Have you reached a sales plateau? Looking for new ways to grow? Explore your customer base, your competitors, run the numbers and look at your cash flow. In a recent post by guru Seth Godin, he reminds us that to grow, you need to do something different. He recommends going wider – add items to your mix to attrach additional buyers. For example, you could add adjacent products. Perhaps you sell flowers – you can add cards and gifts.
Or go deeper so your buyers know that you have the best selection in a specific area. In this case, you might actually eliminate some of your items on the fringe to go deeper in a certain area. (The idea here is that you need to free up cash to fund products / services that help you go deeper. ) Examples might be: expert in video games or certain technology. For the flower shop – sell or have access to every rose available in the world – making you an expert in roses.
Whatever you select – make sure you have the cash flow for your model.