As with most advice shared with you as a kid, rarely do you understand what it means until later in life…
One I heard more than a few times growing up was, “Don’t put all your eggs in ONE basket.”
As a kid, my mother used this proverb when she’d see me spending time with only one or two of the same friends.
Or when it came to college applications, and my decision to only apply to the University of Florida as a transfer student, (as that was my dream school).
Thankfully I got in, but what devastation I would have felt (she realized this as well) if I wouldn’t have been accepted. Waiting another semester before applying to any school would have been my only option, as I had already decided not to return to Rochester Institute of Technology.
After college, when I started in sales, my managers would heed this same warning when it came to clients.
ONE is dangerous.
If you’ve ever read anything by Dan Kennedy, or had the opportunity to hear him speak, you may have heard him say this:
“The most dangerous number in business is one.”
He couldn’t be more right.
Think about only having one client, one supplier, one distributor, one salesperson, one product, one marketing strategy…
Would your business survive if you were solely dependent on that one thing and suddenly it disappeared?
As I started my own businesses, the danger of the number “one” always remained front and center in my mind, especially when it involved direct revenue streams (marketing and sales).
I want to focus on this particular area because contrary to what you might think, (and with all the emerging marketing channels and options available out there), business owners are just NOT diversifying their marketing.
This absolutely mystifies me.
I talk with business owners all the time and I’m shocked every time one of them tell me they rely solely on Facebook (for example) for all their lead generation initiatives and depend on one strategy to reach all their revenue goals.
Meanwhile, I’m thinking…
Don’t they realize what’s happening as far as iOS privacy changes?
I wonder how much their conversion rates and CPL has increased, or if they are even aware…
How many more restrictions will it take before their “sure-fire” channel and strategy come crashing down?
Don’t get me wrong…I kind of get it.
It was absolutely thrilling to experience that home-run winning strategy or that killer breakthrough that single-handedly propelled my business forward…
It was tempting to invest all my energy and money in that “one” sure-fire revenue generator.
But I would always remember the danger of the number “one”.
Never invest all of your energy, attention, or resources in just one thing or place…
If it disappears you’ll be left with nothing.
Let’s take a closer look at that “one” sure-fire strategy…
There’s no reason to stop doing it. In fact, you’d be foolish not to continue running it.
The smart play is to cover your bases and take advantage of the new opportunities right in front of you.
The opportunity could be to start testing another strategy. Or channel. Or vehicle in addition to what you’re already doing.
Back in the day when I started my first business, I didn’t have a lot of money to put towards marketing.
But what I became very disciplined at, is continually re-investing a portion of that revenue earned from the strategies that were working into different channels until I found another one that worked.
I’d continue to do this over and over again. I got to the point of running multiple “sure-fire” campaigns at once and always having one or two “tests” running simultaneously.
When one stopped working as well, or stopped working altogether (and trust me, one will), I would put it on the back-burner and focus on the other channels and strategies that were working.
Always be testing.
The key is to make sure that you are never left with just one strategy or channel that you are completely dependent on. This is how to set your business up for long-term growth.
There’s actually a name for this approach…
Integrative Marketing or Multi-Channel Marketing.
By diversifying your marketing and integrating multiple channels into your overall approach you’ll also:
Reach more of your target audience.
You know as well as I do… Our prospects and ideal clients aren’t just in one place. When you expand your reach, you can attract more of your target audience.
You’ll also re-engage prospects and clients that might also be on those various new channels you develop a presence on.
Plus, when you utilize multiple channels, you get the added advantage of leveraging them to help boost the other. It’s a great way to coordinate efforts and cross-promote.
The key to leveraging multiple channels successfully is to first ensure they are the right channels.
Then make sure your message is congruent and consistent across the board.
I’m sure you can imagine just how vital these two elements come into play when you start running ads across multiple channels and platforms.
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