If you've ever sat down with a financial advisor before, they probably stressed the importance of "diversifying" your portfolio.
What your advisor is saying is "don't stick all your eggs in one basket!" You can apply this same rule to your marketing investments by creating a diversified marketing portfolio!
What exactly is a "diversified marketing portfolio"?
A diversified marketing portfolio is a marketing strategy that consists of a variety of marketing/advertising channels.
Examples of these marketing channels are television, radio, magazine/print ads, social media, search (SEO and search ads), and even billboards!
There are plenty of options to choose from in 2018; it's all about deciding what's right for YOUR brand.
So how do I decide what marketing channels are right for me?
You should start by taking a look at where your customers are. Are they on Facebook, Instagram, or Twitter? Do they commute by bus or subway? Do they read the local newspaper?
Narrowing down who is in your target marketing and where you can reach them will help you optimize your future marketing efforts. If you don't know the answers to some of these questions, all you have to do is ask them (your current customers) by using a survey!
It's also a great idea to take a look at your brand's image/voice. Do you want to be seen as the snarky Twitter guru, or the obnoxious in-your-face local repair shop on the radio with a jingle people can't get out of their head?
The choice is yours, but just keep in mind that your marketing channel choices will affect your brand image!
Why is it so important for me to "diversify" my marketing portfolio?
There are a few answers to this question, so we'll give you our best three!
Reason #1) You can reach different people in different places
You will likely reach an entirely different audience with your Instagram ads than you will with your television commercial. You might have different market segments that can be better reached by each marketing channel, so diversifying your strategy can make sure you're getting in front of your whole target market!
Reason #2) It can be risky to keep all of your eggs in one basket
Let's say you're having a great deal of success with Facebook marketing, so you decide to allocate your entire marketing budget to grow your Facebook page. Next thing you know, Facebook decides to obliterate organic reach and skyrocket their ad prices.
You would certainly be relieved if you invested in other marketing channels where you could move the majority of your Facebook budget!
Reason #3 ) Strategic diversification keeps you competitive
Your competitors are likely utilizing a variety of marketing channels, and you'd be left in the dust if you weren't following suit. The trick is being creative with your marketing portfolio and consider how you can reach your target audience in places where your competitors aren't.
Advertising becomes a bit of chess game in this regard, but hey, that's the world of business!
Having a diverse portfolio can help you reach different parts of your audience, reduce investment risk, and keep your competition on their heels! What marketing channels do you have in your portfolio?
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