In this post, we're going to talk about the importance of a diversification strategy for Social Media Entrepreneurs.
Why Should You Have A Diversification Strategy
So let's say you've got an online business. It can be an e-commerce business, Youtube vlog, blogging website, or an Instagram influencer account. For any type of online business, you're going to want to have a diversification strategy for your business platform and revenue streams.
I have seen so many people make the mistake of getting focused on one platform that they neglect the other platforms. This could be because maybe they don't work for those other platforms and then they end up getting really busted in the long run. Something happens. Just ask the people who are super famous on Vine or MySpace. Ask them how they're doing today if they didn't diversify their platforms.
Speaking of Vine, that's a really good point to make. There's a lot of people who actually found a ton of success on Vine but when Vine went away, their business went away with it. The ones who succeeded were the ones who diversified their platforms. They made sure that while they were producing Vines, they were also building an audience on YouTube, Instagram, and other social media sites.
Don't Neglect Other Social Media Platforms
The big thing that I hear from a lot of people who don't really diversify their platforms or social media accounts is that it doesn't work for them. This is especially common with Instagrammers, where they may have a 100,000 followers. They make good money on Instagram. However, their YouTube channel gets neglected with only 15 subscribers or, their Twitter account only has 32 followers. You can read this post about Why Every Instagrammer Should Have a Blog to learn more.
These Instagram Influencers usually say that they don't post on Twitter or Facebook, and they don't make YouTube videos because it doesn't really work for them. That could be very, very true. Maybe it doesn't work for you but if something happens, you're going to wish that you had some sort of presence on any other type of platform.
So, as I was recommending, continue to do your best at publishing on as many platforms as you can. Just don't get super focused on only one. Yes, one might be your cash cow but continue to diversify your revenue streams. You're going to be glad you did it if any disappear on you.
What Type of Business Platforms Can You Use?
Let's talk about a few different types of business platforms that you can use to diversify your online business. Your main platform for your online business could be anything. Your main platform could be YouTube, your blog, Instagram, or Twitter.
For example, if your blog is your main platform. That's what you do – you're a blogger and you write articles. However, also with your blog, you're probably going to want an Instagram account.
You might not have a hundred thousand followers but any type of Instagram presence can help you build your personal brand. Even if it's not driving traffic to your blog, you're still building awareness. You're sharing content. You're getting your name or brand out there.
Another platform that you might want to consider is Twitter. Twitter is a very unique platform. I like to call it the water cooler of social media. It's a place where people really like to share their thoughts and feelings. Which is why you see a lot of people tweeting during sporting events or current events in the news. This is why whenever there's a tragedy on the news, it explodes on Twitter. This is because Twitter is where people really talk and share their thoughts and opinions from a personal level.
You've also got Pinterest. Pinterest, in my opinion, is the best social media platform to drive traffic to a blog. If you're blogging, you'll definitely need to focus on building your Pinterest presence.
Something else over here that I really love is YouTube. A lot of people out there are saying YouTube is gone, YouTube is too late, or it's not worth it anymore. I'm here to tell you from my experience of starting a YouTube channel in 2017, YouTube is alive and well and you can find success and income within this platform. Check out this post about How To Post To Youtube Daily in Only 4 hours a Week!
The last platform I'm gonna talk about right here is LinkedIn. LinkedIn is actually a social media platform that a lot of people overlook when they try to diversify their online business.
I will be the first to admit that LinkedIn is actually not a part of my blogging strategy but I use every other one of these platforms to build my online business. Yes, I do have a varying degree of success on each of these platforms but LinkedIn is one that I haven't yet found a way to implement my online business. However, if you're doing any sort of B2B, LinkedIn can be a great place to build your personal brand.
I'm actually going to talk about one other bonus platform that I think has a ton of potential moving forward. That is podcasts. There are so many people listening to podcasts. I remember just 3 to 4 years ago where podcast were like an unknown world or maybe only your parents listened to podcasts. They weren't something that people did.
I actually really only learned what podcasts were when I started commuting to a day job. I got so sick of listening to these same songs on the radio that I just wanted to listen to something different. That's why I explored this world of podcasts and I instantly fell in love. Everyone else that listens to podcasts will tell you the same thing.
The other way that podcasts are a great way to build your brand now and in the future, is that time is becoming more and more valuable. The world is getting busier and busier. Amazon devices, Google home, Amazon echo, and other types of voice-activated devices are really starting to pop up everywhere because it saves people time.
The problem with reading a blog article or watching a video is that you have to commit your full focus to that and that alone. You can't really read a blog article and do the dishes. You can't watch a YouTube video and vacuum the living room. However, listening to a podcast allows you to multitask. You can get the entertainment or information you want from a podcast while vacuuming your living room, doing the dishes, driving the kids to school, driving to work, working out, etc.
Therefore, creating a podcast for your online business is something that you might not think of doing but it can really provide value to your audience. Podcasts are something that is gaining a lot of momentum now and will continue to grow in the future.
Find Ways To Implement Them All
The number one thing I want you to get from this post is that you should definitely have a diversification strategy for your business platform. Find ways to implement all of these different social media platforms: Blogging, YouTube, e-commerce, podcasting, whatever you can to diversify your business and diversify your revenue streams.
This will allow you to have a backup if any of platform ends up going away or not working out for you, you still have the other platforms to count on. It's like a stock portfolio. You don't just want to have top-level stocks. You want to have a mixture of mutual funds or bonds because if anything dips, you still have your investment. The same thing with building an online business, don't put all your eggs in one basket because if something happens, you're going to lose everything.
If you liked this post and learned something new, make sure you're subscribed to our YouTube channel. I have a lot of videos to help you build an online business to create a life of freedom whether it's a blog, vlog, podcast, or whatever it is. Also, leave me a comment if you have questions or comments below.