It has been mentioned before, but it bears repeating: the focus of any Online Marketing initiative is to increase traffic and convert that traffic to paying customers.
Visitors can come to your website from a variety of sources. They can be driven by search engine rankings, and this is by far the most common way visitors get to your pages. But there are more than just search engines which factor into the equation. If you wish to reach all sources, then your online marketing efforts need to be diversified.
Online Marketing As An Investment
Think of marketing your internet business the same as you would if you were stock market investing. Successful investors would never buy shares from only one company. The same is true of Online Marketing. Why would you settle for merely optimising your website to reach search engines only?
In fact, any successful investor knows that creating multiple streams of income is the surest way to build a profitable portfolio. If one investment is not performing well, then other assets can be relied upon to make up the difference.
In marketing, you must focus on diversifying the ways you attempt to reach potential customers and then convert them into sales through varied streams of income.
Diversifying Sales
The first thing to consider is how you can add potential income from sales to your existing business; in other words, think about diversifying the products or services you sell. This can be accomplished via upselling techniques, bundling, or adding affiliate programs for products that do not compete with those already offered.
Through split testing, for instance, you can determine what areas are best to branch out into.
You may also wish to sell or trade ad space on your website, particularly if it is already receiving a lot of traffic. A joint venture with another like-minded entrepreneur is also a good way to create a new source of income.
Diversifying Your Market, And Marketing
Next, think about ways you can reach a new target market(s). If you have diversified your streams of income, then consider running multiple websites that are aimed at your newer niches.
Start a blog, or several, to drive qualified traffic to each of your sites. Social media is one of the most powerful ways to drive traffic. You may want to develop your own special membership site or social forum.
Do not forget about the customer base you have already established. Keep in contact with them through special offers or back-end product sales. Nurture the relationships you already have. Your time and effort are much better utilised by focusing on a list of contacts who are already interested in your business and its products or services than trying to gain new ones.
Lastly, do not forget the power of face-to-face interactions. This is one method of diversifying your Online Marketing strategy that many business owners forget. Becoming the face behind the website can be a great way to find new customers and build interest in your online presence. Video marketing, in-person seminars, and one on one meetings are something you should consider as they may work well in your business.
The key to a successful online business is traffic and conversions. The key to gaining both on a consistent basis is in diversification of your efforts.
About Sean Rasmussen
Interesting article Sean.
I would perhaps add not to spread your marketing too thin or you could be finding yourself working hard and not achieving much. I suppose it comes back to really understanding your customers and what is important to them, setting objectives and tracking your marketing results.
So right Susan
It’s a matter of seeing what works best for you without being drained so that you keep your passion alive.
Hi Sean,
I like the idea of diversifying sales and markets. Is this a case of conquer one thing at a time and make it successful before you move on? Or, put it all out there and see how it goes?
Hi Sean
Diversifying our online strategies is very, very good advice. It is always wise to have a few good solid streams of income. Already my mind is creating possibilities.
Sub niches can be created from my niche. It is like little ships all linked to the mother ship and each sub niche has it’s own speacialised product.
Affiliate marketing is another stream of income I am working on.
Leveraged cash multipliers can be created in multiples.
My own products that I have created are yet another stream of income.
Now I just need to create a new type of clock that has 100 hours to the day (yipee very long lunch breaks) and I will live a lot longer and do a lot more in a day. Anyone interested in buying one? (lol)
Diverisifying and multiple streams of income are not only important, but essential to cover the ups and downs of the marketplace over which we have no control. But we do have control over how and what we market.
I would like Elly’s comment about needing a 100 hours in the day to come true!
I have put it on my vision board!
If you only rely on one income stream and it dissappears than you are stuffed…definetly agree with making multiple income streams…I am sure Rich Dad would agree too
It is not just diversifying products and services, but diversifying marketing options too – such as a JV and then diversifying traffic generation methods.