Business Resources By WorkPlaceMoxie.Com

The Battle Cry Of Every Successful Business - Diversify



When you're starting a business, you'll hear it's best to focus on one product or service. And that's true - For the most part.

Do you want to know how you can add to that one product or service and increase your sales and success? Sure you do.

By the time you finish reading this page you'll have access to information dealing with such issues as:

Understanding what Diversifying means
Learning how important Diversifying is to success
Knowing the benefits of Diversifying
Learning how to Diversify

Discover what successful people in business know about how to increase sales and success. The Merriam-Webster Dictionary defines Diversifying as "to make different or various in form or quality".

The Workplace Moxie Dictionary defines Diversifying as multiplying options.

The most successful businesses have a main theme. But then they have products and/or services that are connected to and reinforce that theme.

When you offer a variety of products and/or services, people are more likely to find something they want or need. They'll spend more per order. And previous customers will become repeat customers.

Diversifying makes the most of a customer's lifetime value A customer who has been satisfied with your customer service and what they've purchased from you before, is much more likely to purchase another product or service you offer.

(Go to the page The Lifetime Value of a Customer in the Customer Service section for more details.)

Diversifying reduces costs and risks It costs just about the same to market many products/services as it does to market one.

Also, a big plus is that it costs nothing to sell to an existing customer.

And - If one product or service moves slowly at different times, then the other(s) will make up for it.

Create a solid plan Be mindful you don't offer too many choices or possible customers will become overwhelmed or confused and they won't buy anything.

And be sure you're not spreading yourself too thin.

You desire the marketing and delivery of whatever you're offering to go smoothly.

A good example An Internet business with affiliate/associate/re-seller programs.

How these programs work -

You have one Web site that's a business offering a product or service. And because business is so good, this site can afford to pay other Web sites to advertise their product or service.

These Web sites can be other businesses that are offering related products or services. Or not. They can be totally different kinds of businesses, but with people behind them who know the value of this other business.

For instance - Workplace Moxie is not focused on how to create your own Web site. (Although we do offer some great information, ideas and resources about how to do so in the Workplace Moxie Design Group section ...) Our focus is on helping people develop their own moxie for success in their professional and personal lives.

But - We are affiliates of several different kinds of Web sites and businesses that do focus on how to create your own successful Web site. Because we know the value of these sites and their businesses. Because they've helped Workplace Moxie become the success it is.

Now - Here's the real beauty behind affiliate programs - (And again we'll use Workplace Moxie as the example.)

Every time someone who comes into our site goes to these other sites and buys their product or service, we get a percentage.

The real "kicker" is that this income is all profit.

We didn't have to spend any money to put advertisements for these other sites on our site. Or spend any time or effort promoting them. The banners these businesses supplied do that for us and them.

The benefit to the original site of having an affiliate program is, that for a reasonable cut of the sales, they get some excellent exposure for their site and their product or service.

Now you can see how Diversifying can really increase your sales and success.

Bottom line ... Unless you happen to have one of those rare products and/or services that does well on its own -

Always be on the look out for new and different products and/or services that can add to your main theme.

Do your home work. Research companies, businesses and people in your industry/field. And even those who aren't. You never know - Another type of product or service can open up your market.



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