Diversification As a Marketing Strategy
Diversification as a marketing strategy is, surprisingly, just what it sounds like: dividing your marketing efforts in such a way --- through television, radio, print, online and in-person promotions --- that as many potential clients and customers can be reached as possible. Using this tactic as your first tier of business marketing is not necessarily the most cost-effective strategy for most businesses at the outset; however, over time, the potential increase in returns can greatly benefit your business in the long run.
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Promotional Events
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When it comes to marketing, you have to spend money to make money. Hosting a booth or sending a promotional team to appropriate conferences or seminars can be an effective strategy in getting the name of your business out. Train your marketing team to discuss what your company's all about, while handing out promotional materials with a smile. Don't forget to include pens or magnets with your company logo, as consumers always enjoy these. You may also consider sponsoring a local school's sports team. As a sponsor, you may be able to present banner ads at games, or even host a table or booth with promotional materials alongside freebies like hats or t-shirts.
Series Billboards and the Internet
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If your advertising budget allows it, rent space on billboards near major highways and intersections. Three billboards in a row is a great way to hold onto a potential customer's attention, especially in highly trafficked areas. If highway billboards are out of your budget range, go for mall and bus stop advertising. Consider going viral with a hilarious online commercial or series of commercials with recurring characters. These characters can appear in your online advertising, radio ads, billboards, and so forth. Keep in mind that online advertising on high-traffic websites can be just as effective as billboards, and will put less of a dent in your marketing budget than billboard advertising.
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Radio Advertising in Targeted Markets
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You may or may not listen to the radio much, but that doesn't mean you should neglect these potentially lucrative markets. Radio advertising varies in cost based on the markets the stations play in, time of day your ads air and the frequency of airplay the ads get, as well as the expense of producing the ads. The characters you've created for your billboards and Internet ads can be given a voice in your radio ads, too. Humor is a strong selling point for many businesses, since consumers like to shop where they have an enjoyable experience. Be sure to budget accordingly.
Unconventional Ideas
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In-stall bathroom ads are all the rage in many major cities; they're guaranteed to be seen, particularly at highly trafficked venues. At these same venues, your company can be daring and body-paint your company logo on svelte bikini models, and have them hand out fliers at the most appropriate venues. Give away t-shirts or gift certificates to customers every chance you get. Giveaways can be particularly effective on college campuses, where frugal students flock to freebies.
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References
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