What a week! Seven speaking engagements and gross sales coaching in 5 cities in Washington, California, and Texas, and five flights supplied for an thrilling but tiring trip. When my spouse picked me up at the airport, the last thing I wanted to do was dine out. Nevertheless, she had had an extended week as well. She was ready to have a quiet dinner at home, but I stunned her by suggesting we exit for dinner.
Jensen?s Caf? in Burnsville, MN is an excellent breakfast and lunch restaurant, open from 7 AM to 2:30 PM. The Jensen?s are third generation restaurateurs, with another retailer called Jensen?s Supper Membership in Eagan, MN. On my flight house I read that they had been diversifying their enterprise by using the Jensen?s Caf? location to launch Jensen?s Wine & Dine, which makes use of the same services and opens at four:30 PM. They?ve a completely totally different crew that is available in to supply a heat, upscale, but moderately priced dining expertise with advantageous wines, an excellent menu, and a wholly completely different feel than you?ll discover should you showed up earlier within the day for breakfast or lunch.
What does this have to do with gross sales? Jensen?s is rising their business utilizing four principles of profitable diversification. To achieve success we should deal with what we do best, however when we change into successful, we can diversify our enterprise, and add exponential growth to our backside line. To diversify your sales business you need to use the identical strategies, that are:
1. Stay in your area of expertise and experience 2. If potential, use present business belongings and assets 3. Present higher service to and more profitability from existing customer relationships, and/or. 4. Use diversification to increase your customer base
Keep in your space of experience and experience
Many salespeople (and companies) create success in a selected business and then diversify into a completely different space of experience wherein they lack experience. Too typically the new offering of services creates a drain on the original business. Old buyer relationships turn into strained with ?growing pains? being the excuse. Diversification becomes ?deworseification.? Be cautious when increasing your choices outdoors of your space of expertise. Nonetheless, when you see gross sales opportunities in services and products that are associated to what you currently sell, you might be taking a look at a logical and profitable enterprise expansion. When your experience removes a number of the studying curve associated to new services and products, profitability show up more quickly.
If attainable, use present enterprise assets and resources
For those who promote related services out of the identical location or process, you have got the potential for successful diversification. Examples of this embrace selling a new product on an present sales call, adding a product to a list or website, and including new gross sales materials in present promotional mailings. The mantra of up-selling is McDonald?s ?Would you like fries with that?? You can do the identical factor with if you up-sell in present area and process.
Provide higher service to and extra profitability from present customer relationships
Sometimes new product offerings make sense when you think about the affect on existing shopper retention. In the previous days, the ?Three ?L?s? of Banking? were 1) Loans, 2) Loans, and 3) Loans! Within the 1980?s, banks started to offer non-traditional monetary providers, such as investments and insurance. In the present day banks derive an a lot greater share of their income type non-curiosity earnings than previously, and thus improve their profitability with higher customer service by means of broader product offerings.
Use diversification to expand your buyer base
Frequent sense dictates that your existing products will not enchantment to each prospect. Nonetheless, an associated or barely totally different service converts prospects that have stated ?no? to old choices into new customers. Investment brokers discovered that after they supplied assured or insured investments in addition to investments with market danger, they could entice new clients. With time, these new purchasers may also take into account the brokers? conventional offerings.
Diversification equals progress
Remember to focus on the profitability of increasing your choices; it has to make sense from a business perspective. Once you have established your self and turn out to be a strong presence in your market, offering extra services permits you to enhance your profitability and make the most of scale. Check out what you possibly can provide that can build on and strengthen your current business. Build a plan to grow.and execute your plan!
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Source: http://barrackslawyers.com/?p=49772
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