There is so much value in expanding one’s core offerings – it’s a way to generate new opportunities and create momentum. Now I want to take you behind the scenes and show you how we’re planning for growth at Relevention using our expansion mapping process.
Our core offering is marketing consulting and working with businesses to achieve results. This is where 85% of our total revenue comes from and is how we realize our mission of achieving results for clients. However, our growth will come through leveraging this core in a number of channels. In our expansion map below, I’ve used colours to denote approximate timing of these strategies: green for short-term avenues for growth, yellow for medium-term and red for long-term.
The first approach is office expansion and extending the reach of the organization beyond a specific geographical area. We regularly work with clients far from our head office, but frequent face time with clients goes a long way in establishing long-term relationships and understanding the local nuances and cultures that can affect our clients’ business and their strategies.
Our next expansion is information products. My blog and eBooks are a part of this strategy; these resources will help us reach a new audience of small businesses that may not be able to afford consulting. It also helps extend our reach to new places that can support new office locations. If our information products are successful, they can lead into new education products and training for colleges, universities and even continuing education for organizations and professionals.
The information products can also lead to more businesses that want to join our network through our companies website. If we continuously add value to this group we could charge a membership and start to leverage the size of this group for deeper industry discounts on printing, advertising and web development and even increase the chances of joint ventures.
Now it’s your turn! Create the fifty thousand foot expansion map for your business, always starting with the core offering of your business.
Questions to get you thinking about your Expansion Map:
- How could you expand your organization geographically?
- Could you turn your industry knowledge into an information products?
- Can you package your product or service differently to serve a new market?
- Could you increase your sales force through distributors, dealers, or partners?
- What are some complementary items you could offer your current clientele?
- Are there other ways to accomplish your mission apart from your current products or services?