Navigating Emerging Acquisition Channels: A Guide for Marketers

Navigating Emerging Acquisition Channels: A Guide for Marketers

Introduction:
In today's rapidly evolving digital landscape, marketers are constantly faced with the challenge of identifying and leveraging emerging acquisition channels. These channels, whether they are fast-growing new platforms or alpha or beta features within existing platforms, offer the potential for lower competition and increased impression share. However, investing time and resources into these channels requires careful consideration and strategic planning. In this article, we will explore how to choose, test, and scale emerging acquisition channels, providing actionable advice along the way.

1. Evaluating Customer, Channel, and Company Overlap:
   When considering an emerging acquisition channel, it is important to evaluate the overlap between your target customer, the strengths of the channel, and your company's goals. Look for alignment in all three areas to ensure that the channel is a suitable fit for your marketing strategy. For example, if you are a music streaming platform like Spotify, it would make sense to explore emerging audio-based entertainment platforms like Clubhouse. However, if there is not enough channel overlap, it may be wise to prioritize other channels that align more closely with your business.

2. Understanding the DNA of the Channel:
   To effectively navigate emerging acquisition channels, it is crucial to understand their key attributes. Four key attributes to consider are:
   2A) New vs. Expanded Channel Offering: Determine whether the channel is an entirely new platform or an expansion within an existing platform. Testing an expansion within an existing platform may be easier due to existing resources, while a new channel may require more resources for testing.
   2B) Channel Adjacency: Assess whether the channel falls within a category you have experience in or if it is an entirely new category. Leveraging insights from a category you have already dabbled in can provide valuable guidance.
   2C) Channel Growth Stage: Consider where the channel falls on the S-Curve. Look for signals of traction, retention, and diversity in the audience using the channel, as well as successful marketing strategies from other companies.
   2D) Channel Monetization Mapping: Identify how you can align with the channel's monetization model to help them generate revenue. This alignment can lead to deeper collaboration and opportunities for future growth.

3. Assessing Company Profile and Resource Allocation:
   When exploring emerging acquisition channels, it is important to assess your company's profile and resource allocation culture. Consider whether your company is a first mover, fast follower, or calculated settler. Each approach has its own benefits and downsides, and choosing the right approach depends on your company's comfort with risk and ability to adapt quickly. Additionally, evaluate your company's resource allocation culture and whether you have the necessary resources to invest in exploring new channels.

Actionable Advice:
Before concluding, here are three actionable pieces of advice to keep in mind when choosing, testing, and scaling emerging acquisition channels:

1. Prioritize channels that align with your target customer, channel strengths, and company goals. Look for overlap in all three areas to ensure a suitable fit for your marketing strategy.
2. Understand the DNA of the channel by considering its newness or expansion, adjacency to your existing categories, growth stage, and monetization model. This understanding will guide your testing and scaling strategies.
3. Assess your company's profile and resource allocation culture. Determine whether you are a first mover, fast follower, or calculated settler, and align your resource allocation accordingly. Additionally, ensure that your existing growth team and channel mix can support exploration in a productive way.

Conclusion:
Choosing, testing, and scaling emerging acquisition channels requires a strategic approach that considers customer overlap, channel attributes, and company profile. By evaluating these factors and aligning with the channel's monetization model, marketers can unlock new opportunities and drive growth. Remember to prioritize channels that align with your target customer, understand the DNA of the channel, and assess your company's resource allocation culture. With these actionable insights, marketers can navigate the black box of product management and make informed decisions in the ever-changing digital landscape.