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Why Diversification of Marketing Strategies is Vital in 2019
By
Published On April 2, 2019
Successful leaders understand that if they want their business to grow and flourish in the long run, they can’t stick with the same old same old. They need to find ways to reach new customers and increase profits. One strategy for accomplishing this can be diversification. You may use this strategy to take advantage of momentum in a fresh market or decrease your core market’s risk of shrinking.
Furthermore, a one-trick pony business is exceptionally vulnerable to factors over which it has limited or no control. Rising raw materials prices, new competitors entering the market, changing customer tastes — these events could be catastrophic to earnings and revenue flow. So you are not defenseless if a single area of your company requires a nosedive.
Diversification is a growth strategy that involves adding products, markets, and services into your company’s core business. Putting your corporate eggs in many baskets is one way to minimize risk.
Motives for diversification can be complicated, but perhaps the simplest is survival. By definition, a company that focuses on a narrow range of products or providers will only have access to a finite customer pool. At some point, you’re likely to achieve maximum penetration, and the costs of running your company may outstrip its growth potential.
Many businesses experience phenomenal growth in their early years then plateau. The most common reason for the slowdown is that leads prevent coming in. Perhaps you’ve reached maximum penetration on your existing market, or a new, low-cost competitor has stolen your thunder.
