Contributed by Jojo Myers, CEO, OHB- Matrix Leadership, LLC
PART 2 – DIVERSIFY and then DIVERSIFY some more!!
The 2nd way to Increase Revenues is to Diversify your business. Largely, due to the economy, we have been given the opportunity to take a peripheral look at our business and ask ourselves,
• “What else can I do with the product or service I already have”?
• “What related product or service can I offer to my already existing client base”?
• “What completely different product or service can I bring in to serve a completely different client base”?
Many small businesses grow by taking opportunities to diversify.
Simply put, these are the forms Diversification:
• New, related products or services to existing customers=RELATIONAL DIVERSIFYING
• New markets for existing products=HORIZONTAL DIVERSIFYING
• New products for new markets=PROBATIVE DIVERSIFYING
The ones that seek out different market segments are the ones that will most likely survive the present environment. Again, simply put companies do this:
• Take a look at their existing product or service
• Take a look at their current client and market base
Then they take a step back and ask, “Is there another demographic or psychographic segment that could use my product or service”? and “Can I adapt to offer another potential product or service or adapt to open up to another potential client pool”?
I would love to explore this with you, so give me a call at Matrix Leadership, LLC, 775.884.6161, and let’s get started creating more income through Diversifying.
Lee Iacocca said, “In times of great stress and adversity, it’s always best to keep busy, to plow your anger and energy into something positive”.
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