But in the energy sector, acting on this natural business instinct can present a unique set of challenges.
For example, you might have a wealth of experience in traditional fossil fuel generation and want to turn your expertise to a fresh offering for the low carbon future. The fear is that current customers will view this as a dilution of your core business and expertise. What’s more, the market you are moving into might view your credentials as a conflict of interest.
In theory, most other businesses will understand the need for diversification. They should also recognise the value of transferable knowledge and skills. But the key to this tricky business dilemma is transparent messaging around the new offering.
Any company embarking on a diversification strategy should have a solid business plan behind it. The challenge is translating that business plan into a rational and transparent message for the wider market. It must reflect your reasons for diversification and resonate across all your markets. Without crystal clear messaging, your communications efforts might weaken your brand.
Moreover, your messaging needs to recognise the synergies between your new and existing sectors. It must also respect both the heritage of your business, and the heritage of the market you are entering.
If you are planning to enter a new sector in the energy industry, contact Aspectus. We’ll help you to create and define the most effective narrative that resonates with current clients as well as the prospects you are trying to reach.
We’ll be at The Energy Event in Birmingham on Tuesday 16th and Wednesday 17th September. Drop us a line to arrange a meeting.