Growth and Development!
Every business formulates a strategy/plan in its start-up phase. They find an audience to target their sales and buying power.
An audience is a group of people or places a business
would sell or offer its product(s)/service(s) to.
Card makers and jewelers for example have a common audience which makes up just about 85% of their buyers; WOMEN.
When I first ventured into the greeting card industry I did all the proper research when drawing up my business plan and found there were a lot of grey areas still not explored by many card manufacturers. Born in New York City, an American Citizen of Caribbean descent, I noticed a void in this industry amongst many of my foreign counterparts. Not to mention the lack of cards for us men that are not all mushy and soft. At first glance I took it as areas that were untouchable or just hard to be reached. By far this was a misconception on my behalf. Realizing and understanding the many cultures blossoming in this country everyday, I find it to be an important of business.
Being a sole proprietor, not just in the aspect of Tax and Finance, but the sole creator, designer, marketing agent, PR and rep for my business, its hard to cover details such as Business Diversification. But truthfully all one would have too do is walk outside, turn on a radio/television, browse the weekend circulars, etc...
The world changes everyday and for that matter so must our business strategy, goals and marketing. We need to diversify our products/services and advertising venues to further grow our businesses. This is not to say that we should trash our inventory, but going forward, we should consider changes in design, color, theme and flair, as to be more appealing to growing cultures in our target range.
Maybe that handbag can have the hot new color of season.
Accessories, whether rhinestones, beads, or a chain can be of today's fashion
appealing to a younger, hipper audience.
Paper goods would include the Holidays and other themes
geared toward the many different cultures growing around us everyday.
The point of growth and development is to diversify.
Diversity will increase traffic, views, revenue, sale and the demand of your goods...
Remember your tager audience, and know that they too buy for others.
So diversity will and can work for you!