Putting “all of your eggs in one basket” means focusing your attention/love/money/time/assets or anything else of value on a single thing. While it seems like a good thing to be focused, there is a very higher risk of losing everything.
Diversity is what financial planners tell us repeatedly. When you focus your assets across many things, you lower the risk of losing everything. Most people will agree that losing everything is not favorable. Avoid it whenever possible.
The same ideology also applies for your marketing strategy. However, NOT focusing solely on one marketing platform, doesn’t necessarily mean investing your marketing dollars in EVERY platform. A good mix is great idea, and having a good website should be your minimum. You have full control over this platform in that you own the domain, you own the content, and you decide what and when to put something up.
The single basket
I recently read an article discussing an issue with Bitcoin now that the creator has died suddenly. Apparently, there is no way for the funds to be retrieved for the bitcoin owners. The problem is close to home because I have some very close friends that investing a lot of time and effort into mining Bitcoin. Read the article from Gizmodo.
Many companies have taken the approach of only having a Facebook page. Facebook’s audience is huge after all. It seems like it makes sense, but what about those potential clients that aren’t on Facebook? That audience is no longer reached. What happens when Facebook decides to no longer support pages that aren’t User Profile pages? Changes like that Facebook could do at any point and there is nothing those companies can do about it. This is the perfect example of putting all of your eggs in one basket.
I’m picking on Facebook only because they are an easy target and most people will understand the reference. The premise could just as easily be applied to LinkedIn, or Twitter, or Instagram, or Vine… wait, Vine is no longer.
The lesson
The basic marketing strategy should include a website and at least one social media platform. Whichever platform makes sense to reach your target audience is the one you should invest the most time and effort into. Some companies think they know who their audience is, but then are shocked when they find out it is actually a different audience that is paying for their goods or services. Finding the right one isn’t always easy. You should utilize Google Analytics and track your traffic over a month or two. Apply basic assumptions, but then be ready to make subtle, trackable changes to your marketing campaign. After about six months, it should be fairly obvious which marketing avenue is right for you.
Cranson Solutions can help you with this process. We just need to hear from you and find out your goals.