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Diversification occurs when a business develops a new product or expands into a new market. Often, businesses diversify to manage risk by minimizing potential harm to the business during economic downturns. A business may also use diversification as a growth strategy.
Dubai is a model for diversification, but what about its businesses? In the age of disruption, how can entrepreneurs adapt their enterprises to mirror, or even outshine the growth of the Emirate’s economy? Pursuing new revenue streams is tempting for any entrepreneur, but it requires careful planning and a cool head. Get it right and you could turbocharge your business. Get it wrong and your enterprise could be seriously derailed. So, what’s the secret to success when it comes to diversifying your business model? Here are six ways to maximise the benefits of branching out into new markets:
Find out if you’re on the right track from the get go. Would you launch a startup without doing any market research? Of course not. The same applies to diversifying your business model. Before implementing any changes, gather as much feedback from your client base as possible and see where you are going wrong, where you can improve and where you need to tap into new areas. With detailed feedback, you can position yourself to cover the right market and solve the right problems from the outset rather than having to make more costly changes in the future.
Host focus groups with potential new clients. Send out questionnaires. Contact existing clients for feedback on where they think your business could improve. When you have gathered all the data, analyse it with your team members and see where diversifying your business model would work.
Don’t get stuck on maintaining your old model. If your business isn’t growing as fast as you want it to be, or if you foresee difficult times ahead, diversifying your existing model could be a risk worth taking. But you need to be open to change, and to some extent, risk.
Reduce risk with a stepping stone approach. Diversifying your business model doesn’t necessarily mean waiting for a ‘lightbulb’ moment and then pursuing entirely different revenue streams unrelated to your business. In fact, moving into complementary markets as the opportunities arise could be more beneficial and carries less risk
Focusing on your core market is critical Tapping into new revenue streams can be risky if it takes too many resources from your core offering. That’s if your core offering is profitable of course. If you plan to diversify while continuing to develop your core business, make sure your existing customers feel valued. Keep customers informed of upcoming changes. Reassure them that they are, and will remain, important to your business, and demonstrate this with rewards like customer loyalty programmes, promotional gifts and greater engagement through social media, email marketing and other communication channels.
Benefit from another pair of eyes. While you may have expert knowledge of your existing market/s inside out, the chances are you’ll need a little help when investigating new revenue streams. Consider hiring a business consultant with expert knowledge of diversification or expertise in the markets you plan to attack. According to Upwork, the world’s leading freelancing site, it is common for internal teams to miss certain problems in the company because of bias or being too close to problems to catch them. Consultants worth their fees can pinpoint areas of concern and recommend necessary countermeasures. Those with knowledge of the markets you plan to enter should be able to help your company outsmart competitors.
Benefit from another pair of eyes. While you may have expert knowledge of your existing market/s inside out, the chances are you’ll need a little help when investigating new revenue streams. Consider hiring a business consultant with expert knowledge of diversification or expertise in the markets you plan to attack. According to Upwork, the world’s leading freelancing site, it is common for internal teams to miss certain problems in the company because of bias or being too close to problems to catch them. Consultants worth their fees can pinpoint areas of concern and recommend necessary countermeasures. Those with knowledge of the markets you plan to enter should be able to help your company outsmart competitors.
If you don’t believe in what you’re doing, nobody else will. ‘Diversify or die’ we are often told, but it’s not that simple. Even if you do decide to diversify, and you do everything right in terms of researching, planning and launching into a complementary or new market, and you get expert advice, you could still fall short if you aren’t passionate about your new revenue streams. Serial entrepreneur Richard Bradson, founder of Virgin, is quoted in Forbes, saying, ‘Always do what you love and love what you do.’ It’s common sense of course but it becomes more difficult the more diverse your business model becomes. If you can tap into this passion and convert it into value for the customer, then you’ll be onto something.
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