If you're constantly doing business with the same two clients, it's time to branch out. A growing network means more opportunities for your brand to grow too.
Between cold calling, researching, and networking events, there's plenty of ways you can expand your client base, and your business will thank you for it.
We asked eight entrepreneurs from FounderSociety (FS) the following question:
Q. What's one tip for diversifying your client base?
1. Determine Your Niches
My client base was too diversified in the early days. A mentor once recommended that determining five niches is key. First, identify the market(s) you want to go after. Second, research the market(s) and what they need. Third, target the market(s) with cold calls, emails, networking activities, and events. Lastly, jump in! Get involved in specific markets, and you will be working with those markets. –Angela Delmedico, Elev8 Consulting Group
2. Attend Industry Parties
I've had luck hanging out at events that were not centered around tech. Los Angeles, in particular, has so many different events centered around art, music, and especially entertainment. They attract a pretty diverse crowd of professionals from different industries who have particular common interests. I've met some of my favorite clients at venues with live music. –Jon Bradford, Colab
3. Know Your Core Client Very Well
If you know your core client inside and out, you will have no problem crossing industries with ease. Mainstream Entertainment Group, my video production company, was heavily focused on one client, but we identified our core client, made an avatar of it, and began the process of crossing over industries to bring in new clients. –Cory Poccia, Mainstream Entertainment Group Inc.
4. Identify Companies That Excel in Your Niche
Kuli Kuli sells moringa products in 800 natural food stores in the U.S. Recently, we realized we wanted to get into yoga studios, gyms, and other fitness channels where our products would stand out on the shelves. We figured out who the best companies selling products in those spaces were and set up informational interviews to figure out how they did it. –Lisa Curtis, Kuli Kuli
5. Do Your Research
If you don't know for sure who else will buy what you're selling, it will be a very painful and long process. Just because you think teenagers, for example, will buy what you're selling, doesn't mean they will actually buy it. You have to do the research and data collection beforehand in order to correctly diversify your client base. –Ben Walker, Transcription Outsourcing, LLC
6. Diversify Your Outreach
At AlignedSigns.com, we learned that by being creative with our outreach through social media, contests, conventions, speaking engagements, content articles, and much more, we find new customers of various backgrounds. And expanding to places where you normally don't do PR and marketing, you might unearth a new client base you were originally unaware of. –Jessica Baker, Aligned Signs
7. Partner With Other Companies
A good way to diversify your client base is to reach out to companies in your industry that provide services related to your business. We're a digital agency, so we would reach out to a social media agency or a PR agency, for example. We might be able to partner our projects, refer clients, or handle overflow work. –Michael Cleary, Huemor
8. Make Connections
Build your network by making connections. When you make connections with people, organizations, or communities, amazing opportunities may unfold. It's important that you make an effort to learn about and understand the other side first. If you have some understanding of their perspective, and they have some understanding of yours, then obvious win-win situations will emerge. –Max Coursey, Tiger Prop
