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Keeping up with the customers

Love or hate them the Kardashians have had a 20 season career in global TV entertainment - no mean feat. Their show Keeping up with the Kardashians comes to a permanent end shortly, having detailed the families highs, lows and everything in between. 

I have to admit that I am a fan of the Kardashians reality tv show, don’t judge me! There is something about gaining a sneaky peek into their glamorous lives which lures me in every season. The main draw is observing their continual salad obsession, shaking the life out of those gigantic salad bowls whilst having conversations about their latest trip, it is a scene I just can't resist.

But what has made them so successful in selling their brand? 

Well, there are many strands to this answer but there is one strategy that sticks out for me and that is they (or their advisors!) have become skillful in anticipating what their existing customer/fan base wants and diversifying to meet those needs. In the Kardashian reign there have been businesses ranging from clothes brand ‘Dash’ to make up and a jeans line. They can anticipate what their current customers want and how to keep them engaged. The customer you have is worth more than the customer you don't. 

In business you need to be able to diversify your offering when it's appropriate and know when your existing customers may now need something different. It is easy for business owners to get stuck in a routine of thinking, problem solving, following processes - especially if these are generating income. But sometimes, looking at the bigger picture, monitoring new trends to diversify into other areas could provide more revenue or even personal satisfaction. Let's take Kourtney Kardashian as an example, a member of the Kardashian clan who has diversified. From reality star to now founder of lifestyle & wellness brand ‘Poosh’, something she widely documents her passion for in the TV show. 

Are you thinking of diversifying?

Diversifying your business may not be the right thing for you right now but if you are toying with the idea, it can feel overwhelming. If you are thinking about what is next for your business and customers, here are my top tips to help you plan before you jump in: 

1. Play to your competitive strengths - take stock, what are your strengths, how is this different vs the competition? What do you do better vs competitors? How easy is it to bring your idea to market?

 2. Think sustainable - Try and identify a sustainable competitive advantage when diversifying that will last the test of time. Is what you are proposing to do truly innovative? And or do something that's familiar but better? 

3. Embrace the new - If you plan it right, have a learning mindset there will be nothing to be afraid of in doing something different.

You never know, it might be the idea that transforms you from the unknown to a global brand, spanning a 20 season career. YOLO.

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