Business Direction - Full Fledged Business Services or Strictly Marketing/Promotion

Discussion in 'Growing and Managing a Business' started by LindseyInteract, Dec 29, 2014.

  1. LindseyInteract

    LindseyInteract
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    First off, let me say thank you for reading this post.

    I have been in the online marketing industry for a long time, been doing online marketing (SEO, Social Media, Affiliate Marketing, etc) for a long time, so I created Lindsey Interactive, LLC 2 years ago, which we did it as an "Online Marketing Company" that specialized in SEO, Social Media, etc. The purpose of the company was to create affordable marketing services for small businesses, now as my business experience begins to develop, I am trying to figure out if we should keep it strictly for marketing/advertising services such as SEO, Social Media, etc or if we should push it more into a total Small Business Solutions type company that offers solutions to many (more than just advertising) problems that small businesses face, such as Consulting, Marketing, Funding, etc.

    Now, we would still be putting focus on our online services such as SEO, Social Media, etc but we would be a full service Business Solutions company that focuses on ALL areas that small businesses face problems with, as our main goal was to help small businesses be able to get started, because based on the statistics in today's society it is so hard for small businesses to start up.
     
  2. MarkHache

    MarkHache
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    If you can be a more comprehensive resource to you customers, and keep more of their budget with you (as opposed to finding another provider for services you don't cover) it's a great idea to consider. You're only limited by what you have expertise in, or access to ie: do you have fulfillment partners with required expertise.

    As you know now from your experience, certain activities are generating more revenue than others, with less effort. You will find the same case as you add more services. You'll likely want to evaluate everything you offer to see if anything should be dropped from your menu or maybe passed-thru to a partner (for a kickback), so that you can focus more on the high-value services. You can still be a "one-stop-shop" for your clients without having to handle all the fulfillment yourself.

    Post your progress - interested to hear how it works out for you.
     
  3. prestonp

    prestonp
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    What you are thinking of, is called Product Expansion, which means offering new product(in you case, new services) to an existing marketing (in your case, small business); considering you have already established yourself in your current market with your current service and have some network.
    Source: businesscasestudies.co.uk/portakabin/achieving-growth-through-product-development/ansoffs-matrix.html#axzz3NGNZ4rJp

    Product Expansion has some risks as you are offering a new service. Here, important things are: You have experience in that field, enough resources to effectively satisfy your clients needs, ability to manage the growth of your company and, MOST IMPORTANTLY, you are confident that you can continue to effectively satisfy your existing clients with your existing service (that is, Online Marketing).

    I won't be able to offer you any strategy, though I can give you a piece of advice. Suddenly starting all the new services at the same time, like consulting, funding, etc will most likely make it harder for you to manage the growth of your company. I have seen companies who suddenly ventured into new services at the same were unable to manage that growth and eventually either closed down or ceased their new services.

    Better option will be to take it step by step. Start one new service at a time and establish yourself in it.
     
  4. LindseyInteract

    LindseyInteract
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    Thank you guys so much for your input, it is very valuable information that I will take to heart and take seriously.
     

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