If you've ever invested in stocks and shares then you will know that diversity is the key to success. You would never invest all of your money into one company, instead you spread your risk by investing in a wide number of companies. To build a successful online business you need to apply the same principles and not put all of your eggs in one basket.
Diversity in Internet Marketing is all about using a number of different monetisation and traffic generating strategies. Rather than focus your time and effort on a single website in a single niche you could build a number of websites in that niche or even a number of websites in multiple niches.
Instead of just using Adsense as the way you monetise your business you could also consider affiliate products or even creating your own.
Having a variety of business models can protect you if one of them changes or is no longer viable. Here are the three keys to successful diversification.
1. Don't do too much too soon
You can't do everything at once because you just don't have the time. Try and test out too many income streams at once when you first get started ad you're unlikely to make any money at all, which could then lead to you becoming disheartened and giving up altogether.
Instead you need to focus your attention on one method until it becomes profitable. You can either let it run under its own steam or you could recruit a virtual assistant to manage it while you move onto the next strategy.
2. Broaden your horizons
The easiest way to diversify is within the same niche. When you have a successful website up and running think about other ways you could branch out within that niche. For example let's say you have a successful weight loss website that talks about diet pills and slimming aids. You might want to consider a complimentary move into exercise or beauty products. This way you are broadening your business model but can cross promote to your existing customers.
3. Don't carry excess baggage
In an effort to keep their business diverse some marketers hold onto the proverbial dead ducks for way too long. If you have a website or product that isn't performing then you need to get rid of it. Excess baggage just uses up all valuable time and energy you could be investing in other, more profitable, activities. You could even sell the site or product onto another marketer who would be glad to take it off your hands.