You hear it all the time: “Don’t put all your eggs in one basket”. Whether it’s about the stock market, your free time, or what you do in your business. But sometimes, when we find a marketing strategy that works, we lock in and give it our laser focus.
Nailing a marketing strategy may feel like the ultimate win, but here’s why that’s dangerous.
On October 4th, 2021, the social media platform Facebook shut down. No one could post about their newest accomplishment, people couldn’t like that funny dog video, and businesses could not advertise themselves. Businesses that survive solely on Facebook by using it as their website were entirely S.O.L. But that’s just one example of a dozen why not having a diverse market plan could hurt more than it helps.
While your platform may go down, there is also potential any one market strategy has its failure. COVID-19 took away in-networking. Your website host may glitch out and cause your website to shut down. Word of mouth marketing and referrals could pause if your business is unreachable because your internet is down and your emails aren’t loading. Or heaven forbid, you drop your cell phone and it cracks. How much business could you lose if something went wrong? No one method is completely dependable, so it’s up to you as a business owner to diversify your strategies and be in front of your audience at least ten different ways.
10 x 10 Rule!
The idea behind the 10×10 strategy is that each of the 10 ways you market should bring in 10% of your business, leading to 100% qualified leads generated for your business.
When it comes to building your marketing plan, look at all the ways you already market. Networking, word of mouth, online, on TV, through radio ads. Whatever it may be, include this in your 10×10 strategy. As you begin to build your 10 strategies, take inventory of historical data you know based on each strategy. Then, continue to monitor each strategy you put in place for your business. Remember, you can’t manage what you don’t measure so be sure to use your tracking system for all marketing data!
As you continue you utilize your 10×10 marketing strategy, look at each method and be sure that it’s truly bringing in 10% of your business. If you’ve given that method your best effort, maybe after a month, a quarter, or a year, and you see that you aren’t hitting that 10%, this is when it’s best to look at another method to replace it while maintaining 10 strategies total.
The power of your marketing all comes from the variety of methods. Not every customer is going to learn about you via commercial or digital ad. But after hearing about you, learning about you, and building that trust from a number of touches through your company’s marketing, it could be that tenth strategy that was in front of them at the right place at the right time. That’s when customers convert! That’s the power of marketing using the 10×10 strategy.
If you’re looking at your marketing plan and do not feel confident it’s working the way you hoped or you are looking to build more strategies, reach out to your ActionCOACH. We can help make sure each marketing egg is in the best basket to save time and money and build more profit and fun in your business.
Author: Kyleigh Mazer, Business Coach in Southern Indiana