Entrepreneurs generally know their business better than anyone else. In fact, some entrepreneurs know their business so well that they miss the obvious opportunities that exist to provide their customers with more value. Often times an entrepreneur will stick to their main line of business based on their knowledge and experience and miss out on providing complimentary or ancillary products/services that their customers would take advantage of. Getting lost in the forest is a common problem that many entrepreneurs face, but if you are prepared to look around you may discover new paths to revenue.
In case you missed it, consider yourself now informed. Ben & Jerry’s has capitalized on the popular cultural movement of hanging out on the couch and watching Netflix with a loved one (or hopeful loved one) – also known as “Netflix and Chill”. Ben & Jerry’s has developed a flavoured of ice cream for almost every occasion and many of us are left wondering why it took them so long to create an ice cream flavour for the popular social activity. Consisting of peanut butter ice cream with sweet & salty pretzel swirls and fudge brownies, “Netflix and Chill” is going to successfully capitalize on an social trend by satisfying customers who didn’t even know this is what they wanted.
What would happen if you were forced to think about a complimentary or ancillary product/service that you could offer to your customers? What opportunities could you be overlooking that would not only improve the experience your customers have when they interact with your business but also your bottom line? Keep in mind that your business has (hopefully) established goodwill with a base of customers that may provide you with new opportunities if you are prepared to consider them.