Finding Opportunity During Challenging Times
How does one turn what seems like a competitive disadvantage into a business advantage?
Here’s an example of a business that was very successful in this regard. Annually in Whistler, B.C., a mountain resort town that has its peak seasons in the winter, spring and summer, hosts a food-and-drink festival in the fall. This event is called Cornucopia. This festival features events, seminars, and presentations focused around food and drink, with some taking place at local restaurants.
Some of these events are quite big and can actually distract from regular restaurant business. To gain a competitive edge during the slower season in Whistler, the restaurant 21 Steps Kitchen & Bar has taken one step ahead. 21 Steps is a very popular mid-to-upscale restaurant that offers three cou
rses for $36 or three small plate items for $26. The food is exceptional so the popularity of this offering often draws a line-up down the stairs from the restaurant. Their lounge on the top floor is always packed with spill-over including those without reservations or who don’t want to endure the long wait to secure a table in the restaurant.
When your business takes a dip in sales or looks like it might be heading that direction due to factors outside of your control, you can ask yourself this question: How can I leverage what is happening in the market to my advantage?
When I was diagnosed with multiple sclerosis over four years ago, I had to ask myself this same question. At the time, due to high levels of fatigue, I was limited in the number of hours each day I could work. I decided to offer virtual marketing services to maximize my productivity during these days of decreased energy levels. This part of my business is now growing.
The other thing I felt compelled to do was to share my story of how critical-illness insurance saved my life. I wanted to reach as many people as possible with the message to purchase critical-illness insurance while they are healthy, particularly business owners. The outstanding question was: How could I reach the masses? I quickly discovered that speaking to people who sell critical-insurance was the best route to take. Over the past few years, I have been hired by national insurance companies, distributors and financial institutions to share my message. As a result, I have inspired sellers of critical-illness insurance to have regular conversations with their clients about its importance.
How can you leverage your current – and perhaps unexpected – situation to build a better business model resulting in greater sales?