This is why diversification is key. Staying within the same boundaries you’ve always adhered to can be dangerous for your businesses, and there is a wide range of other options out there to keep things interesting.
Here are a few tips for ramping up your marketing strategy when sales get a bit sluggish and old tools are no longer as effective.
Diversify traffic
There could be a probability that your business has not yet reached its maximum potential, rather than it having exhausted its organic growth. As the industry evolves, new platforms are needed to push your brand forward.
Look out for websites you have never advertised on – this could bring an influx of new buyers. Targeting ads, newspaper articles, social media – utilise new sources to maximise your reach.
However, it’s important to be mindful. Diversifying your media channels can come at a price. As the market grows, your usual sources of traffic will cost more and more. To keep сustomer acquisition сost (CAC) from skyrocketing, think about turning to newer, more affordable channels. You might not be able to support all the traffic sources single-handedly, but it is possible on a CPA (cost-per-acquisition) basis.
Diversify audiences
As your outreach grows, segmenting audiences is something that should be considered if you wish to understand their wants and needs.
All this data can be implemented to divide potential clients into several core groups and lure them into purchasing by advertising where you believe they browse the web. Many marketers focus on one customer portrait and ignore the rest. It’s important not to underestimate the importance of smaller audiences – especially if you know exactly where to locate them. The problem is, achieving such data is getting more difficult.
Diversify your catalogue
Consumers now have the ability to order everything they need from a single platform. You might not be able to provide the same service as e-commerce giants, but there is one thing you can do – diversify your catalogue.
Every day your audience scrolls through miles of social media feeds, and this means they develop a taste for content. They soak in the diversity, and you can use this to your advantage. Give your customers something new and exciting to look at.
Altering prices is a good way to avoid stagnation, as it tends to attract extra attention from sale hunters. It is also a great opportunity to get rid of warehouse leftovers.
Drawing attention to your brand can and should be creative and inventive. Events and collaborations are a great way to do this.
Diversify your approach
Be flexible and adapt. As e-commerce evolves, so should you. Keep an eye on the trends: omnichannel, multi-attribution, browser extensions – there are tons of opportunities to explore.
Diversifying does not mean you will have guaranteed success. It could be risky, but it means you’re keeping with the times and decreases the risk of stagnation.
It’s exciting to go where you haven’t been before. Test out new hypotheses, new tools and products. How else are you going to find out what can work?