How to Diversify Your Customer Base and Grow Your Business
Entrepreneur's New Year’s Guide
Whether thinking about launching a new product or service, or opening up in a new market, entrepreneurs are always focused on creating new revenue streams to help guarantee that money is coming in. The more diverse your customer base, the easier it can be to take advantage of new revenue possibilities.
That is precisely the topic of our webinar, “How to Diversify Your Customer Base and Grow Your Business,” presented by NetSuite and Entrepreneur. Attendees heard from an entrepreneur who has grown her business by diversifying her customer base.
This webinar hosted by Jill Schiefelbein, business communication expert and Entrepreneur Press author, with Kara Goldin, founder and CEO of healthy lifestyle brand hint discussed how entrepreneurs can think about diversification in new ways to grow their businesses. Following the success of hint’s unsweetened flavored water, the company earlier this year created a new product: a fruit-infused sunscreen spray.
Attendees learned about the strategies, partnerships, and tools Goldin used to expand her company into new territories and grow revenues—and how she managed it all. In this discussion covered:
Diversification: Companies don’t have to stay siloed in one space. Not being dependent on one product or one market helps your company be more stable.
Solving Problems: Identifying and creating solutions to genuine problems that are relevant to your purpose and mission is the way to diversify while remaining customer-focused.
Risk Analysis: How do you mitigate risk when diversifying into a new market or product space? Four key questions will help you examine whether or not it’s the right move.