How Listening To Your Market Can Help You Market Other Businesses
I can feel the uncertainty now.
Joe, why on earth would I want to market other businesses?
Don’t worry, I would never suggest that, unless you create a joint-venture with someone that is mutually beneficial for both businesses. In that case, you are helping your business and the other business at the same time…but that is for another post.
What I am speaking of is, listening to your market to start developing other business income streams that you own.
I will start with a question. Have you (or your staff) ever encountered a situation during the regular course of your business where a number of customers “speak out” to the same idea? This idea is related to your business, but you may not currently offer it.
The customer says something like “Man, this is great, but really wish I had a ____”
or…
“Man this is great, but I really wish I knew someone who could _______”
If it is related to what you already do, why can’t you be that someone? Why couldn’t you create that something? If there is a big enough market within your customer base (which already trusts you and will buy from you), why not do a little more research (to check out competition, pricing, profit potential, etc…) and put this product or service to market? This could add a profit stream to your business you may not have thought of before. Heck, I have seen one of these profit streams overtake the main business offered by a business owner. Will it do the same for you? Who knows.
So, the next time you or your staff are out serving customers…keep an extra ear to the road, and you just might recognize your next money maker.
Joseph Ratliff is a marketing consultant, copywriter, and speaker.
He authors a blog known as The Profitable Business Edge 2, a compilation of articles, tips, and actionable strategies that have helped businesses generating over 60 million in revenues increase their profits dramatically, located at http://josephratliff.name
You can also view a special 45 minute online marketing seminar, “How To Uncover $10,000 to 10 million in Revenue From Your Business” at http://www.profitpartnersconsulting.com for free.
