Diversification is a term we have all been hearing a lot lately, with the financial crisis we are facing today. This crisis is causing a lot of struggle with business owners, but, I have also been seeing businesses on the positive end of this spectrum.
There have been a lot of examples of how being "niche" has helped companies stand out from their competition, and I am not discounting that. But, in times of turmoil, it is those that have a little broader aim that seem to weather the storm a little easier.
Take for example September 11th- anyone who worked in the travel industry suffered for years afterward. Being at an agency who worked on an aircraft manufacturer, I was able to see that first hand. But, what got us through was all the other categories we had in our portfolio.
Today, it is the same phenomenon. Times are harder. And although record sales numbers may not be the norm, there are those who are still in the black.
The new year is approaching, and now is the time that many of us are analyzing our strategies, preparing for the new year. Think about your target audience, and what the potentials are not only in good times, but in bad. Walking a fine line between niche and diversified may be difficult, but worth it in the end.
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