2nd Law of Marketing

The 2nd law of marketing is the same as the 2nd law of finance: Do not put all of your eggs in one basket. You wouldn’t place your life’s savings into one stock or mutual fund would you? Of course you wouldn’t.

Many companies that we meet place all of of their marketing investment in one basket, unfortunately. Some rely solely on newspaper advertising. Some rely on radio advertising alone. Still others are solely banking on direct mail, such as coupons or flyers. Marketing plans that rely upon only one tactic are fatally flawed.

"Nothing is more dangerous than an idea when it's the only one you have." (Emile Chartier)

The smart strategy is to diversify your marketing. In fact, so much of marketing involves resource allocation, which done wisely is based on research and strategic planning. Face it; your customers view a wide variety of media. They read, surf the Internet, watch TV, listen to radio, see billboards, get mail and attend events. Which of these channels make the most sense for you in terms of where your customers invest their time and attention? Which channels can you afford? Remember, there is not one right answer, despite what many of our friends in media sales might tell you.

The answer is a diversified marketing plan. We’ll help you figure it out. So, do you have all your eggs in one basket?

[Reposted from July 2004. We'll be re-posting some of our most popular, widely read essays and commentaries over the summer. We welcome your feedback.]