One is REALLY BAD In business. Just as no business should be reliant on just one customer for obvious reasons, using just one marketing media is also a bad strategy.
Yet many small business owners do just that. Why? Because, at first sight it seems to make sense. Many businesses use just their sales force or just local advertising. They believe that if a sales generation method is working, there is no reason to change.
Here are four major problems that can cause havoc in a marketing plan based on ‘one’…..
Illness: If you are the only person in your business, what happens if you’re ill – or have an accident? Despite the cost and the difficulties of working with someone else at the beginning, planning for the unexpected should be in your business plan. It’s worth thinking about who might take over the essentials should the worst happen.
Increased Costs: Your chosen media may hike its charges and no longer be cost effective. Changes in the price of paper, inks and printing, pay per click could make it much more difficult to make money from your ads.
While an increase in cost may not mean you should stop using that media, it may affect how much you use it and your ROI.
Rules and Regulations: If you rely solely on your website for leads, how did you fare when Google brought in its infamous Panda, Penguin and Hummingbird algorithm changes? S
ome internet reliant entrepreneurs lost as much as 96% traffic after the changes with a corresponding hit on revenue. Not a good place to be if the SEO and the internet is your only source of leads!
Becoming Less Effective: It can be that with regular use, customers become blind to your advertisements in a certain media. Or that media can fall totally out of favour with a once enthusiastic audience. One example is that in the early days of the internet, banner ads were touted as the one thing you ‘should’ be doing. But people became ‘blind’ to banner ads and they fell from favour.
That’s not to say that you shouldn’t be doing banner ads it’s just that times have moved on and the way things worked then was different to what’s working now.
The solution is to spread your marketing budget over a variety of different lead generation methods both on and off line. Not only will this ensure that you won’t have to worry about one of your income streams drying up, it can produce better results, over the long and short term.
A good plan is to copy larger companies which often have a similar campaign working over TV, radio, print and direct mail. Now, although it’s highly likely you won’t have the million pound budget for this sort of massive campaign, you should be using your own marketing budget on a smaller scale but in a similar way, over several media.
The important thing is to set your business up to succeed by creating several lead generation sources. Using more that one method makes your whole business a lot more secure and future-proof.