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Diversification helps you take maximum advantage of
lifetime value or your customers. In Diversifying you will be building multiple income streams for yourself, while at same time providing your customer more choices. This presenting opportunity of being duplicated and consequently give your customers more reason to keep coming back to your website.
* Diversification Reduces The Risk Of Business Failure.
A Word to wise: It would be wise to test in order to find which approach works best in your situation. You could simplify this process by, first finding Your niche, then finding a group of products and/or services which support and compliment each other. Then, focus on marketing to your target or niche market. This caution should be taken because Diversification can sometimes confuse prospects where synergy and common benefits of a combined group of products and/or services are not simply and clearly defined.
HINT: Never promote a disconnected mixture of totally unrelated products and/or services.
Some entrepreneurs find it simpler to initially focus on making one item without any other offers that might confuse a prospect, and following up with related offers at a later time.
Your percentages of re-sale to previous customers will be higher than sales to new prospects, because your previous customer have proven experience with you. Your best customer is one that already trusts you, and is satisfied with previous dealings with you. Since people prefer to do business with those they know and trust, your additional sales to existing customers will meet less resistance.
You have invested valued time and resources to acquire your customers, and most likely had to overcome a bit of initial distrust when they first bought from you. If you keep delivering them honesty, integrity and solid value through related offers, and keep them satisfied through Good customer service, many will be glad to buy from you again and again, and even refer others.
Marketing Cost: Most of your marketing costs will be about same, for promoting one or several items. Per-item marketing expenses are reduced as each new product or service is added to your line, because each shares marketing costs with all others.
No customer acquisition cost is involved in selling to an existing customer, making such sales more profitable than initial sales.
Processing an order for multiple items involves nearly same amount of costs as a single-item order.
To re-cap, real benefits of diversification come from:
* Generate multiple streams of income.
* Offering more choices to your customers.
* Gain potential to increase sales, while lowering marketing cost.
* Offering ability to Duplicate your efforts.
* Minimizes business failure.
Diversification, one of powerful Keys to building wealth.
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