Mike Mountford, CEO of the $30 million company AllAmericanDirect.com, started a multi-million dollar high-margin division of his business, by anticipating the ‘next needs’ of the market.
Here’s how he did it: Mike has owned a company in the satellite TV industry for over 25 years. Three years ago, a major provider of satellite TV was about to lose their ability to broadcast a certain group of television stations signals. Mike heard this news and actively thought about what he could do to solve the needs of all of the television viewers who were now going to lose their signal due to this change. Mike recognized that he already had the equipment that would solve this market need, and almost overnight he put the manpower and deals in place to create a new and substantial piece of his business, called Distant Networks. AllAmericanDirect.com is now the sole provider of distant networks, and has the ability to serve millions of viewers with this product. Mike is a master of anticipating ‘next needs’ in order to grow his business and you can be a master too.
Here’s how to anticipate shifts in the market and create new revenue streams for your business:
1) Talk with and listen to your clients – I have spent over 30 hours in one-on-ones with reachmore’s executive coaching clients over the past 6 weeks. Through these conversations, they expressed a need for group coaching. We created the product, and will be launching it on November 11th at 11:30am during a huge wine and appetizer happy hour (this free event will be spectacular – email jamar@goreachmore.com for more details). By listening to our customers, we have created a new product that will help them grow an average of 10-46% next year, and a new revenue stream that will increase our coaching business by 20% in 2010.
2) Analyze the news – The news is negative, and I hate it. I still watch it though, because it helps me see into the “future” when it comes to anticipating the ‘next needs’ of the marketplace. When a law changes, a business opens, a business closes, or there is some large natural event, I always think to myself; who will be out of business because of this change, and who will gain more business from this change. I can find new clients this way. I also ask myself, what new products or services will be needed as a result of this change. Over time you will start to find opportunities that relate to your industry, expertise, or resource pool. Take advantage of these opportunities to create new streams of revenue for your business.
An entrepreneur who stays the same in business doesn’t stay in business for very long. Become an entrepreneurial psychic by working daily to anticipate the ‘next needs’ of the market, and your business will continue to grow – regardless of market conditions!
Jamar Cobb-Dennard is the Vice-President of Business Development for Reachmore, which provides leadership coaching for small business and executives. Email Jamar at jamar@goreachmore.com for the latest on Reachmore’s newest seminar, Launch.