channel-diversification

Vocabulary Word

Definition

Channel-diversification refers to using a variety of approaches, often called channels or mediums, to promote or sell a product or service. It's like advertising the same product on TV, magazines, and online to reach different people.

Examples in Different Contexts

In marketing strategy, 'channel diversification' involves using a variety of platforms to reach different audience segments. A marketing strategist might say, 'Channel diversification is key to reaching a wider audience and improving brand visibility across multiple platforms.'

Practice Scenarios

Product

Scenario:

We're launching a new product next month. What's our plan for ensuring maximum exposure and accessibility?

Response:

For maximum exposure, we'll need a good channel-diversification strategy – combining e-commerce platforms, in-store sales, and pop-up markets.

Tech

Scenario:

Our software is gaining high acceptance among users, but we're relying too much on direct sales. There might be other outlets we could leverage to improve our reach.

Response:

Agreed. We should adopt a channel-diversification strategy including partnerships with resellers.