Companies left and right are being slaughtered in the market by new agencies with a certain, competitor-killing edge. First up on the chopping block are companies that rely on single or point solutions for clients. Diversifying your products is the key to kidnapping the majority of your local market, and cutting your competitors out of the picture. Read the blog: https://www.vendasta.com/blog/competitor-killer-product-diversification-strategy

1. Unleash the
Competitor Killer

2. The Competitor Killer:
Product Diversity
A diversification strategy is a corporate strategy to enter into a new market or industry
that you don't currently operate in.
Product diversification strategies in business includes introducing new products, services,
and solutions that serve that new market and open up brand new revenue streams for
your business.

3. Why Diversify Your Products
Diversifying your products allows you to grab brand new market share and ramp up your
revenue with both new and existing clients, and tap into new revenue streams.
By offering more products and services, you can cross-sell and upsell existing clients with
additional services and attract local businesses looking for the solutions you don't
currently offer.

4. 1. Protect your revenue
With the local business market changing so rapidly, it's important to respond to these
changes just as quickly in order to hold on to your existing revenue and clients. The
slower you are to respond to your client's new needs and demands, the faster they'll
churn out.

5. 2. Grow your bottom line
Attacking the market with additional marketing solutions allow you to grow your bottom
line: both from new and existing clients. Each new product and service introduces a new
potential line of revenue.

6. 3. Reduce risk factor
By adding more solutions to your business services, you're not placing all your eggs in one
basket and leaving the fate of your business in the hands of that single solution. It's
dangerous to rely all of your services on one aspect of technology when the landscape
changes so rapidly!

7. How to Conquer Product
Diversification
When considering product diversification, each new opportunity should be examined in
terms of its:
● Brand Fit
○ The opportunity should be a logical fit with the existing parent company and
its core brand identity
● Leverage
○ It should give the parent company an edge in the new category
● Revenue Opportunity
○ The opportunity should have potential to increase revenue and generate
significant sales

8. 1. Identify clients pain points
Reduce churn and stay competitive in the
marketing and advertising space by adding
more products to solve more pain points
that your clients are experiencing.

9. 2. Conduct thorough research
Build trust by adding only high-quality, best-in-class offerings. Conduct thorough pre-
integration research into available solutions and continue to curate a store of high-quality
solutions to your existing and prospective clients.

10. 3. Vendasta's Marketplace
You can easily add best-in-class marketing solutions to diversify your product line with
Vendasta's Wholesale marketplace. With foundational digital marketing solutions—from
advertising to websites and SEO—you can solve the main pain points of your clients by
building your ideal online store.

11. Check out the full blog!
Learn more about slaughtering your competitors, stealing new clients, and slaying your
revenue goals in the full blog!
Dew Smith
Managing Editor
Resident Competition-Slaughtering Researcher
Unleash the Competitor Killer: Product Diversity