Diversification of production due to falling demand: is it necessary?

What to do when the demand for services is rapidly falling due to the emergence of alternative options on the market.

If you are thinking about diversifying your business by introducing new services to existing ones, you could increase your profits with the help of new services .

What services can you offer your clients? For example, website development for brands, support services like SEO and social media, internet marketing.

But unfortunately, you can't just add a new service and expect your customers immediately come in to place an order. Before you create a new product, you should figure out how you are going to position these services in terms of branding for your customer base?

In this case, there are 2 options for events:

Option 1: Add a new product to the range of existing services, that is, advertise new services under the existing brand.

Why is this a good option? A quick way to advertise without a big investment.

Since your existing customers are already familiar with your brand, this is an easy way to educate them about new services.

Combining Advertising , "New service - website design!" is a relatively simple implementation for businesses of any size.

Option 2: Create a separate brand and demand.

Why is this a good option?

New offers are separated from the original segment of your brand, which will help create the image of the new campaign and learn from the mistakes of previous years.

Where is the best way to start?

< p>Start with your clients. Look at their online presence, and determine what web services you can provide to interest them.

For example, a client comes to you to print a flyer. They want to attract additional business. This is an opportunity for you to offer additional services. Find out, "Do they have a company website?" Or "Do they use online marketing to communicate with their customers?" You can help them by developing more holistic solutions and campaigns to grow their business.