In a piece for the Harvard Business Review, celebrated author and academic Ralph Biggadike wrote it takes an average of ten to 12 years before the return on investment (ROI) of ventures equals that of mature businesses.
Diversification can take time to deliver results and for business owners to spot the green colour in their balance sheets.
However, if you want your bread and butter to remain relevant and to survive, you can’t stick to the same old approach; you must find ways to reach new customers.
It’s suggested there are two main motives for diversification: survival or proactive growth strategy. Whatever the driver for your decision to embrace a new venture, you can’t make it successful without following a robust marketing strategy.
Marketing encompasses everything from choosing a name for your brand to making it the successful and distinguishable business that every owner dreams about. However, it is often marketing that gets left behind when it comes to investing time and money in running effective campaigns and executing promotional plans. This can be due to endless to-do-lists and the never-ending demands of running a company that many entrepreneurs and business owners experience.
Marketing provides valuable insight on how your product or service offer is performing, as well as sales and audience information i.e. geography, demographics, interests and much more. This information increases understanding of market demand and marketing initiatives, which has the potential to improve supply chain planning and to strengthen a company's competitive position.
On 15 October, RTC North is holding a free ‘Introduction to Marketing’ workshop at its offices in Sunderland that will give delegates the skills they need to create, develop and implement a marketing plan that will drive the growth of their business. The workshop will look at digital marketing, e.g. online, email and social media marketing, and by the end of the session, delegates will be able to prepare a realistic marketing plan that supports the potential growth and awareness of their business.
To find out more and book your place, please visit the Eventbrite page.
This workshop is being held as part of Supply Chain North East (www.supplychainnortheast.co.uk), which helps businesses diversify their offer, expand their customer base and unlock untapped opportunities in new markets. An integral part of the North East Growth Hub (www.northeastgrowthhub.co.uk), Supply Chain North East is delivered across the region by RTC North, Generator, North East Automotive Alliance (NEAA) and North East Process Industry Cluster (NEPIC), with the ambition of working with over 800 businesses between 2018-2021 to support them in identifying opportunities in new and existing markets.