Do you have a process for identifying unexpected success? Are you surprised when your business is generating sales in markets different than you had intended? Many web-based business have done a good job of implementing analytics that allow them to modify their approach and maximize profitability. Unfortunately, in other businesses the same feedback mechanisms don’t always exist. If they do, arrogance may prevent us from capitalizing on them.
- What do you need to learn about your customers that would shock you?
- Are you successful in niches that are not your primary target market?
- Do you have services that are highly profitable that you stumbled into by accident?
Often the way you view your company will prevent you from taking advantage of the largest opportunities. For example, what if a manufacturer of packaging equipment refused to resell plastic wrap even though their customers were asking for it. The belief that they’re in the equipment business instead of the packaging business might cause them to lose out in millions of dollars in profit.
What if the way that you’ve defined your market is different than you intended? Shifting gears and investing effort to this new market may be just the strategic shift that your company needs.
Keep an eye out for the unexpected success. The market knows what it wants…. we just have to be humble enough to listen.
