Ever invested in the stock market? I’m not talking about relatively safe investment portfolios, bonds, or a few shares in Google. The type of investing I mean is the stuff dreams and nightmares are made of – IPOs that will either skyrocket or plummet, a leap of faith in a startup with a great idea, or an investment during a crisis with hopes and prayers it will turn around.

It takes a certain kind of person to make investments of this magnitude and scope. You need to be willing to take a huge chance on success…but that also means an even bigger chance of failure.

There’s something you’ll notice about the people who invest in high-risk stocks: they NEVER put all their eggs in one basket. They’re looking for a home run on each and every investment, but they’re prepared to lose from time to time – maybe more often than they win. What it all comes down to? Finding a Golden Egg.

What Does Investing Have to Do with Dealership Life?

Rolling the dice on high-risk stocks is much like dealership marketing. The purpose is to capitalize on the next big thing before the competition does, earning more business and the resulting income. But not all marketing strategies will be successful, that’s obvious. A millennial demographic in San Francisco may not respond to the same ad portfolio as a middle-age executive profile does in Manhattan.

The risk is calculated and based on knowing your clientele. It’s just like an investor doesn’t put millions into a stock willy-nilly – they’ve done their research. But until the campaign is in full swing, there’s no way to really know how strong the response is going to be.

Diversify, Diversify, Diversify

All content providers, marketing agencies, and social media marketers will have their own opinion about what’s best for your business. They’ll do their research and give you suggestions on what they think is your best chance of success. Strangely enough, they think their own product is going to be the solution for your problem.

But as you can learn from the volatile stock market, you’re going to win some and lose some. That’s why choosing one aspect of marketing, one demographic, or any other narrow metric is not a good idea.

Diversify your marketing portfolio, tackling three important aspects.

Do What’s Worked in the Past

Traditional marketing tactics like print ads, television and radio. It’s worked for dealerships and car companies for decades. The world is moving on from these media types, but there’s still value within these areas. Continue to put a small portion into traditional marketing techniques but do it selectively. Choose only the stations or papers that have proven in the past to be successful.

What Works Now

Today’s marketing is about digital marketing: paid ads on Google, social media campaigns, and a professionally developed website with fantastic content, for example. This should take up a fair portion of your advertising budget because it’s modern and successful across a wide swath of demographics.

Take a Long Shot

Put money into advertising that isn’t yet mainstream. Your marketing team has some ideas – tap into them. Is it to do with augmented reality or video stories? Can you collaborate with another successful company near you to increase both your businesses? Dedicate a portion of your marketing and advertising budget to explore the realm of opportunities to find the next big thing – your Golden Egg.

It’s like a diversified investment portfolio. Do what works well, but keep an eye on the horizon for opportunities.