Diversity is the key to business survival. Sure, some companies have thrived on one product line, like Michelin or Crocs like Lisa referred to in her letter earlier in this issue. However, think about a company that only sold rain gauges in the West in 2022. That company likely didn’t fair too well.
In the animal nutrition business, there are many reasons to diversify. Most people own multiple species, and they genuinely care about their animals.
Here are three reasons BioZyme® has chosen to diversify its product lines, and why the company encourages its dealers to diversify too.
Reduce Risk
Many customers will make buying decisions based on economic and environmental conditions. These are the reasons BioZyme offers multiple products in our VitaFerm® line. Of course, Vita Ferm® Concept•Aid® is the most popular mineral, known for aiding with reproductive performance within the cow herd. However, VitaFerm® Cattlemen’s Blend™ is a great vitamin and mineral option for producers who want to supplement cows once they are bred and turned out on grass. VitaFerm Conserve® offers multiple options as a maintenance mineral for producers who want to cut costs but not their nutrition program.
The variety of products reduces the risk of the customer leaving the VitaFerm brand because they provide a variety of options during challenging economic times in a variety of environments.
Open the Door to Opportunities
A variety of products in your portfolio increases the opportunities to make a sale. Not only can you up sell and cross sell, but you also increase your customer base due to the variety of products that you offer. BioZyme capitalized on this opportunity during the pandemic when the backyard chicken craze exploded, and BioZyme simultaneously launched its Backyard Boost® line of products. Since it is important to take care of every animal, we wanted backyard chicken owners to have the same opportunity to include AO-Biotics® Amaferm® in their chickens’ daily diets.
In addition to an additional new line, let’s think about the programs BioZyme offers. For example, the Gain Smart® Stocker Program consists of three products that work synergistically to improve animal health and performance – Vita Charge® Cattle Drench, Vita Charge® Stress Tubs and the Gain Smart® Mineral. Additional product offerings are almost always complementary in nature and meet multiple consumer needs which provide great opportunities for business growth.
Fulfill Customers’ Needs
A single product focus cannot meet all customer needs. Let’s look at a family in rural America. The father might run a commercial cow herd. He definitely needs the VitaFerm line. The mom might have a flock of ewes and sell club lambs. She will most likely be interested in in DuraFerm® and Vita Charge. They might have children that show horses and also have a flock of backyard birds. They will need the Vitalize® and Backyard Boost products. Look at the opportunities that live at one address. The customers’ needs can all be met at one nutrition supplier because you offer a diverse range of products.
Diversification – it just makes sense for your customer and your bottom line. Diversify your product offering, and watch your business grow.