Only the Strong Survive Part 2: Diversification
What does your business already offer that could be repackaged to appeal to a different audience? Reviewing what avenues you have to diversify can be an excellent opportunity to not only extend your current goods or services during a market downturn, but to then propel your company towards expansion once business picks up.
From a marketing perspective, revamping a product or service to appeal to a different market is really about going back to the basics. Assess who will be the target audience, what competitors are already in place as well as what marketing they’re doing. Then it is a matter of analysing which channels are best for reaching your desired audience, devising a concept to best promote your “new” product or service and then implementing the campaign.
Then, of course, like with any marketing campaign you need to assess and review the success of your venture – did sales/leads/enquiries pick up? What feedback have you received from customers and staff about the revamped product/service or the campaign itself? Have you achieved your goal of representing something you already offer in a new and innovative way to grab the attention of a different market? If it all points to positive – then congratulations, you’ve just diversified!
Diversification doesn’t just have to be limited to what you offer as a trade. Taking the time to really examine all the elements of your business can uncover new and unexpected methods for making your company top of mind in the marketplace. For example, just scored a big contract with a current client? Or getting the majority of your business from one industry? Maybe it’s time to look at diversifying your client base to get away from putting all your eggs in one basket.
In that same vein, rather than revamping what you currently offer, maybe you need to look at diversifying your marketing strategy. Get creative and consider other media avenues that could integrate with your current marketing, or provide a more cost effective solution that will still get you results. Media platforms are always changing – don’t be afraid to try something a little different, if it suits your business goals.
Looking at all the different aspects of your business that are on display to the public and gaining as much leverage as possible out of all you’re ‘projecting’ into the marketplace will be of benefit no matter what the current state of the market is for your industry. But if things are slow, diversification is a great way to turn things around for you and turn a slump into long-term growth.