Are you seeking to diversify your business? Have you been running your business for a few years, and you are unsure if it is the right time to grow your portfolio? Every entrepreneur’s dream is to grow their business. Expansion makes entrepreneurship sweeter. However, not every entrepreneur knows the right approach to business expansion. Probably there’s no perfect approach.

Businesses diversify to achieve more revenue and tap into the opportunities in the marketplace. This is achieved by launching new services, products, including new features, or even rebranding your business to appeal to your target demographics. There are many reasons to diversify. Here are a few things to keep in mind:  

Why should you expand your business?

Diversifying your business with new products or services is a great way to appeal to your customers. But is it right for your business to diversify? To get started, ask yourself the following questions:

• Would diversification diminish your business value?
• What types of diversification are most likely to create value?
• Is it better to specialize or diversify?
• Is there an optimal degree of diversification?

Related Post: 7 SIMPLE BUT EFFECTIVE MARKETING TRICKS FOR BUSINESS GROWTH

Why is business diversification important?

There are several reasons for business diversification; however, four primary reasons are prevalent among UK and international businesses. Companies diversify to:

• Grow their revenue
• Exploit potential synergies
• Reduce the economic risk of a limited product/service portfolio
• Survive a decline in their core business

Three tests of diversification value

If you consider diversifying your business, there are three basic tests to determine if diversification is valuable to you.

• The attractiveness test: Is the market or industry likely to generate a profit?
• The cost-of-entry test: Will the cost of entry into the market erode potential profits?
• The better-off test: Can diversification help you achieve success by sharing the resources among different businesses?

Diversification in business happens all the time, and there are several success stories of diversified businesses around the world.

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Closing deals and getting more sales is a big deal for business owners. Every one of us loves the sound of getting profit on a sale. Maybe you are experiencing the reverse. You are tired of receiving too many messages and answering questions from prospects without closing any deals. This blog post is going to guide you on how to change that.

Here’s How to Close More Deals

#1 Prioritize your customers: Why do you think people buy Apple products or other luxury brands? Why are you using a MacBook? You are patronizing them because of the benefits of their products. Like Apple, Amazon, or any of your favorite brands, you can close more deals when you can focus on your target audience's lifestyle needs. Instead of touting all the features of your product, be more specific with your benefits demonstration and give a clear value proposition.

#2 Build a relationship with your customers: We all want to feel loved, valued, and happy. Smart entrepreneurs leverage the psychological needs of their clients by making them feel more loved and special. Making efforts such as acting on their feedback, reaching out, appreciating great customers, and making them feel like they are a part of your business builds a solid relationship. Building a strong relationship with your clients may take time, sometimes years. However, you must be consistent with your promises and content.

Read More: 4 Creative Ways To Improve Your Follow Up and Close More Deals

#3 Have a trial deadline: You can allow your customers to test your products and see if it is good enough for them. Trials have become helpful for closing more deals. The trial is to help customers have a good understanding of the product and how it can meet their needs. At the end of the trial, the customer should have at least enough information to help them decide. Ensure that you inform the customer that they will lose access to your products after the trial deadline.

#4 Use a CRM system: The Customer Relationship Management System is a helpful tool because it makes it easy for business owners to organize, gather and remember all the information about their customers. Leveraging a CRM is a great way to boost your sales efforts because they contain an efficient structure to track and close deals. To get started, research the market and find a suitable tool for your business.

The above are effective techniques to close more deals. Customers can sometimes be demanding or even confused, but these techniques will help you win them over. Do you want to discover how to close more deals this month? Contact me!

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Selling can be difficult because it involves a process of persuasion. However, selling is way easier than most people think. Many times, the struggle is to win customers or maintain a strong relationship with a prospect. Selling becomes easy when you have established a strong relationship with your customers. For several years, I have learned to master sales techniques that have helped me achieve most of my marketing goals.

4 of my top sales techniques for converting casual visits into sales.

• Great copywriting: Great copy sells. It tells stories that inform the readers, entertain, and resonates with your prospects. A good copy will promote your products in a highly effective way and also persuade them to take action.
• Sell yourself before selling a product: As an entrepreneur, my first conversation with a prospect is a sales pitch to sell myself. Is there a need to sell yourself even as an entrepreneur? Yes, you are a product, an entity, like any product. Hence, there is a need to communicate your expertise. Interestingly, your prospects will likely buy from you if they are convinced about you personally. Geoffrey James says, “before anybody buys from you, they’ve got to buy the idea that you’re somebody worth working with.”
• Communicating Product Benefits: It is important to always highlight the benefits and features of your products at all times. Moreso, selling the strongest benefits of your product to your clients assures them that you care about them. It is your responsibility to study your product and present the benefits of your products over your competitor’s product.
• Building credibility: Over the years, I have maintained and built a reliable brand, which is one reason I make sales all year round. The most successful brands and entrepreneurs never joke with their credibility because they understand the benefits of credibility. You are likely to make more sales with a strong reputation. Maintaining integrity, providing great customer service, and offering value and quality services are ways to build credibility.
• Advertising Products: Zara, one of the biggest fashion brands in the world, sells all year round because they never stop selling. As a service provider, you can always persuade prospects to preorder for your next service or ask them to join your waiting list.

Read Also: Effective Marketing Techniques To Skyrocket Your Business

Making profits all year round is possible when you have mastered the right way to advertise and persuade your clients. In conclusion, to build a successful enterprise, you should seek to build a reliable relationship with prospects even when you don’t close a sale.

If you love the content you get from Shayo Blooms, recommend it using the social share buttons below. Want to get expert advice about Network Marketing and working from home? Then leave a comment below or contact me for speaking engagements. Don't forget to subscribe to my mailing list.