In marketing, as in poker, the key is knowing when to hold ’em and when to fold ’em. Gambling on hunches when deciding which tactics and channels will help you achieve your goals is a flimsy strategy that could land you on the wrong path.
The same mistakes are made far too often. Marketers try a channel once, get a disappointing result, and decide the channel doesn’t meet their needs. Or after the channel fails to produce, they continue to plug away at it forever, assuming things will eventually work out.
But the most successful marketers analyze new marketing channels according to not only their current performance, but also their growth potential.
Testing the success of a marketing channel isn’t easy. Uncontrollable social factors can change short-term messaging success, but you don’t have to wait a year before rendering a verdict on whether to invest in a channel. Follow these four steps to weed out bad investments and identify channels that will provide the greatest ROI.