5 Ways To Diversify Your Business
Business Management Consultant
1. Think different (customers). If you want a diverse client base, you have to diversify your products and services.
Brainstorm several ways that your product or service could be revamped to target a different industry or a different niche of your current industry. For example, if your current customers are beauty salons, perhaps you could also target beauty supply stores or drugstores.
2. Diversify your marketing. If you want to catch different fish, you need to fish in a different lake. Try using social networking tools like Twitter and LinkedIn to reach new prospects and target new markets you haven’t focused on before. There’s no cost but your time.
3. Seek referrals. Using your current customers to help you land new ones is smart business. You’ll be surprised how many contacts in other industries you’ll be able to glean from your existing clientele.
4. Give ‘em more. Is there a fast, easy way to extend what you offer your existing clients? Suppose you own a business coaching company. Think about adding business-organizing or time-management seminars to your line of services. Offering something new to your old clients tends to lead to new markets as clients tell their friends and colleagues about your business.
5. Team up. Are you leery of jumping into a new industry or niche? Partnering with complementary businesses to offer new products and services is a great way for both of you to expand your clientele. It lessens risk, cuts expenses, and saves time.
Source: americanexpress
Patty Block, President and Founder of The Block Group, established her company to advocate for women-owned businesses, helping them position their companies for strategic growth. Charting the course for impactful, sustainable, profitable businesses, the beacon is control: of your strategic direction, your money, your time, your staffing, and your ability to bring in business. The Block Group brings together the people, resources and ideas that build results.
Business management consultant.
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