A Marketer’s Short & Sweet Guide on Diversification

To consider the potential payoff of product diversification, let’s start with an example. Lululemon, an athletic apparel company, was founded in 1998 with one core product: yoga clothing for women. If you’ve been to a store recently, you’ve likely seen how far beyond women’s yoga-clothing Lululemon has grown. For instance, my brother now buys all his button-down shirts and work pants from Lululemon. Additionally, last week I bought a bathing suit from the shop. On their Our Story page, Lululemon states: “Our first designs were made for women to wear during yoga. Through plenty of feedback from our guests, ambassadors and…

When I first moved out of my parent’s house, my spending was out of control. I bought take-out regularly, new clothes often, and fun products frequently. However, I quickly realized that I was spending too much money on unnecessary things. After racking up some credit card debt, I realized that I needed to cut costs somewhere. As a business owner, it can be just as easy to overspend as it was for me. When that happens, it’s time to review your bottom line and see how you can reduce your spending. In this post, let’s go over some of the…

When McDonald’s first opened its doors, they had two items on the menu: burgers and fries. After surveying competitors, the founders saw that in order to stand out as a food company, they had to be different. Instead of offering a multitude of menu options, they decided to hyper-focus on the bestsellers, which catapulted their customer satisfaction. What McDonalds’ founders did was find white space opportunities in their industry. While other fast food restaurants at the time were offering a diverse menu but lacking in customer service — the McDonald’s team decided to focus on two items so customer service…

In 2008, the Great Recession was all over the news. At 14, I didn’t exactly know what that meant. However, I understood that my parents were struggling financially. While it was the first economic crisis I was old enough to remember, it isn’t the only economic downturn we’ve seen, nationally or internationally. In 1997, there was the Asian financial crisis. After 9/11, the New York Stock Exchange closed for four days, the first time that had happened since World War I. The world has faced uncertain times before, and I’m sure it will again. But, how do companies thrive during…

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