Is Your Business Diversified? Why or Why Not?
If your business isn’t diversified why isn’t it? Do you believe so strongly in your business one revenue source that you’re comfortable with one offering?
Google AdSense Example
Hundreds, if not thousands, of internet marketers created full time incomes using Google AdSense as their sole source of revenue. When Google changed their algorithm and devalued the poor quality sites many of these marketers were putting up, their livelihood vanished in the blink of an eye.
Many marketers that used Google Adwords to drive traffic to CPA offers either saw their quality scores get lowered so much it was no longer a viable method of traffic generation. Some marketers even saw their accounts closed and they were banned from Google Adwords. For some, this meant the thousands of dollars a day in revenue that was being generated dropped to zero.
Amazon Kindle Example
There have been many courses sold on how to publish Kindle books. Many of these courses taught people to use public domain and private label rights products as the foundation for their books.
When Amazon customers started complaining about the poor quality of the books, many accounts were closed and the account holder was banned from an extremely lucrative business model that is still experiencing an expanding customer base.
Some offline consultants have built their entire consulting business around creating custom business pages for clients. Fees ranging from a few hundred dollars to several thousand dollars were charged and collected.
Facebook will be switching all business pages to a look similar to that of personal profiles on March 30, 2012. This switch includes the timeline and the new layout nullifies some of the carefully crafted looks that were created. The custom landing tab that had the like gate where a visitor had to like the page before they could see your content will be relegated to a link visitors may or may not visit.
These consultants will have to retool their business and actually TEACH their clients how to effectively engage their visitors in conversation if they wish to continue to use Facebook as their revenue generator.
There are many examples of products or services that were or are offered by brick and mortar businesses too.
The point of all these examples is a business owner MUST be diversified in the products and services they offer or they will perish when the market evolves.
Businesses must also be diversified in the marketing methods they use and they must be willing to adapt and upgrade their approach if they wish to reach their customers.
Traditional marketing methods like television ads, radio advertisements, newspaper ads and billboards are less effective than they once were and they will probably never be that effective again.
Your customers are using their smartphones, laptop computers, tablet PC’s and desktop computers to find the products and services they want or need.
If you don’t have a professional looking website, a professional looking mobile version of your website, a presence on the top social media networks where you actively engage your prospects and customers, you WILL lose business to competitors that are doing these things.
A business that has multiple revenue generators and adapts to marketing methods that places them in front of their customers on devices they use has a good chance at being successful for the long term. Business owners that aren’t diversified in their revenue generation and marketing will face extinction sooner rather than later.
Feel free to leave your comments on this topic below or open a support ticket at my Help Desk so we can explore how we can help you grow your business.
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