April 4th, 2010
by Pamela Sherman
Yes, we’ve all heard it before… “Don’t put all your eggs in one basket.” Just like anything else, relying on a single basket for success is a risky business. (What if that basket drops!?)
In contrast, a business that focuses on valuable, TARGETED DIVERSIFICATION –with PRODUCTS/SERVICES and MARKETING– is more apt to survive and thrive! In this Blog, I will explore both of these ‘basket categories.’
Use all that you have at your disposal to connect and communicate with your target markets ON-LINE and OFF-LINE. Get inspired, reach out and be creative!
- VIDEO / VISUAL STORIES. –Produce creative presentations and entertain (place on YouTube, your website, etc.)
- AUDIO. –You can integrate any good radio and audio recordings. Re-purpose for the web and your website.
- PICTURES / ART. –Icons, photography, etc. in your site, literature, ads, etc.
- PRINT COLLATERAL. – Business cards and other print (where helpful).
- COMPANY-WRITTEN STORIES. –Create tools for customers and your sales people on-line and off-line.
- P.R. OUTREACH. –Support journalists. Design your stories to help journalists fulfill their needs. Remember to also create your own newsworthy events. (It’s a new age of PR!)
- RELATIONSHIP BUILDING / PROMOTIONAL EVENTS. – Interact and participate in events you create. -Or, support events others produce attracting the same market.
- EDUCATION WITH RELATIONSHIP BUILDING. –Engage in Speaking Engagements, Newsletters, Introductory Workshops, Tips, etc. Also incorporate Social Media Networking (Facebook, Twitter, etc.), Blogs, and more. (Receive Blog guidance here).
- ENTHUSIASM / INCENTIVE PROGRAMS. –Motivate and/or inspire your team, staff and customers. (See ‘Customer Service vs. Customer Enthusiasm’)
- CREATIVE PROMOTIONAL ITEMS. –Create useful, fun and/or creative items that reinforce your BRAND.
****INTEGRATE the above for greater BRAND-FOCUSED POWER****
Be consistent with your purpose, strategy, approach and theme, while expanding your outreach with diversification. This will help your business EXPONENTIALLY GROW.
PRODUCTS / SERVICES BASKETS:
Expand your products and services to meet the greater needs of your marketplace. In order to do so, you must first know and understand your customers (What is your ‘Customer IQ’?) The following is to help you start the new product and service inspiration process:
- Identify growing needs of your customers and create additional services that IMPROVE CONVENIENCE, VALUE, EFFICIENCY, ENJOYMENT, etc. (Also anticipate changing needs of the future.)
- Create products and services customized for each of your select TARGET MARKETS.
- Offer additional PROVEN PRODUCTS that COMPLEMENT YOUR PRODUCT/SERVICE and target the same customers. (Do it to increase and secure your business) To do so, build relationships —use an outsource, cross-promote, build alliances, etc.
- Bring an added level of PERSONALIZATION, CUSTOMIZATION or HIGHER VALUE.
- Identify your own product and service baskets for your unique target markets!!!!