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Diversification is bit difficult. It required extensive market research. However, you can expand your existing product line according to the needs and wants of customers for the development.
What are you selling ... are you branching out with other merchandise or are you trying to increase your client base ...
I can tell you I had a vendor which been a great vendor for our labels, however when he branched out in to maintenance supplies and some other items ... he could not compete ... pricing never been updated on his website ..lead time of3 day where more1-2 weeks and quality of the items were not up to par .... the point is if you branch out you need to deliver on time, have a good or same quality and keep your pricing on you website updated.. otherwise you will loose your clients very quickly....
First of all if you are a distributor then you must have good enough stock so that we cannot loose our customer for simple no stock in hand situation. Second thing our customer must get answer from our sales people even in the drastic product delivery situation. He should not avoid the customers call. Some times we should surprise to our customer by giving discount prices. We must control our customer by taking his entire trust on us....
successful business to be increased needs to be marketed in profession process
marketing in the main corner stone to increase business
"Any business will start with an idea which seemingly new and apt for that particular industry and market trend and it will take the business to a great height but later it becomes difficult to maintain growth and at times it may slip into de-growth".
If we analyse the whole business graph we can surely say that it all started due to one different idea which created the differentiation between them and competitors which became a success.
Over a time every company will loose this quality "think out of box" and soon get into the grip of complacency, they struggle hard to with age old tactics to overcome competition in modern era.
Every company should revitalize their market approach in regular intervals whenever they see the symptoms of stagnation i.e., much before phase of slipping into deep de-growth.
" In big corporate companies should inculcate the culture of nurturing young brains to develop and encourage the out of box thinking"
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Looking at the posts of others, I have nothing more to add
Find out :
1. What is your capability of production
2. Your capability of competition
3. You financial position
