One of the bittersweet aspects of being an entrepreneur or business owner is never being satisfied with progress. Taking calculated risks, making intentional decisions and measuring outcomes are all behaviours that entrepreneurs exhibit to push the edges of what they are capable of so they can push their business to the edges of its capacity, in hopes of finding new opportunities. Every new opportunity comes with new challenges but as long as progress is being made, many entrepreneurs will use their lack of contentment as a catalyst for growth. Your business is either growing or dying right?
It’s not unusual for a business to develop new products and services based on their understanding of the market and their customers. There is however, another angle that entrepreneurs can use to discover untapped opportunities in their business by considering how to increase the value of their customer base and prospect base. If an entrepreneur is forced to increase their base of customers and prospects and the future opportunities they may have, an entrepreneur will put themselves in the place of their customer or prospect and re-evaluate the experience they are having when interacting with their business. It’s the difference between looking at how your business sees its customers, versus how your customers see your business.
Customers pay for value. Value can be defined as the experience customers have when interacting with the products and services your business offers. If you want to increase the future opportunities that your business has with its customers and its prospects, you need to figure out how to make the experience more valuable. You need to explore how your business can increase its visibility in the market to attract prospective customers, while shortening the cycle for first-time and repeat sales opportunities. If you choose to believe that the base of customers and prospects your business has is one of its greatest assets, you may get a new perspective for discovering how you can increase the future opportunities your business will have.