Surely it can’t be all that bad?
Of course it is not. We just need a dose of optimism because there are market opportunities out there. The trick is finding these said opportunities and doing something about them, before the competition.
Indeed, David Webster (BSA chairman) very recently talked about opportunities that existed for mutuals at the BSA conference. And for intermediaries (and others for that matter), there are plenty of opportunities too, which may well be closer than you think.
Finding the opportunities
When you start to talk about market opportunities, some people will have you doing SWOT analysis – an assessment of your strengths and weaknesses against the market opportunities and threats.
There is nothing wrong with this, especially as it gets you thinking.
However, in many cases, the listed opportunities are too generic and the document gets filed away and forgotten about.
Moreover, seeking market opportunities is an on-going process, rather than an ad-hoc exercise which can be discovered in many different places. Once found, they need to be acted upon.
Opportunities begin at home
These opportunities may be closer than you think. In fact, there may be opportunities that you are sitting on right now, which are just waiting to be hatched. We get so bogged down, we often can’t see the wood for the trees and opportunities go unnoticed.
Then there are opportunities that have been identified, but nothing has been done about it, because business as usual takes over. But surely seizing market opportunities is business as usual?
To begin finding opportunities, you first need to unlock your own unconscious. You know your clients and you know the market. This means you may well have spotted an opportunity, yet you may not realise this, as many great ideas get buried, due to the way our minds have become used to working.
Therefore practice the art of soft thinking, which can be achieved by taking some time out of the office, getting away from the routine. This can free up your mind and ideas relating to market opportunities should pour into the conscious, from your unconscious.
Once you have done this, you can unlock opportunities that are trapped within the minds of your employees.
Like you, they will have lots of thoughts. So put time aside to discuss these, and share what your clients are saying and doing.
Ideas shared can create synergy and a new opportunity can soon be staring you in the face.
And don’t leave it there – continue to encourage the sharing of ideas and have somewhere in the office where these can be recorded and seen by all.
Unlocking the opportunity
Spotting opportunity is one thing, seizing it is another.
Most businesses will have a number of projects that they would really like to do, which can add value to their clients and to their business. However, the old issue of time gets in the way. Instead, the ideas remain on the “to-do” list and the opportunity slowly slips away.
Many of these ideas could well be golden opportunities. Now add the new ideas generated above to the list and decide which takes priority. Then get on with it.
It is important not to try and do too much or else nothing happens. So it may be wise to focus on just one thing. And if you still think you don’t have time and resource, challenge yourself to find something that you could stop doing, which will have no detrimental effect on the business.
Opportunities at your finger tips
A great way of identifying market opportunities is at your finger tips – your client database.
Identify clients that you have not been in contact with for a while. Then make contact.
But don’t use the contact to “sell”; use it to listen. Ask questions. Ask how they have been affected by the economic downturn. Ask what has changed in their lives. Ask them their opinion on interest rates.
Ask them whatever you like, but listen. And interpret.
You will then identify opportunities. And the more clients you speak to, the bigger the opportunity will become.
Opportunity cost
There are plenty of opportunities out there. How you find them will be up to you, but you won’t go far wrong if you listen to your clients, talk to your employees and give yourself some time to think freely.
This will prove far better that a SWOT analysis that sits in your drawer. If you don’t and you miss out, it will prove to be a massive cost to your business.
Jeff Knight is managing director of Tonic Marketing
