Is Your Business Income Diversified?
If your business is not diversified, why isn’t it? One product or service will not support you forever and having just one income stream is just as dangerous.
Off-line marketers that build their business providing services that rely completely on Facebook will be in serious trouble when that site stops being the force that it is today.
Search engine optimization companies that completely ignored the growth of the different social media platforms and their influence on search are already seeing their businesses suffer.
Social media is all about people and their emotions. These people discuss their likes, dislikes, wants and desires in great detail at times.
People have always been influenced by what others think and do but the search engines ignored human emotion as long as they could.
Some might say that emotion was ignored too long because the relevancy of the search results was declining rapidly.
In an attempt to regain their dominance and improve relevancy, Google and the other search engines have started to include social signals as a ranking factor.
You used to be able to rank a site by getting backlinks from just one type of site and you would beat out your competition just by having a larger number backlinks than your competitor. Today, however, you need to diversify your backlink up sources as well as the anchor text that is used for the links coming to your site.
Your site will not rank well in most niches if you don’t have link diversity and social proof.
A marketing consultant that helps off-line business owners must start thinking about how to help the business owners they work with create additional income streams while having a diversified portfolio of services that they can provide.
If you offer the same or similar services as every other consultant out there, you will soon become a provider that can be easily discarded or replaced.
When you expand your mind to help a business owner create a new revenue stream in ways they hadn’t even thought of, you will increase your job security while also increasing your income.
For example: One of your clients may be a great auto mechanic in that mechanic that may own a shop that has several good mechanics in it but it would only take one serious weather event such as a tornado or a flood to wipe out that business for weeks or months. If, however, you had taken the time to work with that mechanic as a joint venture partner, you could have a membership site that teaches people the basics of maintaining their vehicles or even doing minor repairs themselves. Another possibility is to co-author a series of books on auto repair that are sold through the Amazon Kindle, Create Space and other venues.
The membership site and the books would give both you and the mechanic income if some disaster strikes the shop.
The most successful investors in the stock market have diversified portfolios. Marketing consultants need to help local business owners develop multiple income streams so they have a diversified income portfolio which helps a marketing consultant become more diversified as well.
Last 5 posts in Business Success
- 3 Types Of Additional Income Streams For Local Business - June 17th, 2017
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- How Reputation Marketing Can Help Your Local Business - September 24th, 2016
- 3 Mistakes Consultants Make With Business Owners - September 10th, 2016