DIVERSIFICATION OF PRODUCT
Tweak your existing product or service so that it appeals to the new group of consumers or users you have identified. Alternatively, add a new product or service and start selling it to them. This way you will open up new territory and expand your business in a new direction. By diversifying, you will also protect your existing customer base and create multiple income streams that can often fill seasonal lows and, of course, increase sales and profit margins
Common ways businesses diversify include importing or exporting their own or other people’s products, selling complementary services or starting consulting services. Chartered Professional Accountants, for example, could start consulting or offering financial planning services for business executives. You may also need to open another location to serve your new (and existing) market better.
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