Diversify your (marketing) portfolio

When I hear marketers talk about new search engine strategies, optimization techniques, submission software and review fees, it befuddles me to see there are still some web marketers out there who rely heavily on them. Search engine strategies are important and an essential part of a marketer's portfolio, but they are not, and should never be, the ONLY source of traffic.

A well-balanced marketing portfolio consists of a combination of strategies that are executed synchronously, diligently and intelligently. While marketers must never discount the search engines, a savvy marketer's portfolio must go beyond them.

Look at it this way: many reputable entrepreneurs, like Robert Allen, Corey Rudl and Terry Dean, state that the surest way to achieve wealth is through multiple streams of income. Online a similar approach exists, for the surest way to achieve success on the Web is through multiple streams of visitors and sales.

Your traffic must originate from different sources. The adage "don't put all your eggs in one basket" applies, here. Whether you write articles, buy classified ads, exchange banners, bid on keywords, publish content, or submit to the search engines, your marketing efforts must never rely on a single source.

An individual traffic source may generate just a small stream of visitors, but when multiple traffic sources are added together, the total equals a high and consistent stream of visitors. Of course, a single source may be more rewarding and effective than others. But like prudent financial investing, the key is to diversify by investing your marketing efforts into multiple sources.

Sales are no different. If your business consists of only one website, or if it sells only one product, diversify your sales and develop additional streams of income. For example, join third-party affiliate programs to sell related, non-competing products. Sell back-end products to your current clients, or monetize your opt-in subscriber list with special offers. Sell ad space on your website, and develop a second, third and even fourth website to sell other types of products or services.

If one source of traffic or sales depletes, dries up or shuts down, the loss is minimal when compared to the whole picture.

However, visitors and sales are not enough. Credibility these days is an issue that the Web has brought to the forefront. With its vastness, privacy issues, security risks, and non- physical nature, the Internet adds a third dimension to the mix: the need to create multiple streams of "partners," through "affiliates", "joint ventures", "subscribers", "referral sources" and so on.

When compared to traditional offline businesses, partners are more important than ever before. From affiliate programs, free publicity opportunities, and joint venture deals, to exchanges of products, ads or prospects with others, developing partners is an area to which the Internet gives unprecedented leverage.

It is also the area on which the other two highly depend. Why? Because it is never enough to simply attract visitors. And it is never enough to simply sell visitors -- as strange as that may seem. If you don't believe me, ask the following:

Are your visitors highly qualified? Or are they merely curious? Are they impulsive and trusting? Or are they leery and skeptical? Are they only buying once? Or are they buying again and again? Are they silent? Or are they telling the world about you?

All three (visitors, partners, and sales) are essential in the development of a successful online business. So regardless of the marketing tactic, a successful marketing portfolio is a diversified one -- it consists of numerous strategies. And more importantly, it is focused on three core elements:

1. Building Traffic
2. Building Trust
3. Building Sales
   

Therefore, keep in mind that every single marketing activity you perform, including the use of search engines, must revert to, result in, or improve upon any, if not all, of those three. Look at the successful marketers out there. Many of them will tell you that their success is not based on a single source, but on many. They are focused on all of the above three areas.

Unfortunately, the Web is replete with marketers who rely on search engines alone for their traffic or on a mere handful of tactics that amount to meager results. If you work with only one traffic-building source, one income-building source and one credibility-building source, your business will do poorly.

Although far from being comprehensive, here's a brief list of tactics that aim at building streams of visitors, partners and sales. Look at adding different streams to your portfolio:

• Write articles on your industry or area of expertise and submit them to email newsletters and other non-competing sites visited by your market. Buy classified ads in such publications. For example, use directories like http://www.directoryofezines.com/.
  
  
• Bid on keywords in pay-per-click search engines. Visit http://www.payperclicksearchengines.com/ to locate the engines you want. Use keyword suggestion tools to find targeted keywords, like http://www.keywordwizard.com/ or http://www.wordtracker.com/. And the more targeted the keyword is, the more targeted your visitor will be.
  
  
• Adding new businesses, new websites and new products to your portfolio can add substantially to your income. But your current situation can always be improved. Converting clicks into customers is one thing, but converting a one-time customer into a lifetime customer is another. Thus, look at improving your website's copy and add pop-ups to increase subscribers, sales and affiliates. I suggest http://successdoctor.com/partners/cyberwave/.
  

In any case, think like a savvy investor. Expand, balance and diversify your online marketing portfolio. If you do, you will certainly multiply your chances of online success.