Remember the old saying about putting all your eggs in one basket? When it comes to niche marketing strategy, this line of thinking is not the most profitable way to go.
If your strategic plan is to launch one niche website and make a decent living from it, I fear you may be disenchanted. A lot depends, of course, on the particular niche and your strategy’s success or failure. Typical results are, however, that one website is not going to pay the bills.
I’ve been self-employed for several years. I’ve always firmly believed in business diversification. When times got tough, this strategy is how my business survived.
A diversified business can be compared to a well-built stock portfolio. Savvy investors spread their investments across a variety of different stocks. As the economy fluctuates, some stocks will outperform others based on several factors.
My husband was a commercial general contractor for several years. A profitable construction market can suddenly change at any time based on many factors, primarily the economy. Businesses affected have to adapt to the market, whether they want to or not.
A collapsed construction market left hundreds of contractors out of work, scrambling to bid on what few jobs there were. What was once a 5-bidder job now had 50 competitors. Contractors underbid jobs just to get work for their crews. This is not a good business strategy. It will catch up to you over time and put you out of business. A business cannot operate long term at a loss.
My husband spent enough years in the construction profession to see a market collapse-and-return scenario more than once. He knew he’d have to remain calm and weather out the storm. He knew his business would have to diversify. The market will return when the time comes. Until then, you have to find another way to survive.
He propelled his company into different areas of the market. This often required putting commercial crews on residential work, but carpentry is carpentry and vinyl siding is vinyl siding, wherever it is being installed.
A well-built niche marketing strategy is important to the survival of your business. But are all of your eggs in one single basket? Are you risking everything on one single venture?
The internet abounds with untapped opportunities. Many kinds of monetized sites exist that you can add to your “portfolio.” Some of them have not even been dreamed up yet. There are affiliate marketing opportunities, AdSense sites, blogs, membership sites, and so much more.
Use creativity in your niche marketing strategy. Don’t always copy everyone else. Following the majority is not always the best road to take. An oversaturated market won’t provide the profit you are seeking. New inventions attract more attention and, naturally, more buyers.
I am certain there are some who do not agree with my ideas. That is okay; I’m not a follower of the pack, either. I put faith in my ideas and follow my gut to see where it leads me. Diversification is a key element in my niche marketing strategy.
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