Branch Out With Your Offerings

Build a larger customer base by putting out other products or services.

Who says you have to stick with a single product or service? If you're looking for more customers, launch a second brand. When you run out of potential new customers, do as Toyota did with Lexus--launch a new brand that appeals to customers you aren't presently attracting. This can open the door to a totally different market. If you can make slight changes in your product or service that would make it appeal to a different market, you gain new customers without spending a lot.

A company that specializes in custom cakes for all occasions realized it was missing out on a large market when one of the owner's parents developed diabetes. Suddenly, the owner was aware of how few "sweets" were sugar-free or suited to someone on a restricted diet. So she and her partner started a new line of sugar-free desserts and candies.

Excerpted from 303 Marketing Tips: Guaranteed To Boost Your Business