Once the opportunities have been identified and the feasibility analysis has been carried out, it is time to implement the diversification strategy.
Gradual release
Rather than launching all new products at once, many companies opt for a gradual rollout . This allows them to test the:
market acceptance;
adjust a company's marketing and sales strategy ;
reduce the initial financial impact.
Integration with existing portfolio
New products must be integrated into the portfolio in a marketing list of plumbers coherent manner, complementing existing products.
A good cross-selling strategy , for example, can help boost sales of new products based on the current customer base.
Team training
The success of diversification depends largely on the ability of sales and service teams to promote and sell new products.
Investing in training that enables employees to understand the advantages of new products and to articulate these advantages to customers is essential.
How important is diversification for long-term sustainability in B2B?
Product diversification is not just a strategy to increase sales in the short term; it is also vital to ensure the sustainability and resilience of the company in the long term.
In a B2B business environment, where market trends can change rapidly, having a diversified portfolio allows the company to adapt to these changes more effectively.
Risk mitigation through diversification
By relying on a few products or a single market, companies are vulnerable to: