Biggest Strategy Mistake: Putting All Your Eggs In One Basket

Businesses have always relied on various forms of advertising to promote themselves. It’s still holds true in the digital world we live in today. But the internet changes everything because today every business is a digital business or a dead business.

I’ve always believed that advertising is the price you pay for being boring. Which means you have to talk about yourself to get attention; not the other way around where people talk about you because you’re extraordinary.

This is what’s known as push marketing, where a business pushes messages to people. That was before. Today, there’s pull marketing. Which is what social media is all about; but some people and businesses are still stuck in the past.

Everyone knows what word of mouth is, the holy grail of marketing, but most don’t understand why it works better than pushing ones promotion to get attention. With that said, a friend of mine is making a strategic blunder for his business: focusing all of his marketing strategy on Facebook ads.

Facebook ads are a great way to get leads, but also spend money. Similar to Adwords, organizations and people get hooked on this type of promotion because an ad means immediate gratification to the provider, as you don’t have to do a lot of work to get “engagement”.

Instant gratification is why Google and Facebook have very dominant business models, which fuel the rest of their business. While they won’t say it publicly, they want their platform to be a business’ main promotion channel.

As a business leader, imagine focusing your sales strategy on only face to face sales meetings; in a world that is now more digital. I’d say that is a strategy based on “hope”.

This is what my friend is doing.

He’s hoping a tweak here and there to an image and text will result in qualified leads. Those who’ve done Adwords before know this isn’t entirely true, it takes time to get right.

Remember: Business is not an exact science, it’s experimentation. Every strategy is a hypotheses that has to tested.

Strategy is about deciding where and how to play. For a strategy to work, it has to embrace constraints. But some organizations take this to the limit and place all their eggs in one basket; this is a huge mistake.

There are people out there who don’t want to get out of their comfort zone, who want to rely on the quickest way to make money; without the hassle. Of course, this is a fallacy. Facebook ads should not be the only part of your overall digital marketing strategy.

There’s paid media and earned media. Your marketing strategy, both online and offline, should have a word of mouth part which results in earned media. So don’t put your eggs in one basket. More importantly, don’t cling to the past. Understand that times have changed and you have to adapt; your business will die if you don’t.

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