audiences. For example, LinkedIn is used primarily for professional and business networking (except for those idiots who post selfies along with inspirational quotes) and Facebook is mostly for leisure (and potentially work for some companies that use Facebook for Work).

Moreover, creating marketing content for various platforms costs money and time, though some companies just simply cross-post for convenience.

Identifying your target market and your go-to-market strategy at the onset of your business is therefore crucial. It helps you to focus your efforts on one channel to attract your “ideal” customer base.

Deep pockets

While not all startups are operating on a tight budget, it is prudent in the early stages to avoid unnecessary costs that do not add value to your business. Investing in different platforms at the same time can attract more customers, but make sure that they are the “ideal” customers you’re looking for.

For example, marketing your teeth whitening product on LinkedIn, selling it to professionals on that platform, might not be the best idea. Finding the right platform will allow you to invest in the proper strategy without excessive cash burn. While funds might not be your issue, it is wiser to burn incense where the spirits are.

Channel expertise

From Steven’s perspective, his company was able to quickly capture its target market on Facebook due to his team’s familiarity with the platform. This is one of the benefits of having a target channel without trying to diffuse efforts across all platforms.

Channel expertise provides you the advantage in promoting your products in your target platform more quickly and efficiently. Have a team that knows a specific channel very well so they can give you the right advice and support in leveraging the right channel.