To fully meet the demands of your clients calls for the implementation of a product diversification strategy. Not only does the business satisfy all the different demands of its existing client base, product diversification also helps in developing new markets and attracting new clients. This means a growth in the business, as the company demands a greater market share and expands its operations.
Gone are the days when a bouncing castle hire would, in itself would be enough to make for a great event. Kids and adults alike have developed a taste, as far as entertainment goes and enjoy different forms of activities and games. Additionally, everyone is always looking to go on an adventure and experience something new. When it comes to party entertainment, there are many profitable niches worth pursuing. Related and/or concentric diversification holds many benefits for businesses.
Local service company Perth Bouncing Castle Hire http://www.perthbouncycastlehire.com has grown exponentially by implementing and incorporating related and concentric product diversification strategy to its business model. By offering related services, the company has been able to maintain a loyal clientele and gaining more clients through marketing campaigns and referrals from satisfied clients. Today, it is one of the most successful bouncing castle hire company, with a strong local presence across different service locations.
The company strives to truly live to the “one-stop shop” experience that all customers desire. From bouncing castles and other play inflatables hire to face painting and balloon twisting services and party equipment hire, the company has a diverse product portfolio. Customers looking to plan all kinds of events have a supplier who can meet most, if not all their needs.
A company can choose to diversify its product range from the get-go at the start up level, or pivot into providing related products once the business has consolidated and matured. The advantage of expanding into new products is that the risk is minimized since the business will be catering to customers with whom it has already established a relationship. Additionally, every interaction with the customers is an opportunity for market research, and the company can invest in a line of products that customers will like.