Pure Profit Four Secrets Of Successful Sales Diversification
Below is a MRR and PLR article in category Internet Business -> subcategory Web Hosting.
Pure Profit: Four Secrets of Successful Sales Diversification
Summary:
What a whirlwind week! I completed seven speaking engagements and sales training sessions across five cities in Washington, California, and Texas, while taking five flights. After this exhausting journey, dining out was the last thing on my mind. Yet, when my wife picked me up from the airport, I decided to surprise her with a dinner out, despite both of us having had a long week.Jensens Café in Burnsville, MN is a fantastic spot for breakfast and lunch, operating from 7 AM to 2:30 PM. Owned by the third-generation Jensens, they also run Jensens Supper Club in Eagan, MN. On my flight home, I read about their clever business move: transforming Jensens Café into Jensens Wine & Dine in the evenings. This innovative use of the same space with a different ambiance and menu demonstrates their adept diversification strategy.
What Does This Have to Do with Sales?
Jensens’ approach highlights four key principles for successful sales diversification. While it's crucial to focus on your strengths, strategic diversification can lead to exponential growth. Here are four strategies you can apply to your sales business:
1. Leverage Your Expertise
Many businesses try to diversify into completely different areas, often leading to strain on existing operations. Stay cautious when expanding beyond your expertise. However, if you spot related opportunities, this could be a logical and profitable expansion. By leveraging your experience, you can reduce the learning curve and boost profitability faster.
2. Utilize Existing Assets and Resources
If you can offer related products or services using your current setup, you increase your chances of successful diversification. This might involve selling new products during existing sales calls or adding them to your catalog or website. Think of McDonald’s classic upsell: "Do you want fries with that?" It's about enhancing what you already do.
3. Enhance Existing Customer Relationships
Introducing new products can lead to better customer retention and increased profitability. In the past, banks focused mainly on loans. But since the 1980s, they've expanded into investments and insurance, significantly boosting their non-interest income. Broader offerings enhance customer service and profitability.
4. Expand Your Customer Base
Recognizing that your current products won’t appeal to everyone is key. Introducing related or slightly different services can convert past "no" responses into new customers. For example, investment brokers have attracted new clients by offering guaranteed investments alongside riskier ones, eventually leading these clients to explore traditional options.
Diversification Equals Growth
Don’t lose sight of your profitability when expanding. It needs to make business sense. Once you’ve established your business, offering additional products or services can increase profitability and optimize resources. Evaluate what you can offer to enhance and strengthen your existing business. Craft a growth plan?"and execute it!
By strategically diversifying, you can build on your current success and fuel future growth.
You can find the original non-AI version of this article here: Pure Profit Four Secrets Of Successful Sales Diversification.
You can browse and read all the articles for free. If you want to use them and get PLR and MRR rights, you need to buy the pack. Learn more about this pack of over 100 000 MRR and PLR articles.