I was speaking today with the head of a communications firm who has been growing her business every year for the past several years and now her revenue has plummeted. Here is why: all her clients were in the real estate development industry: that industry that has also plummeted. The question is clear- I ask it of you: Are you serving only one industry?  Is that industry suffering? Is it time to diversify your client portfolio?

I do agree with the idea of going deep in a niche, or becoming a big expert in a small pond. However, perhaps it is time to rethink the basic premise of creating a niche and instead ask if it is time to start a second niche or a second specialty. For example, if your firm provides high- end catering perhaps it is time to build a box lunch business, if your firm specializes in professional organizing for people working from home, perhaps it is time to add professional organizing for small offices.

Here is one of my big secrets- I have 3 business cards- the business is the same, business coaching, consulting and speaking, however the niches are different. It may be time for you to get a second or third card. Is it more work? Yes. Does it cost more to market to two niches? Yes.  Is it more profitable? Absolutely, and more importantly, it makes your business less vulnerable. Our world is changing ever faster, business is changing ever faster. One of the ways to ensure your business remains stable is to diversify. Let me know your thoughts.

Here it is- you can not get by on marketing alone, you have to sell more than you have been doing in the past and probably more than you are used to.

Your Fortune Is In Your Follow Up

If you are an entrepreneur on top of your marketing, you have a great website with valuable content that you keep updated, you regularly get out your newsletters and you love to go networking and connect with people face to face. Recognize these are all great marketing activities and they are not sales.

To have a successful, profitable and sustainable business, you must recognize that there is a huge difference between sales and marketing—and right now is the time to increase your attention on selling.

Know The Difference

Marketing activities are those things that you do to get the word out, create exposure, introduce your product or service to people. Sending out an email announcement, sending out postcards about a special offer, participating in a trade show or advertising are all marketing activities.

When you follow up with a phone call and ask someone if they saw this month’s special you sent out and would they like to take advantage of this great offer- now that is selling. When you ask someone at an event if they have heard about your company-that is marketing, if you ask them if they would like to hear more about what your company can do for them and you sit down with them to have an conversation about how you can help them now that is selling.

Selling is asking for the appointment, the order, or the contract. Marketing are all those activities you do to find people or companies to sell to. Make sure you understand the distinction. Marketing activities are a lot easier and sometimes a lot more fun like when you go out networking and meet so many fabulous people.

I encourage you to evaluate if you are doing more sales or more marketing these days and I want to you to check in with yourself and ask you if you are mostly marketing. While marketing is great and sometimes you can get clients and sales from just sending out emails, you can significantly increase your sales if you start picking up the phone and asking for the business. Up your sales activities this week and let me know how it goes.