Diversification case studies

Why diversify

Diversification is about developing new products, entering new markets, managing new risks and ultimately reaping new opportunities. It has the potential to:

• Reduce risk due to investments and resources being spread across multiple countries and regions; if one market is volatile, success in others will reduce the impact of potential trade disruptions.
• Help gain access to larger market potential, including frontier and emerging economies.
• Increases your business’s overall market share, brand visibility and profitability.
• Contribute to employment generation in regional Victoria.

How to diversify into new markets

The journey to global expansion can vary based on the international demand for the product, the ease of market transition, business processes and the level of on-the ground support in international markets.

The Victorian State Government has 23 international Trade and Investment Offices around the globe dedicated to supporting the internationalisation needs of our small-scale enterprises in priority markets.

Our staff can provide business support services, open doors to international networks, expand businesses’ horizons and assist businesses as they realise their export ambitions.

Product diversification case studies

Agriculture Victoria has actively assisted businesses reposition themselves in response to COVID-19 and test new markets and distribution channels via considerable in-market investments, including VicHouse in Shanghai, China and pop-up events like Maison Saigon in Vietnam.

In both cases, Victorian businesses have relied on our networks to test the markets’ appetite in their products via dedicated events and e-commerce platforms.

For more information on our in-market activities, please contact the Pathways to Export team.