Posted by Nick Whyatt on
Diversification can be a double-edged sword; on the one hand you can open up new sources of revenue and reduce risk, on the other you can stretch your brand beyond relevance and lose the benefit of having an existing brand that has recognition in the first place. However, if handled properly, it can make your business all the more robust.
If you are looking at how your business can diversify, it makes sense to start as close to your original business as possible – it’s the least cost and most rapid way. What has this got to do with Apollo 13? That will become clear…
In the scene below CO2 is building up to life-threatening levels inside the Apollo 13 craft and mission control have to find a way of building a filter with only the parts that the astronauts themselves have access to.
You can apply this exercise to your business. If you treat it as a closed environment with only the existing equipment, staff and skills, what else could you do with them if your former line of work ceased to exist or shrank significantly?
Here’s an example; one of our clients ordinarily operates in the security sector, however, with a small amount of repurposing can apply their high-resolution digital monitoring, recording and online playback technology to the medical sector for training. By recording examinations and consultations and then allowing students controlled access to the footage they avoid the invasive situation of 15 medical students crowding around a patient who may then suffer stage-fright when discussing their condition. Plus, the footage can be stored, replayed and reused indefinitely.
If you apply a similar process to your business, what else could it achieve?
Brand development, Web design and development, Graphic design, Corporate marketing support, Creative design
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