Diversification is a great tactic that you can use to create new revenue streams at your service station. It’s better to spread out your efforts instead of putting all of your eggs into one basket – but, sometimes, this is easier said than done.
Here are some proven tips to help you get started on your diversification journey:
1. Target a new audience.
Have you ever considered stocking a product that caters to a specific group of customers with a specific need that has gone unmet? This is a method that works for many businesses – instead of widening your scope, you can actually increase your customer base by narrowing it.
Once you find the need of a customer to hone in on, concentrate your efforts there and you’ll see a brand new audience coming through your doors. Ask yourself, what other things do my customers purchase, could I be supplying them with these products or services?
2. Find competition.
One of the best ways to achieve diversification is to buy an existing business with services that complement your own. It’s important to understand how this business can add value to what you’re offering – don’t do it simply because it’s there. Lack of focus could harm your business in the long run.
If you want to acquire another business, many companies succeed by acquiring one that is similar to what they already have going. After all, you know what you’re doing when it comes to your niche, and buying a similar business gives you the chance to expand your customer base.
3. Be adaptable.
Diversifying at your service station doesn’t always mean acquiring another business or expanding your services. It might be as simple as innovating what you already have.
By modifying the services that you’re currently offering, you’re showing your customers that you’re able to keep up with trends and stay on top of the market. You can increase the appeal of such services to demographics that you’ve never reached before by introducing new ways to market to your customers.
There are tons of ways that you can add value to the product you already sell, whether that pertains to fuel or what’s inside your convenience store. This is a method for diversification that is both low-risk and low-cost!
Diversifying Your Service Station
Keeping up with the ever-shifting trends of the fuel industry in Australia is no easy feat, but ServoPro is here to help. Check out our website for more advice on how you can make sure your service station runs successfully and smoothly.