Diversifying for new times
We’ve been talking to a number of clients over the past few weeks about how they’ve fared getting back into the swing of things. One of the key points raised, highlighted the need to diversify their service offering.
The very nature of this operating environment has demanded a spotlight on how businesses can ‘pivot’ or ‘repurpose’ their offers. We tend to agree with the idea, but it’s the speed and delivery of diversification that counts. And how you communicate this to your customers so that they don’t get confused or turned off.
Why companies should consider diversifying
- A change in operating environment may make it necessary
- It front foots your positioning and potential revenue opportunities
- Allows for more variety in products and services for changing demand
- A method to differentiate against competitors
- When executed well it can mitigate risk in times of upheaval
What companies should look out for when seeking to pivot
- Shifting too far from what you’re known for (aim to be complementary)
- Overexposing investment in new areas that are untested
- Misaligning your brand with a service that doesn’t sit naturally
- Taking too much time to roll out new services
- Being afraid to have a crack