Startup Funding Espresso -- Choosing the Right Channel

Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.

In launching your startup, you’ll need to determine which sales channel is best for your business.

The sales channel is how you reach prospects and then turn them into customers.

Most first-time startup founders envision a channel and then assume that’s the best path.

Experienced founders know you must research, test, and analyze the channels to find the best one.

Here are the steps to choosing the right channel:

1. First, determine what you are looking for such as quantity of leads, low-cost leads, new markets, or other.
2. Consider the constraints - how much budget do you have, how much time do you have, do you need to contact a specific type of customer?
3. Set up a table and fill out the various channels such as direct sales, affiliates, SEO/SEM, partners, and more. 
4. Run some tests to see how the customer acquisition process goes.
5. Analyze each channel for cost, time, ability to scale, response time, and other.

You’re looking for channels that provide high-quality leads at a low cost, with a fast response time, and the ability to grow lead targets through that channel.

Don’t assume that the first channel that came to you is the best channel.

 

Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.

Let’s go startup something today.
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