Can you transform the performance of your business and create new markets and products? How many other places could you take your existing product, service or combinations or variations of them and apply it to other fields or other regions or buying groups? Or could you license other people to use it? Could you package it in different ways sizes or combinations? Could you package other people’s things with it? Could you package your products or processes and make that a product or service? How many new products or services could you come out with that are your natural extensions, embellishments, top of the line premium versions, higher performing versions, or stripped down white label versions?
Just by adding one or two or five different components you can create an entirely new product and penetrate new market niches. You might look at your existing buyer base and see if there’re some intensity aberrations. Maybe there’s a number of people or companies that are of certain kinds of generic industries or types that are attracted to you and you may never have even realized it before. That you have a natural appeal or resonate with certain industries or type people or aged people, or professional types could spotlight incredibly overlooked markets to go after. Just by looking at that and analyzing your buyer base and the statistics that you have, you may open up a new treasure trove of new markets or new marketing niches you could penetrate. But you can’t do it if you don’t look at and for those opportunities by analyzing this kind of data.
Your Distribution Channels
You have some unrecognized distribution channels you don’t fully maximize, and there’s enormous leverage in them. For example, let’s say that you distribute your product through five hundred retailers. Well, that is a distribution outlet for all kinds of other products. If you’ve got great relationships with the buyers but you’ve only got three products to sell, you can turn the distribution channel into the great asset. If you’ve got great rapport and a great amount of trust with the buyers or the owners of each store you could do deals to get the rights to dozens of other related products that would work well with those stores or retailers or branches or distributors. You could put these new products in your distribution network and make more money by selling other people’s products or services than you do by selling your own.
Your distribution channels could also be the catalogs you deliver, the people or companies you distribute through, the mailing lists that you use, the list that you frequently rent and mail that know your name, etc., because you could lend your name or your endorsement or your signature to an offer. Your distribution channel can be the seminars that you attend or that you distribute and exhibit at. It can be all the members on the Internet that link to you.
There are so many areas of distribution that you have unknowingly created that you don’t think about. It could be working deals with your suppliers. That’s another distribution channel. It could be working deals with your client’s clients. It’s figuring out where your best leverage lies and maximizing it.