Business Diversification

Business Diversification: Diversify your business or Die!

business diversificationI was trying to think of some catchy phrase to talk about the importance of diversification and the importance of keeping a pulse on whatever industry you are in. The Internet is no exception.

Recently, a friend informed me that we was closing his brick and mortar business that had been part of a local community for roughly 20 years. I’ve got similar stories from other friends with brick and mortar or service related businesses.

Here’s a fact: Business is constantly evolving. You and I must evolve with business cycles.

One of the major technologies that has changed the way business is conducted is the Internet, but I’m amazed at some of my old-school friends and business associates that fail to take advantage of or evolve with the way their particular industry is changing.

Everyone knows that having a website for your business today is important, just as having a business card was a no-brainer.

For nearly everyone of my personal friends or business associates that has run into roadblocks with their brick and mortar or service business, some of those issues could have been avoided or minimized if they had diversified via their website. Selling products or services, up-sells, cross-marketing, etc.

How has your business been affected by the economy or technology changes? Did  you diversify your business or did you miss the boat?

Share your story with our visitors below.

Business Diversification:

Wikipedia

Prospecting Tools vs. Lead Generation

Recently, I’ve been bombarded with tools and software from different “gurus” that are being marketed as “lead generation” tools.

Some of the headlines read:

  • Grab Red Hot Leads
  • Grab Hungry Leads
  • Grab Hot Leads By The Truck Load
  • Powerful Lead Generation Tool

I was thinking about this over breakfast and catching up on some reading. Check out the Wikipedia definition of a “sales lead“. The true definition of a sales lead is a person or entity that has expressed an interest in your product or service.

Many of the tools and services being hyped or marketed online today are “prospecting tools”.

The line between a lead and a prospect has certainly become blurred and I’m not certain online marketers are making it any easier.

On a lighter note, I was amused this morning to find a post on a popular Internet marketing forum from a company in India that provides web development and Internet marketing services. They were asking for ideas on how to generate leads for their websites. Ironic that an online marketing company is asking for ideas on generating leads when they trying to help customers potentially do the same.

While many tools that are scraping data, compiling it as a “sales lead”, there are many services, companies, and software that by definition generate a qualified sales lead according the Wikipedia definition.

What are your thoughts? Has the line between true lead generation and prospecting become blurred? What are your thoughts on lead generation and prospecting online?

Prospecting Tools vs. Lead Generation