Do not put all of your Marketing Eggs into One Basket
Do Not Put All of Your Marketing Eggs Into One Basket
With the recent news from Donald Trump, the President of the United States, signing an executive order to ban the popular video sharing network, TikTok from all users in that country it has really raised very valid concerns for the millions of users in the USA that are currently using TikTok in their marketing strategy.
TikTok is currently listed as the number one downloaded app Worldwide as of Q1 2020. The popular network has over 800 million active users worldwide spending an average of 52 minutes per day on the app. Many businesses and creators have turned to using TikTok to connect and engage with an audience in a completely new way.
IF the app is shut down in the United States, it would not be the first time that TikTok has been banned. India has already banned TikTok and Australia is also considering it.
Recently I had a conversation with a young creator who has amassed a following on TikTok of over 50,000 subscribers and he was excited to monetize his account as an influencer. He is based in the USA, and with this news from Donald Trump, he stands to lose everything.
This is a risk that any business takes if they rely too heavily for marketing on just one social media platform. Thus the title of this article is “not to put all of your marketing eggs into one basket”
The Digital Assets you OWN
It would be helpful to consider the digital assets of your business and categorize them in terms of priority, value and in terms of control. All digital assets have a monetary value. Digital assets include items such as your digital files i.e. your logo, proprietary photos and articles, your domain, website, email / customer list. Your digital assets also include your social media accounts, your digital footprint, your SEO, your Google Reviews, etc.
The assets that you OWN you basically have complete control over. These include:
Your website domain
Your website itself (all of the files)
Your email database
Because you own these digital assets, they should be considered to be more valuable and given priority over protecting and managing them than other assets. The more focus you have on building your website, and building your email database the more value these digital assets will have.
The Digital Assets you RENT
The digital assets that still have value but you do not actually own - we consider “rented”. So for example your social media profiles are just “rented” or “borrowed space” on that platform. Your Facebook Business Page is not truly controlled or owned by you outright. Facebook owns it. They have the complete right to shut down your page at any time. Or if something happens and Facebook closes or is banned- you lose your page too. This is true with each and every social media platform. Consider the efforts that you put into your social media accounts as leasehold improvements. They benefit your company and have value as long as you are “renting” the space.
Thus creates the dangerous position of putting all of your marketing eggs into one basket - i.e. focusing all of your efforts on just one social media platform.
I met a woman a few months ago that had only used Instagram for her business. She amassed a following of over 10,000 and was using the platform for all of her customer sales and communication. Instagram is well known to have security issues, and unfortunately her account was hacked, and she not only lost her Instagram account she lost all of her customer contacts and conversations.
The Best Marketing Strategy
The ultimate marketing strategy is one that focuses on driving all traffic back to your website, and gathering email addresses that you can use via email marketing. Build up your communities on social media, increase your audience, your following, build engagement and reputation. But always always always drive all roads of your efforts back to your website.
Regarding social media it is suggested that you set up and optimize profiles on the social media platforms that best suit your business, and where your target audience is. For most businesses the top 3 social media platforms are Facebook, Twitter, and Instagram.
Then it is critical to consistently stay active and post and engage on your social media platforms to grow your business. When you are posting sales style posts - drive the user back to your website to take action.
When you have a completely spread out social media strategy you mitigate the risk of losing a social media account, and you can easily have a plan b if one account is lost or compromised, your business will not cease to exist, you will be able to pick up and move on.
Do not discount any marketing strategy that helps build the traffic to your website. For example SEO efforts are incredibly valuable and worth the investment into your business. And other strategies may benefit your business such as focusing on ways to use Pinterest as a Traffic Generation Tool.
If you have any questions about how you are prioritizing your digital assets I am happy to have a call anytime, no obligation, no pressure. CONTACT ME ANYTIME