In most aspects of life, diversity is generally regarded as a positive concept: diversity among people, diversity in your investment portfolio—and even diversity when it comes to digital marketing. The idea is that having several diverse components working to your advantage in a situation is better than putting all of your efforts and confidence into just one of those moving parts—only to be completely let down if it fails. Therefore, the case for diversifying your digital marketing assets is the same for any situation in which diversity is heralded as an efficient means to an end.
If you have been marketing for any extended period of time, you may have become comfortable with one type of marketing strategy and decided to invest all of your time and money on it. While this one-shot strategy may work for some businesses, lead generation success via digital marketing is more often discovered when diversifying your digital marketing assets. Not only can doing so help you spread out the risk of any one marketing effort failing—and taking down your entire marketing budget with it—but it can also significantly extend your reach. For example, if you spend your entire budget on an expensive email campaign, but you put absolutely no effort into social media, you a) are risking the fact that the email campaign could turn out to be not as effective as you wished, and then you have no other marketing strategies to back it up and b) you are limiting your audience to the members of an email list, rather than the organic social media community.
The case for diversifying your digital marketing assets comes down to the following concepts:
- Eliminating dependence on any one asset. Similar to the idea that you should not put all of your money in one type of investment in case that investment goes downhill, we believe that your business should not rely solely on one digital marketing medium. For example, if you put all of your advertising dollars into Facebook, and Facebook implements changes that negatively affect your marketing efforts, then you will have wished you had another means of marketing to fall back on.
- Reaching more people. Even if you are trying to target a specific demographic with a specific digital marketing strategy, there could be other positive leads that you are missing by using only one digital marketing channel. It is said that 80 percent of consumers do online research before deciding on a product or service, and they use various digital marketing channels to do so.
- Combining efforts to strengthen your brand. Known as “cross-pollination,” integrating several digital marketing assets can yield better results based on their interactions. In fact, diversifying your digital marketing assets can result in up to 200% increases in conversion rates, according to some top digital marketing entities.
- Keeping yourself keen on different strategies. If you spend all of your time obsessing over one type of digital marketing medium, you may get jaded by it—and start overlooking ways to improve its efficacy. Having knowledge of several digital marketing means can help you stay on top of the latest trends and changes, and keep you from getting bored in your marketing efforts.
- Solidifying your brand in the eyes of consumers. When consumers recognize your company’s brand in several places, it helps legitimize your business in their minds. Leads will be better able to remember you once they have experienced the evidence of your marketing strategies more than once—and hopefully several times.
Diversifying your digital assets across SEO campaigns, your blog and social and innovative content formats like infographics, video and more is not only an ideal way to stretch your marketing dollars, but it can help your business become a leader in your industry in the eyes of both your competition and current and future consumers. If you have a tried and true marketing method that has worked for you over time, augment it by taking a diversified approach that could launch your business to a new level of success.
At McNutt & Partners, we work to help our clients broaden their marketing horizons and execute successful digital marketing campaigns that encompass a variety of digital marketing assets. If you are interested in learning more about what we can do for you, reach out to us via our contact page!