The past month has brought market and economic turmoil the likes of which we have not seen since 2008. And only one thing is certain. There will be many businesses that do not make it through the downturn.
So, what’s the smart agency head doing? Definitely not going all in with a bet on a single business line. Smart leaders are diversifying their revenue stream during this time of uncertainty. And as they do this, they have the best chance of identifying the most promising areas for growth and also being able to exit the business areas without a future.
That’s exactly what Gini Dietrich did following the crash of 2008. And since then she has built a very different business – a business that depends on a network of professionals with the range of skills necessary to drive multiple revenue streams. Diversification has been a successful strategy for Gini. And this week Gini Dietrich, Martin Waxman and Joseph Thornley pick up on a recent episode of Gini and Ghip Griffin‘s Agency Leadership Podcast to talk about Gini’s strategy and what others can learn from her experience.
Also on this episode, Joe asks Gini and Martin for advice on how they would respond to a pitch that struck Joe as ethically challenged and also how they react to being pitched on pitched on LinkedIn within minutes of accepting an invitation to connect with someone.
We’ll be back on January 1 with a New Year’s Resolutions episode.
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We’d love to know what you think about the topics we discussed as well as your suggestions for questions you’d like answered or topics for future shows.
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Can your communications business survive an economic downturn? – Inside PR 531 by Joseph Thornley, Gini Dietrich, Martin Waxman is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.