Expanding your client base is always a challenge, but it can generate new revenue streams if you approach it properly. For example, if you want to expand from serving niches like fraternities and sororities into pet accessories and infant markets, you need to consider a few important factors.
The first thing a business must do is approach this as a whole new set of marketing rules. They should start from scratch with defining this new niche. Just because something worked with fraternities and sororities, doesn't necessarily mean the same approach will work in the pet market. You must truly understand what the values of that niche are, how they interact, and make buying decisions.
Secondly, you need to refine your marketing collateral, like ads, fliers, order forms, and other things to speak to that niche and how they communicate.
Lastly, you need to determine how to measure success in that niche, and then track what is happening, so you can make sure you are successfully communicating to that market.
Focusing on specific markets is how you can be successful in the awards and engraving industry. Typically, there is a reason that you were focused on those specific markets though, so switching is not easy and you must find a similar reason to be focused on your new niche. It is not something to take lightly and just jump from one niche to the next.
—Aaron Montgomery, 2 Regular Guys, MontCo Consulting