Digital marketing is a highly contested space nowadays. Companies invest millions to make sure they to become top of mind in social networks and search. Everyone are so crowded on the same space. Because of this innovative companies are now exploring emerging marketing channels to gain the upper-hand over their competitors.
What are Emerging Marketing Channels?
Emerging channels are new online spaces where brands can reach their customers. Examples of these platforms are Pinterest, Houzz, and AdMov. These channels are starting to grow their audience. They deploy new approach in digital marketing. They all have a business model gearing toward monetization via advertising. Most of these channels are just developing their platform to support advertisers.
Benefits of Tapping Emerging Marketing Channels
* Less Competition– during the early years of Facebook, the social network was still growing its users. Only a few companies understood and realized its potential. When they pioneered marketing inside the platform, they were able to get a good foothold in FB’s growing user base. They were able to maximize the easiness to go viral back then. Those were the golden age for customer engagements and conversions. Nowdays, the channel is very saturated. Getting user attention is not as easy compared before.
* Partnership Opportunities– Start-ups building these emerging marketing channels are searching for evangelists for their platform. If your company support them early, these startups are willing to give opportunities for your company to become part of their product roadmap. Being a pioneer allows your company gain access to early features. You can leverage these to turbo-charge your campaigns. This helps alot in gaining an edge over competition.
* Brand Association– a lot of people knows Bench as the dominant billboard advertiser in EDSA Guadalupe Philippines. Everytime thinks about EDSA, they recall the brand. The same effect goes when your brand associates to a new marketing channel. If you dominate that channel, everyone will associate your brand on that growing channel.
* Golden Opportunity– being first has lots of benefits for companies. Since these platforms are new, your company can get cheaper ad rates. As the user base grows, you can leverage the low prices to add more frequency/reach to these users. Companies are able to triple the value of their investment because of this.
Platforms will become crowded over time. As many advertisers will join the bandwagon, prices will also go up. Companies will be competing on the same space at premium prices. We recommend that you don’t miss out on these golden opportunities.
Before concluding this article, allow us to share a lesson from the book Blue Ocean Strategy. Instead of competing on red oceans, companies can gain more advantages by creating blue oceans. The same principle can apply for marketing.
Everyone is so engrossed with copying strategies from their rivals. If you really want to gain more advantage, make yourself different. Consider investing on innovations to make your competitor’s marketing strategy irrelevant.
Author: Bobby Ben Davis Cristuta
Bobby is the CMO and Co-founder for Admov Philippines. He is a serial technopreneur. He is passionate in delivering emerging marketing channels and bring Manila as destination for innovative advertising technologies.