How a Diverse Customer Base Protects Your Business

As a business owner, you want to find the right clients for your business. You want to get clients who are easy to work with and have the right budget. You need to have those clients who need and value the services you provide. and related businesses go the extra mile in finding clients who are a good fit for their businesses. But it can be difficult to get only this type of client. As a business, you will also need to have a diverse customer base, as that is what will offer you the flexibility you need.

Having a diverse customer base helps in mitigating risks and gives you added financial security and stability. It also gives you the ability to work on different projects and with different kinds of people. As a business owner, you will have the role of finding a mix of clients who can satisfy your needs.

What a diverse customer base look like

Every business and industry is quite different. There a multiple factors, both geographic and demographic, that impact your ideal client base. However, there are best practices that you can start with.

Find the right clients

As a part of your initial business plan, you might have already completed an exercise of determining your ideal customers. To get your ideal customers, you must get your research right. Pinpoint the needs or problems that your services solve. Find the clients that need what you offer based on your business size, industry, location, and budget. Collect demographic information on the core users of your business, then identify who is buying from you and the people who most need your services.

Establish the client mix that works for you

How will you know how a diverse customer base looks like? In every business, there will be a different breakdown. There are a couple of high-level types of clients you should look for and you should consider them when building your client mix. There are anchor clients who deliver consistent business to you. They have long term contracts on a retainer basis. They expect relations to continue unless something happens. Then we have seasonal clients who just have seasonal needs and seasonal schedules. These clients are reliable in their way, but won’t give you consistent business. Then we have opportunistic clients. These are clients who come to you with a specific need.

It is very important to build a more diverse customer base. First, do all it takes to identify your anchor clients. Then go ahead to attract and maintain seasonal clients. This will happen by understanding the seasonality of your business. Also, maintain a good relationship with your past clients. Old clients will become new clients again if you gave them a good first experience. Additionally, offer referrals and discounts to your existing clients. Ensure you position your business in such a way that it is discoverable for different opportunities.

Embrace targeted marketing and ramp up your public relations. Join associations and organizations that would offer you great networking opportunities to grow.