For those who are starting out with their own business, there are many things to learn along the way when it comes to effective marketing.
All too often, many new business owners wind up making similar mistakes which can actually sink their chances of succeeded, or at least holds back the ability to expand their customer base.
One of the more common marketing mistakes is investing in only one channel of marketing. This mistake happens fairly frequently because most people when they start only have enough money to utilise one approach and if it works right off the bat, they are hesitate to deviate from that path.
The reason why you should consider using diversified marketing strategies is because if the your single approach fails, for any reason, then you don’t have another lead stream to fall back on.
Imagine if you invest heavily in SEO and it’s your only marketing strategy to brings leads into your funnel. If Google suddenly disappears or changes its algorithm enough to sink your rankings, then you will have exhausted your method of acquiring customers.
The same applies to paid advertising. If your ad account gets hacked/banned/lost for any reason, your business stands still and can’t maintain any marketing practices.
What Are Diversified Marketing Strategies?
This is where diversified marketing strategies come into play. By expanding the frontiers of your marketing efforts, you reach more, entirely new bases of customers that otherwise would be missed. This is a similar approach to how people diversify their investments. For example, to invest only in gold means putting all of your eggs in one basket, which can be very dangerous if the gold market collapses.
The same is true for using only one marketing strategy or method in terms of how you reach your audience. If what you use falls out of favour, or more likely the internet landscape evolves and your marketing strategy becomes obsolete, then your efforts will ultimately fail. Diversified marketing strategies are the answer for a number of reasons;
- Broadens your scope and visibility
- Reinforces branding and reputation
- Increases your ability to acquire new customers
- Less subject to failure or collapse
- Many approaches can have a multiplying effect
- Bigger money earning potential
For many, diversified marketing strategies are a way of life and how they run their business, being able to take advantage of new avenues of delivering marketing campaigns while still keeping a close tab on investment and expenditure.
The Advantages Of Diversified Marketing Strategies
There are several benefits to spreading out your marketing efforts once you have the resources to do so. At the very beginning, it may be impossible for you to implement more than one method, so in that case you should start to hold some money back once you are enjoying some success in order to expand your marketing capabilities.
Remember, at some point your singular path of marketing will start deflating in terms of results, so you need to be prepared when that happens.
Avoid A Singular Mindset
This is arguably the best reason why you should use diverse marketing strategies because they will help you avoid having a singular mindset when it comes to promoting your business. This type of mindset may work at first, but if you do not diversify, learn about other areas of marketing and try your efforts there, then you are setting yourself up for a big fall.
Imagine that you have started your marketing efforts on Facebook and enjoyed some remarkable success thanks to your efforts. So as a result, you double down and put all of your marketing budget into expanding your Facebook presence and advertising campaigns. Then, Facebook finds a reason to banned your page or advertisements – what do you do then?
Well, you can always start again with a new account and craft another route to success while meeting the platform guidelines. However, if you had started out using diversified marketing strategies, the impact would be much smaller and your much more dynamic in your delivery.
Wider Customer Base
Despite boasting huge numbers, not everyone is on Facebook. In fact, not everyone uses Google too for that matter.
There is no one pathway towards reaching all your potential customers that you may have for your business. That is why using diversified marketing strategies works so well. By spreading out your efforts, you start reaching people that otherwise would get overlooked.
Imagine combining your social media efforts with an email marketing campaign and blogging strategy. With all three working together for you, there will be customers coming to your door that otherwise would overlook or never hear about your business.
Naturally, there will be one method that will work better than the others, but you still want to work at perfecting the other methods so that you can protect your marketing efforts and serve as many customers as best as possible.
Having a broad foundation thanks to diversified marketing efforts means that you are protected from that single hit that would otherwise sink your business. Also, you are opening up your mind to exploring new ideas and testing out new markets as well.
The best companies will always at least analyse and test new avenues of marketing, to see just how they will work out for their business. Sometimes it will fall flat, but other times you’ll see a remarkable amount of success.
Diversified marketing strategies means that you stay on top of the latest marketing methods, evaluating which ones will work best for you and testing out those to see just how effective that they might be.
Of course, you don’t want to diversify too much and miss out on major opportunities by spreading yourself too thin. Make sure you have the resources and capabilities to fulfill such strategies. For many, using the diversified marketing strategies approach still means that one method is going to be favored over others. However, you want to have at least two, three or more other routes to market that you are pursuing just in case your main effort gets sidetracked.
Watching your revenues go up is only one strong benefit that diversified marketing strategies offers. In fact, greater revenues, enhanced stability and overall longevity are the goals that you should keep in mind when branching out from your main marketing efforts.
The successful entrepreneur or small business owner understands the point in which it is time to reach out and try new methods. In many cases, the difference between success and failure rides on taking a few chances and breaking out of your habits when it comes to marketing, so remember to diversify your efforts when it becomes practical and never look back.
Do you take a diversified approach to your marketing activities?
How many marketing channels are you active in?