Dare to be Different
Of all the marketing strategies diversification is the most risky. The other options for growing your business; infiltrating your current market, producing a new product or service for your current market, selling the same product or service to a different market are all significantly easier than doing something completely different.
So why would you want to diversify? Many small businesses are founded around the success of a single product or service. This limits their growth and makes them vulnerable to shifting markets. Market security comes from having a balanced range of product or services.
•Look at why you want to change
What do you have to offer and what do you want to get from doing this? What are your key performance indicators? How often do you measure them? What do you use them for? What is happening to them? How good are they? What influences them?
•Work out clearly how to do it
Is it with your capability? What are you really good at? What are your key skills? How much spare capacity do you have? What are your financial constraints? Do you have the resources? What are the facts of the situation? What is the market really like? Who is the competition? How good are they? What is happening to them? What are you better at? What are you worse at?
•Plan the details
What will you do? When will you do it? Who will do it? How will you finance it? How will you stop it interfering with your existing business? What might you have forgotten?
Make sure it is properly executed, do what you planned to do and get it right.
Regularly monitor and measure progress. Keep checking the market, and the competition. Keep an eye on your existing business and watch your cash flow