You will probably have heard the saying ‘putting all your eggs in one basket’. Although focus is essential to success, relying on one marketing method alone can be dangerous if that method stops performing to necessary levels. Investors talk about portfolio diversification, here we talk about ‘multiple marketing methods’.
Your business may be resting on shaky support if you are relying on just one or two marketing methods to keep things running in stable fashion. Too many businesses rely on print ads alone, for example. Even if they have print ads in multiple and diverse publications, the marketing effort is still one-dimensional. If, for some reason, the ads stop pulling, the business will crash and topple.
Another example is companies that rely solely on direct salespeople or representatives. If they fail to perform, or as often happens, defect and get bought off by a competitor, a business can face very difficult times indeed.
But even if your business doing well with a single marketing vehicle, it only makes sense to establish more avenues of marketing income – why not add direct sales letters, website promotion, prints ads, form joint ventures or implement a strategy to get free publicity using press releases and other promotional methods.
You could also start following up sales letter mailings with phone calls.
You’re simply not letting your business be all it can be by limiting yourself to just one or two methods of bringing in new customers. Furthermore, you are exposing yourself to insecurity and danger.
Take a lesson from farmers – the smart ones diversify their operations. They plant a variety of crops and sometimes also maintain livestock. If the corn fails, the wheat may do okay and make up for lost revenue. If all the crops fail, sales of beef cattle may keep the operation afloat until the next growing season. Because it has a multiple of resources to fall back on, the farm need never fail, at least not for that reason.
When you develop multiple methods of marketing, you not only stand to make more money and more sales, but you inoculate your business against unforeseen failure.
This does not mean you must or even should start using two, three our four different selling channel right away. It’s better to start with just one additional method, test it, and once you get it working and have the bugs worked out, then go on to yet another, and another, and another. This approach of nailing one thing at a time and then moving on to the next thing can be applied to other areas of your business, to ensure you are effective as possible.
Now, there probably is a point of diminishing returns in terms of how many kinds of marketing tools and strategies you put into play. Becoming overwhelmed and too scattered is not a good thing either. But it just isn’t a good idea not to have all your eggs in one basket. However, when you create a multi-method marketing effort, you put yourself on a firm foundation for greater success, security and gain some insurance against potential loss.