Evaluating and Launching New Channels Successfully

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11

Thomas Hopkins (Co-Founder & CMO at Superpeer, ex. Head of Performance and Lifecycle Marketing at Masterclass) shares his process to list and assess potential new channels as well as test and measure them.

Source:
Evaluating and Launching New Channels Successfully
(no direct link to watch/listen)
(direct link to watch/listen)
Type:
Webinar
Publication date:
June 23, 2021
Added to the Vault on:
June 25, 2021
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💎 #
1

When evaluating new channels, only go after channels that can have enough impact to make a significant difference. Example: a new channel needs to add 3% of your total sales.

05:57
💎 #
2

Make sure you understand your customer profile and write it down. List details about your customers (age range, gender, education level, location) but also look at the different product use cases (e.g. for Lyft: airport, work, date night, beach).

07:00
💎 #
3

Once you’ve defined your customer profile, brainstorm with your team a list of places (channels in the broad sense of the term) where you could find and connect with this kind of person (e.g. Are they looking at magazines? Are they traveling a lot? Are they home? Do they spend a lot of time on their computer? Watching TV?).

08:16
💎 #
4

Create a templatized questionnaire for partners, where you ask about payment terms (CPM, CPC, CPA), average costs (CPM, CTR), audience demographic and potential overlap (Facebook and YouTube audience overlap), similar clients (do they understand how to buy for your kind of product) and incrementality capabilities.

09:28
💎 #
5

Even though average costs (CPM, CTR) on a platform differ per app (which is what most platforms will say), still ask for a range because it allows you to make a simple calculation and know if this channel has any chance of being viable.

09:55
💎 #
6

If you ask for it, a lot of companies will share their audience overlap with Facebook/Instagram.

10:29
💎 #
7

When starting a new channel, define the spend level you need to actually have an impact on incrementality. You might need to “overshoot”. Example: if you spend 100k/day overall, adding only $3k will probably not help you to assess the channel correctly.

14:40
💎 #
8

Don’t worry about incrementality at first, just launch with CPA. If the CPA comes back well under your LTV then do an incrementality test so you can look at CPiA (Cost per incremental Action). Example: if you have $100 LTV and the CPA is at $100, it is likely that there is audience overlap and that some of the spend was not incremental and that your CPiA is actually $150 (making the channel not viable).

16:04
💎 #
9

When you start getting outside of the top channels, fraud is everywhere. *Factor fraud into your costs *(e.g. 30%).

20:52
💎 #
10

If you’re a new brand (or even an established brand), do not try channels if you don’t know other people in the space that are using them. Ask for referrals and take the time to ask around.

21:17
💎 #
11

The biggest thing to consider when looking to add new channels is being mindful of audience overlap: you want people that want your product but haven’t seen your ads yet. Example: Masterclass is huge on YouTube and Facebook but a lot of people still haven’t heard of it.

25:12
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💎 #
1

When evaluating new channels, only go after channels that can have enough impact to make a significant difference. Example: a new channel needs to add 3% of your total sales.

05:57
💎 #
2

Make sure you understand your customer profile and write it down. List details about your customers (age range, gender, education level, location) but also look at the different product use cases (e.g. for Lyft: airport, work, date night, beach).

07:00
💎 #
3

Once you’ve defined your customer profile, brainstorm with your team a list of places (channels in the broad sense of the term) where you could find and connect with this kind of person (e.g. Are they looking at magazines? Are they traveling a lot? Are they home? Do they spend a lot of time on their computer? Watching TV?).

08:16
💎 #
4

Create a templatized questionnaire for partners, where you ask about payment terms (CPM, CPC, CPA), average costs (CPM, CTR), audience demographic and potential overlap (Facebook and YouTube audience overlap), similar clients (do they understand how to buy for your kind of product) and incrementality capabilities.

09:28
💎 #
5

Even though average costs (CPM, CTR) on a platform differ per app (which is what most platforms will say), still ask for a range because it allows you to make a simple calculation and know if this channel has any chance of being viable.

09:55
💎 #
6

If you ask for it, a lot of companies will share their audience overlap with Facebook/Instagram.

10:29
💎 #
7

When starting a new channel, define the spend level you need to actually have an impact on incrementality. You might need to “overshoot”. Example: if you spend 100k/day overall, adding only $3k will probably not help you to assess the channel correctly.

14:40
💎 #
8

Don’t worry about incrementality at first, just launch with CPA. If the CPA comes back well under your LTV then do an incrementality test so you can look at CPiA (Cost per incremental Action). Example: if you have $100 LTV and the CPA is at $100, it is likely that there is audience overlap and that some of the spend was not incremental and that your CPiA is actually $150 (making the channel not viable).

16:04
💎 #
9

When you start getting outside of the top channels, fraud is everywhere. *Factor fraud into your costs *(e.g. 30%).

20:52
💎 #
10

If you’re a new brand (or even an established brand), do not try channels if you don’t know other people in the space that are using them. Ask for referrals and take the time to ask around.

21:17
💎 #
11

The biggest thing to consider when looking to add new channels is being mindful of audience overlap: you want people that want your product but haven’t seen your ads yet. Example: Masterclass is huge on YouTube and Facebook but a lot of people still haven’t heard of it.

25:12
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💎 #
1

When evaluating new channels, only go after channels that can have enough impact to make a significant difference. Example: a new channel needs to add 3% of your total sales.

05:57
💎 #
2

Make sure you understand your customer profile and write it down. List details about your customers (age range, gender, education level, location) but also look at the different product use cases (e.g. for Lyft: airport, work, date night, beach).

07:00
💎 #
3

Once you’ve defined your customer profile, brainstorm with your team a list of places (channels in the broad sense of the term) where you could find and connect with this kind of person (e.g. Are they looking at magazines? Are they traveling a lot? Are they home? Do they spend a lot of time on their computer? Watching TV?).

08:16
💎 #
4

Create a templatized questionnaire for partners, where you ask about payment terms (CPM, CPC, CPA), average costs (CPM, CTR), audience demographic and potential overlap (Facebook and YouTube audience overlap), similar clients (do they understand how to buy for your kind of product) and incrementality capabilities.

09:28
💎 #
5

Even though average costs (CPM, CTR) on a platform differ per app (which is what most platforms will say), still ask for a range because it allows you to make a simple calculation and know if this channel has any chance of being viable.

09:55
💎 #
6

If you ask for it, a lot of companies will share their audience overlap with Facebook/Instagram.

10:29
💎 #
7

When starting a new channel, define the spend level you need to actually have an impact on incrementality. You might need to “overshoot”. Example: if you spend 100k/day overall, adding only $3k will probably not help you to assess the channel correctly.

14:40
💎 #
8

Don’t worry about incrementality at first, just launch with CPA. If the CPA comes back well under your LTV then do an incrementality test so you can look at CPiA (Cost per incremental Action). Example: if you have $100 LTV and the CPA is at $100, it is likely that there is audience overlap and that some of the spend was not incremental and that your CPiA is actually $150 (making the channel not viable).

16:04
💎 #
9

When you start getting outside of the top channels, fraud is everywhere. *Factor fraud into your costs *(e.g. 30%).

20:52
💎 #
10

If you’re a new brand (or even an established brand), do not try channels if you don’t know other people in the space that are using them. Ask for referrals and take the time to ask around.

21:17
💎 #
11

The biggest thing to consider when looking to add new channels is being mindful of audience overlap: you want people that want your product but haven’t seen your ads yet. Example: Masterclass is huge on YouTube and Facebook but a lot of people still haven’t heard of it.

25:12
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Step 1: Establish your goal

Start with defining your goal (visibility, reach, downloads, subscribers, buys, etc.) and which metric you’re trying to move.

[💎@05:57] When evaluating new channels, only go after channels that can have enough impact to make a significant difference. Example: a new channel needs to add 3% of your total sales.

Step 2: Create a customer profile

[💎@07:00] Make sure you understand your customer profile and write it down. List details about your customers (age range, gender, education level, location) but also look at the different product use cases (e.g. for Lyft: airport, work, date night, beach).

Step 3: Create a channel list

[💎@08:16] Once you’ve defined your customer profile, brainstorm with your team a list of places (channels in the broad sense of the term) where you could find and connect with this kind of person (e.g. Are they looking at magazines? Are they traveling a lot? Are they home? Do they spend a lot of time on their computer? Watching TV?).

Step 4: Create a questionnaire for partners

[💎@09:28] Create a templatized questionnaire for partners, where you ask about payment terms (CPM, CPC, CPA), average costs (CPM, CTR), audience demographic and potential overlap (Facebook and YouTube audience overlap), similar clients (do they understand how to buy for your kind of product) and incrementality capabilities.

[💎@09:55] Even though average costs (CPM, CTR) on a platform differ per app (which is what most platforms will say), still ask for a range because it allows you to make a simple calculation and know if this channel has any chance of being viable.

[💎@10:29] If you ask for it, a lot of companies will share their audience overlap with Facebook/Instagram.

Step 5: Compile responses & prioritize

[💎@14:40] When starting a new channel, define the spend level you need to actually have an impact on incrementality. You might need to “overshoot”. Example: if you spend 100k/day overall, adding only $3k will probably not help you to assess the channel correctly.

Step 6: Test with best practices

Let channels help you understand their best practices and put your best foot forward so you don’t have to end up retesting.

Step 7: First CPA then CPIA

[💎@16:04] Don’t worry about incrementality at first, just launch with CPA. If the CPA comes back well under your LTV then do an incrementality test so you can look at CPiA (Cost per incremental Action). Example: if you have $100 LTV and the CPA is at $100, it is likely that there is audience overlap and that some of the spend was not incremental and that your CPiA is actually $150 (making the channel not viable). 

Q&A

What helped Masterclass get off the ground?

Masterclass did an amazing job at setting the standard for quality. They created a cinematic experience in the knowledge space and a product that was both entertaining and educational.

Having big names definitely helped with advertising: people see an ad in the feed and want to watch it.


Insights on evaluating fraud?

[💎@20:52] When you start getting outside of the top channels, fraud is everywhere. Factor fraud into your costs. (e.g. 30%).

[💎@21:17] If you’re a new brand (or even an established brand), do not try channels if you don’t know other people in the space that are using them. Ask for referrals and take the time to ask around.


How do you think about different types of channels?

The goal is to acquire people. Anywhere you can get eyeballs to come to your business is a channel. It can be media, a network, a direct deal with a website, revshare, etc..


At what point do you need to look at new channels?
Start with ASO/SEO, social media then add paid media. At that point you need to test all the channels and see what you get. 

[💎@25:12] The biggest thing to consider when looking to add new channels is being mindful of audience overlap: you want people that want your product but haven’t seen your ads yet. Example: Masterclass is huge on YouTube and Facebook but a lot of people still haven’t heard of it.


The notes from this resource are only available to premium members.
↘ At this point, you know what to do ↙
Upgrade Your Plan

Step 1: Establish your goal

Start with defining your goal (visibility, reach, downloads, subscribers, buys, etc.) and which metric you’re trying to move.

[💎@05:57] When evaluating new channels, only go after channels that can have enough impact to make a significant difference. Example: a new channel needs to add 3% of your total sales.

Step 2: Create a customer profile

[💎@07:00] Make sure you understand your customer profile and write it down. List details about your customers (age range, gender, education level, location) but also look at the different product use cases (e.g. for Lyft: airport, work, date night, beach).

Step 3: Create a channel list

[💎@08:16] Once you’ve defined your customer profile, brainstorm with your team a list of places (channels in the broad sense of the term) where you could find and connect with this kind of person (e.g. Are they looking at magazines? Are they traveling a lot? Are they home? Do they spend a lot of time on their computer? Watching TV?).

Step 4: Create a questionnaire for partners

[💎@09:28] Create a templatized questionnaire for partners, where you ask about payment terms (CPM, CPC, CPA), average costs (CPM, CTR), audience demographic and potential overlap (Facebook and YouTube audience overlap), similar clients (do they understand how to buy for your kind of product) and incrementality capabilities.

[💎@09:55] Even though average costs (CPM, CTR) on a platform differ per app (which is what most platforms will say), still ask for a range because it allows you to make a simple calculation and know if this channel has any chance of being viable.

[💎@10:29] If you ask for it, a lot of companies will share their audience overlap with Facebook/Instagram.

Step 5: Compile responses & prioritize

[💎@14:40] When starting a new channel, define the spend level you need to actually have an impact on incrementality. You might need to “overshoot”. Example: if you spend 100k/day overall, adding only $3k will probably not help you to assess the channel correctly.

Step 6: Test with best practices

Let channels help you understand their best practices and put your best foot forward so you don’t have to end up retesting.

Step 7: First CPA then CPIA

[💎@16:04] Don’t worry about incrementality at first, just launch with CPA. If the CPA comes back well under your LTV then do an incrementality test so you can look at CPiA (Cost per incremental Action). Example: if you have $100 LTV and the CPA is at $100, it is likely that there is audience overlap and that some of the spend was not incremental and that your CPiA is actually $150 (making the channel not viable). 

Q&A

What helped Masterclass get off the ground?

Masterclass did an amazing job at setting the standard for quality. They created a cinematic experience in the knowledge space and a product that was both entertaining and educational.

Having big names definitely helped with advertising: people see an ad in the feed and want to watch it.


Insights on evaluating fraud?

[💎@20:52] When you start getting outside of the top channels, fraud is everywhere. Factor fraud into your costs. (e.g. 30%).

[💎@21:17] If you’re a new brand (or even an established brand), do not try channels if you don’t know other people in the space that are using them. Ask for referrals and take the time to ask around.


How do you think about different types of channels?

The goal is to acquire people. Anywhere you can get eyeballs to come to your business is a channel. It can be media, a network, a direct deal with a website, revshare, etc..


At what point do you need to look at new channels?
Start with ASO/SEO, social media then add paid media. At that point you need to test all the channels and see what you get. 

[💎@25:12] The biggest thing to consider when looking to add new channels is being mindful of audience overlap: you want people that want your product but haven’t seen your ads yet. Example: Masterclass is huge on YouTube and Facebook but a lot of people still haven’t heard of it.


The notes from this resource are only available to premium members.

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↘ At this point, you know what to do ↙
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Step 1: Establish your goal

Start with defining your goal (visibility, reach, downloads, subscribers, buys, etc.) and which metric you’re trying to move.

[💎@05:57] When evaluating new channels, only go after channels that can have enough impact to make a significant difference. Example: a new channel needs to add 3% of your total sales.

Step 2: Create a customer profile

[💎@07:00] Make sure you understand your customer profile and write it down. List details about your customers (age range, gender, education level, location) but also look at the different product use cases (e.g. for Lyft: airport, work, date night, beach).

Step 3: Create a channel list

[💎@08:16] Once you’ve defined your customer profile, brainstorm with your team a list of places (channels in the broad sense of the term) where you could find and connect with this kind of person (e.g. Are they looking at magazines? Are they traveling a lot? Are they home? Do they spend a lot of time on their computer? Watching TV?).

Step 4: Create a questionnaire for partners

[💎@09:28] Create a templatized questionnaire for partners, where you ask about payment terms (CPM, CPC, CPA), average costs (CPM, CTR), audience demographic and potential overlap (Facebook and YouTube audience overlap), similar clients (do they understand how to buy for your kind of product) and incrementality capabilities.

[💎@09:55] Even though average costs (CPM, CTR) on a platform differ per app (which is what most platforms will say), still ask for a range because it allows you to make a simple calculation and know if this channel has any chance of being viable.

[💎@10:29] If you ask for it, a lot of companies will share their audience overlap with Facebook/Instagram.

Step 5: Compile responses & prioritize

[💎@14:40] When starting a new channel, define the spend level you need to actually have an impact on incrementality. You might need to “overshoot”. Example: if you spend 100k/day overall, adding only $3k will probably not help you to assess the channel correctly.

Step 6: Test with best practices

Let channels help you understand their best practices and put your best foot forward so you don’t have to end up retesting.

Step 7: First CPA then CPIA

[💎@16:04] Don’t worry about incrementality at first, just launch with CPA. If the CPA comes back well under your LTV then do an incrementality test so you can look at CPiA (Cost per incremental Action). Example: if you have $100 LTV and the CPA is at $100, it is likely that there is audience overlap and that some of the spend was not incremental and that your CPiA is actually $150 (making the channel not viable). 

Q&A

What helped Masterclass get off the ground?

Masterclass did an amazing job at setting the standard for quality. They created a cinematic experience in the knowledge space and a product that was both entertaining and educational.

Having big names definitely helped with advertising: people see an ad in the feed and want to watch it.


Insights on evaluating fraud?

[💎@20:52] When you start getting outside of the top channels, fraud is everywhere. Factor fraud into your costs. (e.g. 30%).

[💎@21:17] If you’re a new brand (or even an established brand), do not try channels if you don’t know other people in the space that are using them. Ask for referrals and take the time to ask around.


How do you think about different types of channels?

The goal is to acquire people. Anywhere you can get eyeballs to come to your business is a channel. It can be media, a network, a direct deal with a website, revshare, etc..


At what point do you need to look at new channels?
Start with ASO/SEO, social media then add paid media. At that point you need to test all the channels and see what you get. 

[💎@25:12] The biggest thing to consider when looking to add new channels is being mindful of audience overlap: you want people that want your product but haven’t seen your ads yet. Example: Masterclass is huge on YouTube and Facebook but a lot of people still haven’t heard of it.