CEO at RightMetric, we help marketers identify opportunities to unlock growth through digitally focused audience & competitor research.
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Charlie Munger, Warren Buffett’s longtime business partner, once said there are two rules of fishing: No. 1 is to “fish where the fish are,” and No. 2 is “don’t forget about rule No. 1.” Of course, Munger dropped this pearl of wisdom in relation to investing, but the principle definitely applies to the world of marketing.
“Fish where the fish are.” It’s a simple concept, but it’s amazing how many companies struggle to put this concept into practice. For instance, many brands take the “shotgun approach” to digital marketing by delivering their message across as many platforms as possible and hoping that something captures the attention of their target audience. The problem is that your target audience may only be active on a couple of those platforms. So where do you think all the rest of those marketing resources go? Straight into the garbage can, that’s where.
The Good News
It’s not all doom and gloom, but there is some good news for you: namely, there’s a framework you can use to help drive clarity around which marketing channels your brand should focus on. Simply put, you can determine where your “fish” are, and then focus on those areas.
And there are a couple of specific benefits that you’ll gain from implementing this framework (which we’ll get to in a moment). For one thing, you’ll get a better idea of which platforms are up-and-coming in relation to your target audience and which are well established but still ignored by your competitors. Both of these insights are huge in terms of maximizing your marketing ROI and ensuring your efforts are effective.
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Secondly, by using the framework, you’ll also gain the data-backed evidence (and thus the confidence) to deprioritize a marketing channel that just isn’t working anymore. Why fish all day in a pond with no fish? Or for that matter, in a pond that’s overcrowded with competing fishermen? It’s best to focus on channels that will deliver a high ROI for your brand.
A Recent Example
Let’s look at an example of how many companies could have adjusted their marketing strategy to focus on TikTok as a new channel. In 2020, TikTok became the most downloaded nongaming app in the world, and it’s no surprise that many brands have some kind of TikTok strategy in place right now. Also not surprising: Marketers are focusing more heavily on TikTok in 2022.
But here’s the point: Using the framework that we’ll discuss below, many brands could have seen that there was high user engagement on the platform in the early days, combined with low brand competition. I know this to be true because our team used this framework to help our clients adjust their channel strategy to include TikTok as part of their marketing mix. Brands that jumped on the opportunity early on are now in the best position to leverage their presence on the platform. The lesson? By identifying opportunities and filling gaps in your marketing plan early, you’ll give your brand the best chance at catching lots of fish.
Okay, So What’s the Framework?
Alright, let’s dig into the details of this framework that I’ve been referencing. One caveat before we start: Performing a comprehensive analysis of “whitespace channels” requires harvesting a lot of data from several different tools. We’re not going to deal with that side of things right now. That said, with some relatively inexpensive tools (like SimilarWeb or Semrush), along with a little “sweat equity” in the form of manual data collection, you should be able to glean some key insights using this framework.
Okay, here are the four steps you should follow:
1. Understand the channels your target audience is engaging on most. Look at the leading influencers and brands in your industry, and track which digital channels they’re getting the most engagement. For example, is their audience size bigger on Facebook or LinkedIn? Are they getting more shares and comments on Instagram or TikTok? Other metrics to look at include mobile app usage, video views, etc.
2. Benchmark where your competitors are focusing their efforts. Now examine the activities of your competitors across different digital channels and then make an “apples to apples” comparison of how much attention they’re giving each platform. For instance, which network are they posting to most frequently? Which network is showing the highest level of audience growth? Where is their engagement volume the greatest?
3. Using Steps 1 and 2, determine which channels make most sense for your brand. This is the (relatively) easy part: Determine which platforms have high audience attention and low competitor focus. In other words, which platforms attract a large portion of your brand’s target audience but aren’t top priorities for your direct competitors? Those are the platforms you’ll want to focus on. (Of course, the opposite is also true: Platforms with high competitor focus and low audience attention should be avoided.)
4. Rinse and repeat. Don’t just “set it and forget it.” Perform this analysis on a regular basis, perhaps quarterly (if feasible). The great thing about going through this process multiple times is that you’ll start to discern trends indicating how audience attention is shifting, where it’s shifting to and how competitors are reacting.
This framework is relatively simple and we’ve used it over and over again for leading global brands, and it hasn’t failed us yet. To summarize, following this four-step process will help you to:
• Get clarity on the platforms you should be focusing on (i.e., the platforms that have high audience attention and low competitor focus).
• Determine whether you should allocate more resources to a relatively new platform or an established but oft-overlooked one.
• Gain the hard data to support your withdrawal from low-performing channels (those with few target customers or oversaturation from competing brands).
The bottom line? If you “fish where the fish are,” you’re likely going to catch more of them. So, steal this framework and get started today.
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Author: Charlie Grinnell, Forbes Councils Member
