Effective diversification requires assessing future market trends, identifying parallel markets that align with existing products, and extending reach geographically. In this episode of The Chemical Show, host Victoria Meyer, explores the various reasons why companies choose to diversify, including gaining a competitive edge, growing profits, and navigating industry changes. Victoria also discusses the evolving nature of global and regional supply chains and how diversification strategies need to adapt to these changes.

This the final episode of host Victoria Meyer’s 3 part series on approaches chemical companies are taking to combat the market weakness in the first half of this year (for more on this, check out Episode 118 of The Chemical Show where Victoria reviews 2Q23 earnings reports, Episode 120 which covers Commercial Discipline, and Episode 122 which covers Customer Centricity.

Learn more about the following:

How diversification creates business resilience
Good business performance in a flat economy = diversification decisions made early on
How companies diversify
The importance of market adjacencies in diversification

Considering the power of customer and market diversification in driving business resilience, Victoria Meyer delves into the importance of diversification in creating a strong and adaptable business. Victoria highlights the perspectives of industry leaders and provides insights into how diversification can help chemical companies navigate flat and inflationary markets, beat the competition, and thrive in times of uncertainty.

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Additional Links:

Igor Ansoff

How Customer and Market Diversification Can Shield Businesses from Economic Challenges - Ep. 124