But, is it possible to put your eggs in too many baskets?
When it comes to marketing, the answer is a resounding yes.
What are the dangers of spreading yourself too thin — and what can you do to prevent it?
KEY TAKEAWAYS
According to Jonathan, entrepreneurs fall prey to three primary pitfalls by trying to spin too many marketing plates:
Lack of education
Misinformation from service providers
FOMO – Fear of missing out on a hot new platform (How’s that Tik Tok campaign coming along, by the way?)
Stay in your lane. Don’t rush to or feel obligated to create content for or embrace every new platform that comes along. If you’re a lawyer, for example, do you really need an Instagram or Pinterest presence?
Resist the temptation to throw a bunch of shit at the wall just to see what sticks.
“Most small businesses don’t know how to run a successful marketing campaign.
Instead of learning how to run one campaign, they start 10 unsuccessful campaigns and call it diversification.” – Jarod Spiewak
Unless you already know what you’re doing, nail one marketing channel at a time before investing in another. Advertising is a great example. If you lack experience, don’t invest in Google and Facebook ad campaigns at the same time. Get one or the other right before throwing money at ads.
Beware of service providers who tell you that you need to do everything at once when it comes to marketing. Most agencies have one or two core competencies but are more than happy to charge you for additional services without necessarily being very good at them.
If you elect to do your marketing in-house, be cautious about spreading your team too thin. It’s better to do a great job on one or two channels/platforms than do a lousy job at 10.
If you have a limited marketing budget (who doesn’t?), you can test and iterate ads much faster if you devote your spend to one platform. Spread your budget too thin on multiple channels, and most likely, it’ll take you far longer to see any ROI.
“When you’re dealing with small budgets, diversification in marketing doesn’t make much sense. Spending two or three grand on Google Ads isn’t a lot of money when you’re trying to figure out what’s working and what isn’t. But it’s a bunch of money for most small businesses.” – Jarod Spiewak
If you’re getting good ROI from one marketing channel — e.g., Facebook or Google Ads — consider doubling down on what already works rather than gambling on adding an additional marketing channel.
“Imagine you own a high street coffee shop, and you have one employee making coffee. You’re making money, but obviously there’s a cap on how many coffees one employee can serve.
What’s the appropriate response? Opening a second shop in another location that sells a different product? Or hiring an additional employee for your existing shop where you’re already seeing success.
Apply this analogy to marketing: the employee represents a specific platform or channel.” – Jonathan Kiekbusch
Don’t make the mistake of thinking that what works on one platform automagically transfers to another. You might be killing it with your Facebook ads, but that doesn’t mean they’ll convert on LinkedIn.
Be careful assuming that you’ve capped out in an advertising channel. With Google Ads, for example, you’re far more likely to be constrained by budgetary constraints than by running out of potential customers. If you can spend more money to obtain more conversions in a channel that’s already proven to work for you, think twice about adding an additional platform.
Don’t fall victim to shiny object syndrome when it comes to marketing channels. Just because you’re making a few grand off Google Ads, that doesn’t mean the time is right to pour your profits into Instagram marketing. Always ask yourself if you could make more money by doubling down on the channels where you’re already seeing success.
The 80/20 Pareto principle applies just as much to marketing as it does everything else in your business. Rather than over-diversify, spend 80% of your marketing budget on channels that you know deliver positive results.
Optimization before diversification. If you have a channel that’s showing positive ROI, focus on maximizing your revenue before diversifying to an unproven platform.
Finding a marketing channel that works for your business takes time, money, and effort. When you find one, squeeze it for all it’s worth. Don’t get ahead of yourself by trying to diversify too early.
Ultimate takeaway: There’s nothing inherently wrong with diversification in marketing. But too many entrepreneurs get distracted by the prospect of skyrocketing their revenue and conversions by adding additional channels…
Maximize your ROI by investing in what already works. Once you feel you’ve actually maxed out a platform, take baby steps towards exploring complementary channels.
Don’t take your foot off the gas on marketing approaches that are already working in search of growth that may well be illusory.
SUBSCRIBE NOW
Production values are ramping up at the Value Added Podcast…
Not only do we have a snazzy new intro/outro, but VAP is also now available everywhere you get your podcasts, including:
We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept All”, you consent to the use of ALL the cookies. However, you may visit "Cookie Settings" to provide a controlled consent.
This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
Cookie
Duration
Description
cookielawinfo-checkbox-analytics
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional
11 months
The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy
11 months
The cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.