Brands should diversify to grow

New Ideas in MarketingEssential news for marketers, summarised by YouGov
May 11, 2021, 4:28 PM GMT+0

Businesses can partner with a non-competitor company to explore new business areas beyond their core industry.

Despite challenges, moving into an entirely new sector can help businesses grow.  Companies should build on their strengths and treat them as stepping stones to garner a more significant market share and refresh their brand.

Companies can conduct market research and customer interviews to identify customer pain points and off-label uses of their products or services. Brands can often find out that their products are being used in manners different than their intended use.  Pulling in such off-labellers and highlighting them on the company’s website can expand their audience base.

Collaborating and partnering with complementary businesses can help companies explore beyond their core industry. This kind of partnership can help both companies benefit each other and expand their businesses.

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