In the world of a business owner is the exciting push for innovation and diversification. We are all constantly looking for the next big shiny idea that will allow the great piggy bank in the sky to break open and flow into our bank accounts. (Some even get stuck in this place of creating and have a hard time stepping into implementation…but that is another blog) We can get sucked into the idea that we need to offer many choices and develop products or services that to create more income streams for the business. Diversification and creating the process behind a new idea is one of my favorite projects to work on with clients however there is a big “but” to consider first.
Have you connected this new offering with the business point of what you offer clients? I mean, we can call it messaging, mission, vision, or niche. We can call it your talking points or your stance. But is this new item connected to your point? The point of view for your business is what I am talking about. Too often I see business’ offering products or services because it is something that is tied to the business owner’s or a team member’s background. If you could provide the service or product, should you?
Because there is a market need somewhere does not necessarily mean that the market wants to buy “It” from your company. If you sell artisan coffee mugs, you may not need to offer an e-course on how to run a successful Facebook ad campaign. Your mug clients want to buy beautiful mugs for themselves or as gifts. They may not have a need to sell items on Facebook. More specifically, your business will need to invest time AND money to educate BOTH your current client base AND the potential e-course market.
You will need to educate and build awareness positioning you as an expert in Facebook advertising before you are likely to build the trust needed to start selling the course. I know, I know. You ran a VERY successful Facebook campaign and because you did, now you want to share that information….while also making some $$. I do talk about the need for more than one income source for a business; let’s make sure all offerings support your company’s point of view. If your current contact list and company reputation knows you for making these beautiful mugs you will only confuse the past clients and future prospects.
When considering diversifying and launching new products or services, go back to the point. What is the “point” of your business? Is it creating one of kind pieces to allow people to enjoy the day? Is it creating “do it yourself” advertising resources? Two very different “points”.
If you feel like this is something you really want to pursue then perhaps a new company with a new focus is in order. By creating a separate company you can create a whole new vision and mission that supports a specific and focused intent to deliver to the correct target market. You risk losing both markets if you try to package it all together! Please people, stay on point!
Are you ready to drive action and growth by working with Talmar It Up? NOW is the time. Email today [email protected]
Talmar It Up is an operations and management firm that was founded by Talmar Anderson. Working with business owners and corporate teams, Talmar It Up works to bridge the gaps in business education and management experience. Whether working on projects to build teams or one on one through monthly consulting to grow businesses, Talmar Anderson uses energy and enthusiasm every step of the way. Got more questions? Jump over to www.TalmarItUp.com!