Navigating Emerging Acquisition Channels: How to Choose, Test, and Scale for Success

Navigating Emerging Acquisition Channels: How to Choose, Test, and Scale for Success

Introduction:
In today's rapidly evolving digital landscape, marketers are constantly faced with the challenge of identifying and leveraging emerging acquisition channels. With the rise of new platforms and features, such as Clubhouse, TikTok, and Alpha or Beta features within existing platforms, it becomes crucial to evaluate the potential benefits and risks associated with investing time and resources in these channels. This article aims to provide insights and actionable advice on how to navigate emerging acquisition channels effectively.

1. Evaluating Customer: Channel: Company Overlap:
   The first step in assessing an emerging acquisition channel is to identify the overlap between the customer problem, channel strengths, and company goals. By examining these three elements, you can determine if the channel aligns with your target audience and business objectives. For example, if you are a music streaming platform like Spotify, exploring the audio-based platform Clubhouse would make sense due to the clear overlap in both channels' nature. On the other hand, if there is minimal channel overlap, like between Spotify and a photo-based platform like Poparazzi, it might not be a suitable investment.

2. Understanding the DNA of the Channel:
   To make informed decisions about emerging acquisition channels, it is crucial to understand four key attributes: new vs. expanded channel offering, channel adjacency, channel growth stage, and channel monetization mapping.

2A) New vs. Expanded Channel Offering:
Distinguish whether the emerging channel is an entirely new platform or an expansion within an existing platform. Testing a new channel requires more resources, while expansion within an existing platform allows for leveraging existing resources.

2B) Channel Adjacency:
Consider whether the emerging channel falls within a category you have previously explored. Leveraging insights and strategies from adjacent channels can provide a competitive advantage.

2C) Channel Growth Stage:
Evaluate where the channel stands on the S-Curve of growth. Look for signals of traction, diverse audiences, monetization strategies, and notable repeat users. Confidence in the channel's potential increases with retention and diversity in its user base.

2D) Channel Monetization Mapping:
Identify how your company can align with the emerging channel's monetization model. By helping the channel generate revenue, you increase the potential for future collaboration and support from the platform.

3. Assessing Your Company's Approach and Resources:
   Consider your company's profile in terms of being a First Mover, Fast Follower, or Calculated Settler, as well as your resource allocation culture and growth and channel foundation.

3A) Mover Profile:
Determine whether your company is comfortable being a First Mover, Fast Follower, or Calculated Settler. Each approach has its benefits and considerations, such as early learnings for First Movers and learning from First Mover wins and losses for Fast Followers.

3B) Exploratory Resource Culture:
Evaluate your company's resource allocation culture when it comes to exploration. Consider the availability of resources, team composition, and competitive environment. Balancing investment in new channels with existing priorities is essential.

3C) Growth & Channel Foundation:
Assess whether your existing growth team and channel mix can support exploration in a productive way. Consider the number of channels driving growth, optimization of existing channels, and risk/reward analysis of adding a new channel to the mix.

Actionable Advice:

1. Focus on channels that align with your customer problem, channel strengths, and company goals. Clear overlap between these three elements increases the likelihood of success.
2. Leverage insights and strategies from adjacent channels to gain a competitive advantage in emerging acquisition channels.
3. Assess your company's approach, resources, and growth foundation to determine the level of investment in new channels. Consider being a Fast Follower if you can learn from First Mover wins and losses.

Conclusion:
Choosing, testing, and scaling emerging acquisition channels is a challenging yet essential aspect of modern marketing. By understanding customer-channel-company overlap, the DNA of the channel, and your company's approach and resources, you can make informed decisions and maximize the potential of emerging channels. Remember to focus on customer delight and deliver a product that they can't live without, regardless of the channels you choose to explore.