Businesses launch exciting new products and services every day, but not all of them succeed. One of the many unfortunate facts of life is that some investments simply fail to generate a positive ROI despite the amount of effort put in.
Ironically, the difference between a successful and failed launch often has absolutely nothing to do with the new offering itself. Just like great marketing will sell products faster than a company can stock the shelves, poor marketing will result in negligible sales and a whole lot of frustration.
Fortunately, there is a tried and true digital marketing strategy that we at Fathom use regularly to give our clients’ new product and service launches the best shot at success.
I like to call it the ‘Diversification Strategy.’ The core component of this strategy is the employment of diversified tactics so that overall success isn’t dependent upon a single avenue of digital marketing – in other words, failure takes more than one thing to go wrong.
Defining the Diversification Strategy
It’s all about spreading budget across multiple advertising channels, platforms, and networks. At Fathom, we usually engage in paid advertising, search engine optimization, or email marketing on any number of the following for a new product or service launch:
- Search Engines (Google, Bing, & Yahoo)
- Social Media Networks (Facebook, Twitter, LinkedIn, and Google+)
- Industry-Specific Media Sources (Relevant News Websites, Popular E-Newsletters, etc.)
By diversifying marketing and advertising activities, companies allow more people and a greater variety of audiences to view their latest products and services. This strategy effectively tests instead of assumes which markets and audiences will convert well, ultimately reducing the risk of no sales at all and increasing the chance of striking a gold mine.