Diversification: The Customer Matrix
We all know about diversification in networking: building relationships with people in all sorts of roles, career stages, companies and industries because you never know what type of person you will need to know in the future.
We all know about diversification in hiring: making sure to round out skillsets, backgrounds, ages, genders and personality types to create high-functioning teams.
We all know about diversification in investing: creating a portfolio with assets of various industries, geographies, sizes and types to reduce risk.
How about diversification in target markets? Finding a variety of customer or client markets to build a stronger revenue potential.
I see this working well for Nobox and The Found: finding a matrix of companies from a variety of industries, in growth stages and of different sizes. This will help create a community of like-minded people who fulfill different roles (like in network diversification), have different skills (like in hiring diversification) and have different risk profiles (like in investment diversification). Something like this:
Company stage: ideation (concept but no product), early start-up (no revenue but with product), established start-up (with revenue), growth, steady-state.
Target company size: sole proprietor small team (2-5), medium team (6-25), large team (26-250), corporate (250+)
Industry: food & agriculture, energy & climate, communications/journalism/storytelling, visual arts & music, health & medicine, psychology & spirituality, realty & home, finance & legal
Role: digital service providers, physical service providers, physical goods, digital goods, research, outreach/media creation
In the context of a potential client I have been talking with, who is developing a 'live, work and succeed' community for musicians, this might be something along these lines:
Genre: rap & hip-hop, classical, jazz & blues, electronica, rock, folk
Role: musician, song-writer, composer, engineer, producer, PR, events planner
Career stage: young & just getting started, new to professional but long-time amateur, established professional in a large scene, established professional in a small or new scene, retired professional
Does anyone have other good examples of diversification practices? Any ideas for these two examples or your own?