Timing IS everything. NOW is the moment to prepare, then activate a diversification-growth plan. During this business lull in the midst of the pandemic – create your revenue enhancement strategy.
But what is your most opportune move?
Start by looking in your backyard. What does that mean? Your backyard includes your products/service offerings and their immediate neighbors. Consider the previously-mentioned ripple from a stone tossed into a pond. The stone represents your current offering, the pond your market area.
Take the popularized work-from-home scenario as an example and examine the business-opportunity offshoots, which create a ripple effect throughout your pond.
An example: Duracell, the battery manufacturer, recently introduced an enhanced, upgraded model, the Duracell Optimum.
A second ripple would be Uber’s founder building a food reality empire – CloudKitchens – a startup that will lease space to businesses that prepare food for delivery.
Where should you look? Two immediate thoughts:
Your First level of ripple: consider vertical expansion of your current offerings i.e. offer higher and lower priced/quality version of your existing product line as a form of product enhancement.
Your Second level ripple: seek out (by asking customers, distributors, and sales staff) demand-related opportunities for versions of what you currently sell or distribute… include competitive products in your search.