I Want To

Diversify into new markets

Market Diversification is not something to be taken lightly and without due consideration and usually forms part of a wider strategic plan.

It may take a number of forms for example, selling your existing offering to a new customer base (market diversification) or selling a new offering to a new customer base (general diversification) – both approaches require a very different strategy.

This usually forms part of a wider strategic plan and may include acquisition of another business, usually but not always, within a different but aligned market sector or segment.

Management should not underestimate the time diversification might take or indeed the distraction factor involved in embracing diversification

What's involved?

• A free of charge diagnostic – typically an hour or so of your time to enable me really understand what you and your team would like to achieve.

• We would talk through who might be involved in the process and agree a venue.

• We would then provide you with a written quotation outlining our recommendations as to the most appropriate way forward together with suggested diary dates if required.

Important considerations

  1. Diversification can be a highly risky undertaking and certainly questionable where the management envisage a large proportion of new turnover being generated within a short period of time without prior customer relationships, knowledge or experience of the new marketplace.
  2. Planned diversification will always require careful research and alignment of your offering into what is often a new target marketplace.
  3. It will more often than not require some in depth market research in advance of the launch of the offering within the new market – particularly around target customers and potential routes to market.
  4. General diversification into a new market may not be cost effective if the offering does not exceed customer expectations or offer some real USP over an established competitive offering.
  5. On the positive front, a certain percentage of planned diversification ( new offering and new markets) is to be encouraged as a positive strategic step.

Next Steps

Keen to work with us
or find out more?

If you would like to arrange your free of charge diagnostic with a view to exploring a sales and marketing strategy, please contact me direct by either phone or email.

Contact us