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Expanding Your Brand

When you decide to pursue a diversification strategy, you are stretching into new areas of business. You are entering new markets with new products. You are not ignoring your original or core business activities. In fact, those activities may still command the bulk of your resources, time, and energy. But you are extending into other products or services and markets.

The logic behind this strategic move usually has one of two bases. First, you may decide that there are excellent opportunities for continued and expanded growth by moving into additional areas of business. Or second, you may be concerned about the growth potential of your primary business. In particular, if dark clouds are gathering over your business, diversification may be a way to offset a downturn or stagnation and allow you to continue growing as a company.

Say for example your core business was selling widgets online. In the course of selling these widgets you were able to create a significant process that enabled you to lower the CPC on one or more PPC campaigns. This test has proved time and time again and who is to say that would not work for another vertical or business selling similar products. Online consulting is booming and this could be one of many areas where diversification could take hold.

Be aware that your core business is you main concern, as too many companies have neglected that fact and ventured on what seemed to be a sure thing only to find themselves holding onto the reins of a once great product or service. Diversification strategies should be just that, an expansion to meet a goal. Not to steer your company towards a new core product or service.

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