Building a Diverse Client Base for Long Term Success

Do you have a broad and diverse client base as the foundation for your business?

Over the last 10 years I have met with clients across the country who were financially successful, at that moment in time. However the foundation of their businesses were not built on a diverse client base. Often times these smaller businesses were riding the wave of a client’s growth and that one client may represent 50- 80% of their overall revenue. Or they had struck success in a particular industry that was seeing very strong growth and all of their resources and growth were completely reliant upon the peaks and valleys of that particular industry. Most of these businesses were far too busy to address marketing and sales, the consistent conversation was “How could we possibly handle any more business or manage new leads?” And honestly as I looked around I could see that they were extremely busy and everyone was working at capacity. But what if that industry hits a sharp downturn or that one client is impacted by, say, the dropping oil prices? At that moment in time, it’s a good six months to a year too late to start looking for new business. The moment you need new leads IS NOT the day you look for them.
ThomasNet’s Shawn Fitzgerald has written an excellent blog post about the impact of the declining oil/gas prices and the impact it is having on many companies. While we are now much happier filling up our cars, the impact it is having on industry is not as positive and is leaving many companies worried about where the future of their companies lay.
Read his blog here.

It’s time for a check up, how do you pick the right specialist?

The key to a healthy company and long term success comes from building upon a diverse client and industry base. When you are not completely reliant upon industry or one company to move your growth forward then when that one company or industry slows, drops or even stops you are still left standing strong.
Okay so this is simple and obvious logic, but how does this happen? How does a company develop a diverse client and industry base? Telemarketing? Direct sales efforts? While there is no one silver bullet.
The internet does provide the greatest opportunity to reach the most people, if you have the right strategy in place.
By working with a company that can help you develop, implement and manage an effective inbound/content marketing strategy you can focus your resources on what you do best – run your business while knowing that your team is partnering with a team doing what they do best – helping you develop new opportunities in new industries for long term growth and success. You want to make sure you partner with a company who specializes in manufacturing/industrial/B2B space so they speak your language and, most importantly, they speak your clients language.

Here are some questions to consider when looking for outside marketing help:

  1. What does their overall client mix look like? If it is less than 80% industry/manufacturing then think hard on whether they are a good fit for you.
  2. Do they have degreed engineers on staff who speak your language and clients language? Technical expertise is crucial in writing effective content for manufacturing and industrial arena. 
  3. Did they spend a lot of time understanding your business and business goals and objectives?
  4. Are they aligning your strategy against your business goals?

It is important to know who you are working with and if they really understand you, your business goals and what it will take to get you where you are going.
Today is the day to start moving forward in building a broad base for your businesses long term growth and success.
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