Grow Your Business By DiversifyingWritten by admin , December 12th, 2016 // Blog
We work in an industry that prides itself on specialization. We divide ourselves by steel, energy, food, chemical, and etcetera. That etcetera continues the list for days.
We take pride in what we do, and we often provide our services to a specific set of customers. But whenever we go into our archives and review our “Big Green Books,” we noticed a historical trend. Some of the biggest industries of manufacturing’s past that adhered to the same theory are no longer in business. Wonder why?
Often, these businesses became too reliant on the industry they knew best. In 2016, the industries we do business with may provide comfort and growth, but there is no telling how the landscape will change a decade from now.
So what can you do? Here are 3 quick ways to grow your business by finding new opportunities.
Break Into New Verticals
Trying to break into a new vertical can be intimidating, but it can yield years of business and plenty of revenue when done right. Often, your best bet is to choose a related industry you already have some overlap with. If you primarily deal with the medical industry, you probably don’t want to try to breaking into food and beverage. However, a manufacturer who deals with the auto industry will probably find some similarities with aerospace. It’s not the perfect transition, and some initial investments might have to be made, but there is no reward without a little risk.
Find New Geographies
The Internet has made the world a smaller place. Doing business with someone in California when you’re located in Louisiana is no longer the hassle it used to be. The global supply chain is proof of the possibilities available to you when you look to conduct business with those located outside your purview. To target them, make sure you present your business in a light that makes sense to the locale, as well as completely understanding how the shipping logistics are like between the different locations.
Tap Into Your Existing Market
Well, this seems counter-intuitive, doesn’t it? Until you remember that 100% of your customers are more likely not conducting 100% of their business with you. Whether they are only using one of your services or they operate in multiple industries, developing a stronger relationship and displaying your added value can help you make the transition with both your customer and into another industry all together.