June 13, 2016
A business viewpoint article, authored by Greg Conder, was recently published in the Tulsa World. For the full article, please click here
Below are some practical ideas to diversifying your customer base.
Review two or three years of shipments, service orders or invoices. Are all of the customers truly in the same industry segment? Were there some small orders in other segments? If so, consider more robust marketing to these customers and segments.
- Perform some market research and analysis. What other customers, industries or segments could use your products or services?
- Still another idea to achieve a diverse customer base is to acquire another company or product line. This could be the shortest path to a diverse customer base. Consider acquiring a company that has products or services that are complementary to your current offerings. Also, make sure the target company has a different customer base and serves different industries.
Diversifying a customer base can be a long process, but it may be required for a business to survive and be successful.
Would a more diverse customer base be helpful to your company? If so, contact us today.