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sen’s Café in Burnsville [link widoczny dla zalogowanych], MN is a splendid breakfast and luncheon cafeteria, open from 7 AM to 2:30 PM. The Jensen’s are third generation restaurateurs, with different cache called Jensen’s Supper Club in Eagan, MN. On my flight home I peruse that they were diversifying their business at using the Jensen’s Café position to fire Jensen’s Wine & Dine, which uses the same facilities and opens at 4:30 PM. They have an entirely different team that comes in to cater a lukewarm, upscale, but reasonably priced dining experience with fine brandies, an eminent list, and an entirely different feel than you would ascertain if you showed up earlier in the daytime because breakfast or lunch.
What does this have to do with bargains? Jensen’s is growing their business using four principles of successful diversification. To be successful we have to converge on what we do best, merely when we convert successful, we tin diversify our commerce, and join exponential growth to our base line. To diversify your sales business you tin use the same strategies, which are:
1. Stay in your area of experience and expertise
2. If possible, use existing business assets and resources
3. Provide better service to and more profitability from existing customer relationships, and/or…
4. Use diversification to expand your customer base
Stay in your zone of experience and expertise
Many salespeople (and businesses) build success in a particular business and then diversify into one completely different area of expertise in which they lack experience. Too often the new offering of products and services creates a drain on the aboriginal business. Old customer relationships become strained with “growing pains” creature the excuse. Diversification becomes “deworseification.” Be cautious when expanding your offerings outside of your area of expertise. However, if you discern sales opportunities in products and services that are relative to what you currently sell, you may be looking by a rational and profitable business expansion. When your experience removes some of the studying curve associated to new products and services, profitability show up more rapidly.
If possible, use existing business assets and resources
If you sell related products and services out of the same location or process, you have the latent for successful diversification. Examples of this include selling a new product on an existing sales call, adding a product to a tabulate or website, and including new sales materials in existing promotional mailings. The mantra of up-selling is McDonald’s “Do you absence fries with that?” You can do the same entity with when you up-sell in existing space and process.
Provide better service to and more profitability from existing customer relationships
Sometimes new product offerings make sense when you consider the shock above existing client save. In the old days, the “Three ‘L’s’ of Banking” were 1) Loans, 2) Loans, and 3) Loans [link widoczny dla zalogowanych]! In the 1980’s, banks started to offer non-traditional monetary services, such as investments and assurance. Today banks derive a many greater ratio of their earnings form non-interest proceeds than in the past, and accordingly enhance their profitability with better customer service through broader product offerings.
Use diversification to inflate your customer base
Common sense dictates namely your existing products ambition no appeal apt each prospect. However, a related or slightly different service converts prospects that have said “no” to antique offerings into fashionable purchasers. investment brokers base that while they offered vouched alternatively insured investments in appending to investments with market risk [link widoczny dla zalogowanych], they could preoccupy new customers. With time, these new clients might too consider the brokers’ orthodox offerings.
Diversification equals growth
Don’t forget to focus on the profitability of expanding your offerings; it has to make sense from a business perspective. Once you have es

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