Diversify your marketing – make a change
We are in the last quarter of the year, heading quickly to 2019, and for many businesses it’s time to start to take stock of 2018 and what worked and what didn’t.
Were objectives achieved? If not then why? Have a look at what stopped you and consider how you can overcome these going forward. Put stepping stones in place to overcome the hurdles that have prevented you from stepping forward this year.
Looking ahead to 2019 are you reviewing your strategy and updating it with new goals? Are you planning to diversify your business in new directions for growth?
Reviewing your marketing
Regardless of your situation then you need to focus back in on what you are wanting to achieve. Run back through your marketing basics:
- Are you really clear on who your target market is? Has it changed over the last 12 months?
- Is your product or service message (proposition) clear and relevant still to this market. Have your products evolved and is this clear in your marketing?
- What channels are you currently using? Do a review of how effective they have been on helping you achieve your objectives.
- Is your website giving the right message, with the right functionality? Is it clear and easy to navigate?
Ultimately through your marketing are you enabling your customers to buy your product or service?
Diversifying your marketing
Whether it’s looking at new ways to overcome existing hurdles or how to grow in new directions, having a diverse marketing approach can help make big strides forward.
Look at your strategy and identify what works and how to expand on this and identify new opportunities.
There are a few things to remember when you are looking to diversify your business:
- Do not risk your core business
- Diversify where you are sure you can grow
- Do one opportunity at a time
How you can diversify…
Don’t rely on one channel
Relying on one channel for your business can be risky. A lot of business, particularly B2C newer business rely heavily on social media such as Facebook.
This is fine, and can be successful. But you do not control Facebook, that’s Mark Zuckerberg, and if he decides he wishes to change the algorithms for businesses then you can easily see a sudden drop in engagement on your page. You then have to spend time figuring out how to get back where you where, ad this can mean a sudden drop in sales or leads.
This is the same for any social media channel. But it can also affect other marketing such as advertising. If you over-rely on one place, publication or site to advertise and they change or stop operating then the hit on your business can be huge.
Your audience is not just in one place
You may feel comfortable focusing on social media but your audience may not be. They could be in many different places with different preferences of how to engage with you. Some people love visuals such as videos, others like more written detail that can be found in emails, blogs and guides.
Consider your content plan and messages, then have a think about how you can re-purpose each piece of content in different ways across a number of channels.
Increase your online visibility
Different activity on a consistent basis that links back to your website can really help with your SEO and your Google presence.
Google will assess your site based on the quality links you have back to your site, this creates ‘trust’ from google and so they will rank your site accordingly.
Adapt to new ways of doing things. New technology, new apps, new contact mechanisms – use new and different tools to make the most of your marketing, not just in terms of your activity but also your analysis – this will help you keep ahead of the game.
It’s not just your activity you need to diversify but also perhaps your messaging, posts, adverts and content. Really evaluate what works for you, take a fresh look at how your creative works and consider a new approach or method.
For example, if you’ve never tried videos then why not give them a try? Or a free download perhaps, educating your customers and adding value.
Your products and services
Consider ways of diversifying or adding to your current products and services. There are a couple of approaches for this:
- Diversify your products/services
What other products can you incorporate into your offering that will fulfill more customer needs?
What services can you add to your repertoire so they add value and help create customer loyalty?
- Diversify your market space
How can you take your current products/services to a new target market. What do you need to change about your offer to attract a new customer type?
Do your research here – or your target market, and your competitors in this space. Consider where and how you will fit and meet a need. Do you need to change your current product offering, or simply enhance your proposition?
Create a specific plan for entering a new market, this will help keep you focused, give you clarity on your messaging.
Don’t let yourself revert back to just focusing on your original audience, just because this feels safe and comfortable. Attack your new audience with creativity, vision and goals.
It’s healthy for a business to consider ways to grow and diversify, just remember the core elements:
- Don’t risk your current core business
- Clearly identify your market and the potential
- Don’t try too many things at once
- Create a marketing plan
- Widen your marketing reach – don’t rely heavily on one main activity channel
- Be brave, don’t just revert back to your current business or marketing activity – being comfortable gets you nowhere!
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