How a Bigger Picture Philosophy Can Create Opportunity in Online Business
The term diversification in business may seem to be all about maximizing your personal potential to sell products or services. What if it was something more?
A story is told about Union Pacific. Those who developed the company thought of their business in terms of rail service exclusively, but what if they had developed a bigger picture. What if they were known as a transportation service? They could have moved into bus lines, air transportation, car manufacturing or even complete relocation packages for families needing to move.
Don't get me wrong. I'm pretty certain UP is going to make it as a company, but this thought-stretching exercise allows us to consider the possibilities of viewing business as something bigger than a single product or service.
It's possible for a home contractor to offer all house renovation services. This allows a home or property owner to contact one source for all their remodeling and construction needs. The contractor can subcontract work they don't normally do to individuals or companies they trust to do the work. The contractor would receive a portion of the funds and the subcontractor would also receive a cut. The homeowner is simply happy they were able to get all the work taken care of through a single trusted source. The benefit belongs to the customer as well as the business owner.
For online business this may mean forging alliances with complimentary companies that you may be able to partner with in order to provide a more complete set of products or services to your consumer base.
If, for instance, you sell golf balls you may be able to really play to the niche of specializing in this field. However, you also could develop your company to provide everything golf related - even if you don't personally sell some of the items your customers like. This can be done through an affiliate program or a personal networking alliance.
One of the primary reason retail stores are so successful is they try to provide the largest grouping of merchandise at the best price. Customers frequent the stores because they are relatively sure they will be able to find what they need there. This is the same idea with your online store. Make it user friendly and comprehensive.
Perhaps the greatest trick in this is to diversify within a big picture. Some businesses diversify, but the results are not always complimentary. I know of a business that sells appliances and sheet music and another that is a sausage factory and flower shop.
This can seem like constructing a building without plans. You add a room here and there, but you don't use the same materials and the rooms are not uniform sizes and in the end it looks like a mess while being less than functional.
If you can diversify with a 'big picture' philosophy you can create a business that seems clean and uniform. This business can provide a greater sense of wholeness while more completely meeting the needs of your customers.
A big picture mentality will allow you to see possibilities beyond your core product or service. It invites others to the business table and creates opportunities for more than just you alone. In the 21st century it may just be a better way to do business.
About the Author:
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