APPROVED Business Stability – The Importance of Diversifying Your Marketing
In last month’s post about marketing mentality, we learnt about the benefits of changing our thinking from seeing marketing as an expense, to seeing it the process of investing in buying new customers.
In this post, we look at how diversifying our marketing efforts can help to develop more stable, adaptable businesses that are capable of weathering the storm if one aspect of your marketing is lost.
All the eggs in one basket
Take a look at your current marketing efforts – the chances are that, like most businesses, you rely on one or two marketing methods to deliver the vast majority of your customers.
At first glance, it may seem to make a lot of sense to focus budgets on more successful marketing – but in reality, focusing your marketing efforts too narrowly can be a dangerous strategy that opens up your business to serious risk.
Like everything, marketing changes over time, and businesses that depend on one form of marketing to buy and retain their customers have no real stability – and can easily fail should circumstances change.
For instance, ask yourself what would happen if your key marketing method vanished overnight – would your business be able to survive?
The benefits of diversification in marketing
Diversifying your marketing matrix to include a wide range of offline and online marketing methods will help to ensure that should one of your marketing methods disappear or cease to be effective, then your business will be prepared.
In addition, engaging with potential customers in new ways will help you to widen the net, increase your potential customer base, and enable you to reach new kinds of customers, helping you to grow and develop your business.
The 10 x 10 rule
To ensure that your business has a well-diversified marketing programme, it’s best to aim for “10 x 10” – that is, 10 different successful marketing methods, that each deliver around 10% of your customers.
In this way, even if one form of marketing was to completely vanish over night, you business will only be affected to the tune of 10%.
Different forms of marketing
When it comes to different forms of marketing, there have never been more options available to businesses looking to buy new customers.
Whilst it will depend on the nature of your business, and the kind of customers you’re trying to target, a diversified marketing programme might include campaigns across a series of online and offline platforms, including:
- Paid Search
- Organic Search (SEO)
- Online Advertising
- Online PR
- Social Media
- Print PR
- Direct Marketing
Whichever methods you choose, it’s a constantly evolving process, and it’s vital that you test, measure and optimise your programme to make sure it’s effective, and achieving the results you need.
How Coach Pam can help
Getting our marketing right is an absolutely vital part of running a successful business. If you need help on any aspect of marketing, including diversification, then get in touch with Coach Pam to book your free, no obligation business coaching session today on 07540 888016.