Diversifying a business takes as much time as launching one
In 1997 I started talking with a few like-minded people about starting a business and no longer working for someone else. We were like-minded in the belief that we could do a better job than the people we worked for in terms of managing the business and client relations, as well as producing high-quality work.
I was 31. I was a freelance writer for magazines and news periodicals, as well as managing editor for a local publishing company. I had experienced struggles and failures, but did not believe that failure was an option for me if I started a business. Looking back, I know that the guys I was talking with at the time did not believe the same thing. They just thought it was a cool idea. I was just stubborn . . . and ignorant. (Turns out that is probably a good combination.)
It is said a business start up takes between 2-5 years. From my experience and watching many, many others, I am convinced it is the better part of 5 years and then some.
We started the business as the Internet was taking hold. Websites were hand-written HTML code, load times were tough and online marketing was a very, very new concept. We struggled to develop websites for local companies and soon realized that was a bad business plan. So we diversified and developed what was just coming up everywhere – an online mall.
During the process we lost 2 of the 5 original players. Their tolerance for “working without a net” was very low. But the rest of us pressed on and discovered that applying some basic marketing ideas to our mall turned into results. We held contests, added book and music reviews. What we did not realize was that we had developed an online portal.
Not being like-minded to Mark Zuckerberg or Bill Gates, we really did not know what we had. So after the mall/portal made us some money and got us some publicity, we started receiving calls from companies that were struggling to monetize their websites or launch websites and suddenly we turned into a Web design start up.
The portal/mall was abandoned as Amazon and other retailers became known brands and we lost traffic. We were creatives, not retailers, so we gravitated to what we knew.
Over the next 4 years we grew by adapting to change, as well as losing two more original founders but brought on a lifer with shared vision. For a time we were expert email marketers, even being the first to develop an email with embedded video for a major game retailer.
When email became spam, we moved to exploring the true needs of our clients, which was strategic marketing and execution. In this new landscape know as the booming Internet, major brands, corporations and small businesses were struggling to find success. Many wanted to abandon their traditional advertising and go with online only and other crazy ideas like that.
So we diversified yet again and began advising and developing integrated marketing and advertising concepts. We kept our head focused on the bottom line and advised others to do the same. “Don’t knee-jerk to new trends, just add them to your arsenal if they work for you,” we said.
Over time, the success our clients had experienced built up the belief that we had finally figured ourselves out – we were a full-service strategic advertising and marketing agency. Nine years later, we had it all figured out.
While the growth continued, we always faced times where change looked us in the face and we had hard decisions to make for the business. Once CMS software came online we had to adapt and accept that change. Search marketing and lead generation went through iteration after iteration. Adapt and change, recommend only what works. Mobile marketing only? No, just add to the arsenal.
The only reason bloomfield knoble has flourished for 17 years is because we diversify. Today, I believe we are at another point where diversification is necessary. We have experienced success focusing on the energy business and its unique advertising/marketing needs, as well as major brand retailers, retail foods, mortgage, finance and more.
Now, with the advent of content marketing and its impact, it has come full circle. All that we know now comes back to my roots – publishing. I find our agency now providing expertise and consulting on how to drive response and build awareness through content marketing. Well, in 1997 it was called publishing and that was my thing. Suddenly, what was a dying skill is now valued again.
The good news about this diversification is that there is no need to abandon anything we are doing now. It is just focusing on what we know. Oh, and bloomfield knoble has developed quite a track record working for local, state and Federal agencies. That is a major diversification.
Call it what you will – diversification, addition, subtraction, metamorphosis. Whatever. All I can tell you is that it takes time and the ability to adapt. Don’t be resistant to change. Don’t stand still because as businesses we are all standing in a swamp. Stop moving forward and that swamp will swallow you and everyone you are leading right to the bottom and no one will ever know you once made a difference.
About The Author
Eric J. Hirschhorn is a principal at bloomfield knoble. For 17 years he has helped lead the agency from start up to becoming a premier, full-service agency whose clients include some of the most influential companies in America. Eric lives to spend time with his family, to work and to travel the world in search of unique fishing adventures.
# # #
Who is bloomfield knoble?
bloomfield knoble is a full-service, premier strategic marketing and advertising agency based in Dallas, Texas. Our clients include top 50 Fortune companies and unique businesses that seek a strategic partner to empower their offerings and growth. Whether developing an integrated advertising campaign, a direct marketing tactical approach, brand framework and positioning exercise, or daily creative, technical and consulting support, bloomfield knoble provides a one-to-one approach. Call Eric Hirschhorn to learn more at 214-254-3805, or email@example.com.