How You Can Identify And Profit From The Untapped Growth Opportunities Surrounding Your Business

How You Can Identify And Profit From The Untapped Growth Opportunities Surrounding Your Business
How You Can Identify And Profit From The Untapped Growth Opportunities Surrounding Your Business Opportunities for growth are everywhere. They are there for us in abundance. They surround us continually, often sitting right under our nose itching to be tapped into. However, in every business, in every moment, we let countless revenue growth opportunities slip through our fingers. Ironically, it is these opportunities that can generate cheaper, quicker and easier revenue growth than those strategies we stick to, time after time, whether they’re successful or not.

So how and why do we let these opportunities slip through our fingers? The answer is simple. Many opportunities are lost because as human beings we tend to live by a philosophy of “the grass is always greener”. This philosophy has us focus outside of our business to other pastures which are believed to possess far superior and enriching opportunities. Interestingly though, some of our most powerful and accessible opportunities for growth are sitting right under our noses, in our own backyard.

In 1960 a small book was written to help people find greater happiness in their lives. This book, written by Russell H Conwell, is called Acres of Diamonds, and although it mentions nothing about marketing or business, it definitely contains a very powerful message to all marketers and business people around the world. The book tells a story of an ancient Persian man named Ali Hafed. Ali owned a large farm with many orchards. He had a wonderful family, and was a very wealthy and contented man.

One day Ali was visited by an old priest, a very wise man from the east. The priest shared with Ali tales of a gem stone he had never heard of before – diamonds. He told Ali that if he had one diamond the size of his thumb he could buy a whole country.

Ali, not having any diamonds of his own, went to bed feeling like a very poor man even though he had lost nothing during that day. The next morning Ali sought out the priest and begged him to state where he could find diamonds.

After selling his farm and leaving his beautiful family, Ali set off on his search. He travelled through the desert day and night for months, spending all his money but not finding diamonds anywhere.

Now a poor man, he stood on the banks of the ocean in Barcelona, suffering and exhausted. As a tidal wave came rolling in he could not resist the temptation. Ali jumped in the ocean, never to be seen again.

The story continues and tells of the priest visiting the farmer who bought Ali’s farm. During this visit, the priest’s eyes were drawn to a pebble on the mantel. “A diamond!” the priest shouted. “Has Ali returned?” he asked. The new farmer told the priest that Ali had not returned and that the pebble was certainly not a diamond. Confident in what he saw, the priest insisted the farmer take him to where this stone was found. Together they went out into the backyard, stirred up the sand and lo and behold a twinkle of a spectacular diamond was glistening in the sun.

Ali’s backyard was actually the diamond mine of Golcanda, the most magnificent diamond mine in all history. The Kohinoor, and the Orloff of the crown jewels of England and Russia came from that mine.

The moral of the story: we all have Acres of Diamonds in our backyard, so let’s look there first!

The following four questions will act as shovels to help you dig for your acres of diamonds:

Your Acres of Diamonds:

Are Your Front-Line Staff Sales Trained?

Sales training teaches people the art and science of recognising and seizing opportunities. Yet, the vast majority of businesses do not sales train the staff that regularly interact with their customers. Every customer interaction is rich in growth opportunity, so train your staff in the art of opportunity spotting. Once trained, your staff can accelerate your growth by starting to on-sell, obtain referrals, and increase customer loyalty.

Are Your Existing Customers Encouraged And Motivated To Send You More Customers?

We all know referrals are a great source of new business. They cost us nothing, are potential clients who haggle with us the least and are the easiest to convert into buyers. But most businesses rely on natural referrals, which can often only drip feed the business. Think about what strategies and processes can you put into place to inspire more of your customers to send referrals. How can you create a referral engine? How can you motivate and reward your customers for sending you more business?

Are You Giving Your Customers Opportunities To Spend More Money?

It is often said that it is far cheaper to retain customers than it is to attract new ones. It is also far more profitable! Your customers will spend more if you add more value. I recently purchased a new car, and to add more value to my purchase the dealer offered to treat the leather and the exterior to increase longevity and the resale value. By adding more value they were able to increase transaction value by $1,500.

Are You Giving Your Customers A Reason To Keep Coming Back?

Many businesses have a narrow-minded view of their customers. They make the mistake of not seeing the lifetime value of a customer, when it is in the repeat purchases that real profit is achieved. Allow me to demonstrate: a hypothetical business makes $100 every time they attract a new customer. Most businesses leave it here, but we won’t. Next - if we can increase that transaction value (as per question 3) by $10, we would have a total revenue of $110. This equates to an increase in revenue of 10%. We don’t stop here either! Now, we increase the transaction frequency, say twice a year for the next 3 years, i.e. $110 x 2 x 3. This equals $660 over 3 years or $220 per year. This is a 220% growth per year, a quicker rate than most businesses achieve. How can you get your customers to come back again and again?

These are just some of the shovels you can use to tap into your Acres of Diamonds. And as you can see, the diamonds are sitting there waiting for you in your very own backyard. Poor Ali Hafed was a wealthy man, he had a beautiful family, a great life, and a farm full of diamonds. All he needed to do was face in the right direction and start digging!

Author: Daniel Rechnitzer, founder of ChildsPlay Marketing – Simple Ways To Succeed in Business. See