Dominate the Digital Domain Using Marketing Diversification
Just like your investment portfolio requires strategic diversification to help minimize risk and maximize reward, so does your digital marketing strategy. Here’s a quick, go-to guide for getting started.
Gone are the days of employing simple marketing diversification strategies. It used to be that buying a billboard, purchasing a commercial spot during the Super Bowl, or placing an ad in a newspaper or magazine would cast a wide net, reeling in any number of demographics. Then, the internet happened and changed the game for good, forever changing the advertising landscape. Social media and Big Tech have officially surpassed television as the number one medium used by brands and businesses to get your attention and boost their ROI. Diversification is defined as a growth strategy that includes adding and allocating services, products, and markets to your brand’s core business plan to help reduce risk. Here are just some of the top trending strategies to help diversify your marketing efforts in the digital space.
Email Marketing
Email marketing, such as e-blasts and native advertising articles, is an effective way to promote product launches, promos, sales, and informative content. Here’s a hot tip: give people something valuable in exchange for their email address, like a discount code on their first purchase. If you’re planning on dropping in their inbox a few times a week, you want to make it worth their while. Also, try not to overstay your welcome and limit emails to 3 times a week MAX. After all, there is an UNSUBSCRIBE button for a reason.
Make Your Website the Star of the Show
If you’ve been heavily relying on social for most – if not all – of your advertising reach, it’s time to bring those click-worthy posts, links, ads, etc., to your business’ website. Repurpose all that great content and exponentially boost your Google search rating in the process. Just remember to keep your content specific and relevant.
Partnerships and Collabs
Creating partnerships with like-minded brands can be a win-win for both parties in a number of ways. You can cross-promote each other through online events, spotlight each other on Instagram posts, stories, and reels, or design a collection, product, or service together (collab). These cross-branding marketing tactics will not only increase your brand’s reach but will help you grow your email marketing list since you will inadvertently retrieve much of your brand partner’s email subscribers.
Strike a Balance Between Paid and Organic Content
Mix things up by incorporating paid ads for Facebook, Google, or Instagram, as well as creating solid, SEO-savvy content to generate organic traffic to your website. Don’t rely on just paid ads or just SEO. There is more than one road to reach any destination.
Personalized Messaging
Ever notice your Facebook feed gets inundated with ads for designer purses after you’ve made a concerted Google search using the keywords “Louis Vuitton Spring 2021 Bags?” This isn’t a coincidence, but all part of a growing marketing trend. Effective personalized messaging can be achieved through the collection and analysis of customers’ data. This helps businesses execute more targeted tactics in their advertising approach. Businesses are more than willing to pay big bucks for user data collected by Big Tech, including Google, Facebook, Twitter, and Instagram, so you may want to budget for this currently hot marketing tool.
Summary
That is just some of the many digital marketing diversification trends we’re seeing for 2021. Stay ahead of the curve by learning to quickly adapt to the ever-changing trends without becoming complacent or too dependent on just social media to keep your business’ engine humming for the long haul. Think long-term and cultivate a company culture that enables your business to develop a diverse marketing strategy designed for today’s competitive, highly saturated digital domain.