What Is a Diversified Marketing Strategy — And Why You Need One Now
What Is a Diversified Marketing Strategy — And Why You Need One Now
Danny Shepherd, Co-CEO • Intero Digital • April 6, 2023
The crises of the past few years have shown organizations (the hard way) that relying on a single lead source is risky, if not impossible. The pandemic shut down so many avenues of income and awareness that the only organizations capable of continuing were those with diversified marketing strategies or those willing to develop some.
Industries focused solely on one marketing source to generate business are taking significant operational risks in marketing right now. For example, industries like manufacturing have competitors that rely heavily on their ability to participate in trade shows and industry events, where they can display products and answer questions from their network. Technology businesses, construction companies, and health and financial services also rely largely on in-person ways of reaching potential customers and partners and getting their names noticed.
The pandemic was an urgent call to action for companies relying on in-person events to find leads. It taught us that now is the time to transfer some of those in-person strategies into digital ones, troubleshoot, and think creatively. Even though we are back in an environment where choice is possible, we have discovered the importance of diversification in marketing, and we’re not going to forget it in a hurry.
What is a Diversified Marketing Strategy?
A diversified marketing strategy uses multiple ways of reaching a potential customer rather than just one or two. Multiple lead flows create a healthy supply of opportunities. Reach one customer when they’re shopping, another when they’re visiting a trade show, and another when they’re working through their email inbox. If one source suddenly becomes infeasible, no matter; you can switch to another without losing time.
The importance of diversification in marketing is that it covers your brand in case of different eventualities. Say one lead flow is unstoppable and another is hindered for some reason; diversification allows you to follow the tide and go where the opportunities are. A diversified strategy also enables a greater range of goals. Modern marketing goals are not simply to get eyes on your product or even to drive sales; they incorporate growing brand awareness, building trust and authenticity, and educating.
Many organizations know that they should diversify their marketing strategy and get their products and services into a greater range of places on and offline. But many meet this challenge with unrealistic goals. They expect every source to provide the same volume of leads as their original source. They fail to give new sources a fair chance to show their worth, not realizing that lead sources act in tandem, each helping the others achieve.
What are the Components of a Diversified Marketing Strategy?
There are many ways of turning a single-file strategy into a more diverse one. Think of these components as pick-and-mix strategies, all helping to boost awareness of your brand and surround leads with an interesting, varied story.
1. Website.
Your website is your home and a hub for leads to gravitate to if they want to learn more or contact you. As such, it must represent the main purpose of your organization but also the details. If your website is easy to navigate, users will assume your brand is logical; if your website is surprising, leads will be excited to see what benefits your products or services offer.
2. Social Media.
Of all the platforms available, there will be some that make sense for your brand. Post your business like a personality, using social momentum and community to spread awareness among potential leads.
3. SEO.
Focusing on optimizing brand content for search is a great strategy for widening your reach. With advanced SEO, you can draw in greater volumes of qualified leads from further afield.
4. Paid advertising.
Paid ads on platforms can give you measurable boosts in the metrics you care about, like traffic to your website, clicks on a certain piece of content, and downloads. This can also give you a clear window into what is working.
5. Email marketing.
Whether a cold reach-out or a warmer nudge, email marketing can turn distant leads into educated, informed, and engaged parties ready to take more action with your brand.
6. Press releases (PR).
Press releases are more traditional ways of spreading word-of-mouth credibility through trusted and compatible third parties such as magazines, digital news sources, or even podcasts.
7. Content.
Content represents the voice of your brand — it adds personality and credibility and offers leads the chance to learn. Use it to showcase your mission and values. A thoughtful content marketing strategy can weave through your overall diversified marketing strategy, enhancing it at every turn.
8. In-person.
COVID may have shifted the way we live and work, but live events still exist and will always be important features of a B2B strategy, helping potential leads touch and try out products.
Make diversification a marketing strategy to guide all your other strategies. Covering more bases doesn’t mean diluting your message — in fact, diversification can achieve the opposite and strengthen your brand in the eyes and minds of potential customers.
Ready to Diversify Your Marketing Strategy With Intero Digital?
Fortunately, you don’t have to diversify your marketing strategy alone; Intero Digital is here to help you meet your specific goals and turn leads into valued customers.
