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How to choose the optimal sales channel for the business? How to analyze, what factors to pay attention to, how to properly evaluate the channel? How to understand the main channels, their advantages/disadvantages, for which direction is this or that method suitable?
If we talk about online sales channels, then everything needs to be tested, if there is no clear understanding of the effectiveness of each channel.
Testing should start with hypotheses, or in the case of online advertising, with a media plan and a sales funnel for each channel. A hypothesis is an exemplary scenario that you are counting on. Hypotheses are based on previous experience or on research in related industries or through public services. The goal of the hypothesis is to get numbers that you can then focus on by launching ads and checking online sales channels.
The global task of testing is to determine the real data of the channel, how it can be scaled and how it can affect the cost of attracting customers and sales through this channel. It often happens that the channel is good in numbers, but completely unsuitable for scaling. Or vice versa, the channel is large, and the numbers are terrible. Then you need to optimize.
Before launching an advertisement in which you are unsure – select a budget for the test and mentally say goodbye to it. Decide for yourself that this money will not pay off and will not return – because it is impossible to predict the test results, so you need to be prepared for the worst case scenario. If you manage to make money during testing – good. If not, good too. At a minimum, you will get numbers and data that you can work with. If the channel has shown itself terribly – you will not spend time on it, money and will not lose even more, counting on it.
So, the testing algorithm is as follows:
🔗. Identify the channels you want to test.
🔗. Define a budget for testing
🔗. Mentally say goodbye to this budget
🔗. Build hypotheses on the channels and calculate key indicators (transitions, conversions, sales, etc.)
🔗. Run the test
🔗. Analyze the results and determine how much hit or not in the original hypotheses
🔗. Based on the analysis, make advertising campaigns in effective channels
😉 The main thing – do not get carried away with tests 🙂
Hypotheses are good, but real sales are better.