Diversify your customer base to increase sales
Focusing on the most valuable market segments while reducing risk through diversifying.
Understanding your most valuable customers is essential for targeted sales growth. However, relying too much on a narrow customer base can be risky. Diversifying your customer portfolio ensures stability if market conditions shift. For example, if your three largest customers are based in the US, a sudden drop in the exchange rate in the exchange rate could see them drastically reduce their orders.
There are many ways you can diversify and grow your customer base - for example:
- increase your market share by widening your customer base in your existing markets
- use information to understand your competitors and take advantage of any gaps in the market
- growth through product and service development
- growth through strategic partnering with other businesses
- grow through international trade
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