3 tips you can use to diversify your business portfolio

Portfolio Diversification

One of the best things any business can do is to diversify its portfolio and its marketing efforts. Portfolio diversification is a great way to increase overall revenue, reduce risk and limit the impacts of a “slow season.”

Here are 3 tips you can use to diversify your business portfolio:

Tip #1: Look for Seasonality

Another business’s seasonality can be your business’s stability. When you’re looking for clients, try to determine when their most busy period would be. Once you’ve secured one, try to find other clients with different busy seasons.

For instance, if you’re a science education company, summer’s probably not the busiest time to attend client schools to give science presentations to kids. Adding a few summer camps to your client roster should help alleviate any downtime.

Tip #2: Get Support You Need Well in Advance

What would happen to your business if you got 1,000 new customers, tomorrow? Do you have the staffing, internal processes and resources to manage that?

Businesses that fail on Groupon, for instance, often don’t have enough of these steps in place before they run a Groupon deal. They fail to make an impact on prospective customers and lose money.

Even if you don’t plan on doing a Groupon, securing reliable subcontractors or employees (even just a concrete plan) is a savvy idea. This  way when a great opportunity comes around, you won’t have to say no.

Tip #3: Never Stop Marketing

You never know when your largest client will move on (or go out of business) or when your product will reach the end of its lifecycle. So for that reason, it’s important to never stop marketing.

To make your marketing successful, you should always be involved in:

  • Trying to get new clients
  • Updating your blog
  • Emailing your list
  • Thanking your customers
  • Getting referrals

Without  these key business marketing and development actions, you’re likely to have lots of slow seasons.

At the Triassic Media Group, we’re committed to the long-term success of our clients. We want you to succeed. Please call us directly at 813-58-MEDIA to talk about how our services can help you succeed.