The Biz of Pacelinebiz

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The Secrets of the NFL revealed, take advantage now!

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Last week I identified some ways the NFL has made their business more successful.  This week I will try to take their strategies and apply it to your business. 

 The NFL responded to the needs of their customers by creating a more entertaining game that allowed for more scoring and gave the offense the upper hand by tweaking the rules of the game.  The lesson learned here is to know what your customer wants and react to what they are telling you.  Ask for and respond to customer feedback about your product or service.  What are you doing right and what are you doing wrong?  Do more of what your customers like and eliminate what you are doing wrong. 

 The NFL realized they have a very popular product and that it was popular overseas as well.  They have responded to that customer by taking the games to their soil with live contests.  Television can provide a good opportunity to expand but the NFL felt they had to give the fans abroad of the live product.  To follow the example of the NFL in this regard will require you to take your product or service to a new market.  Maybe it is not overseas but in the next town, county, state or perhaps country such as Canada or Mexico.  Take advantage of technology like the internet to broaden your market area.  Make your website work for you by adding the capability to take an order and to accept payments on-line.  Having a static site is not enough.  At a minimum, provide a way for potential customers to contact you for order requests or other inquiries through your web site.

 Find a way to create a premium for your product.  The NFL discovered this with adding Monday night and other nationally televised games.  It is the same product but a higher price for advertising.  Yes, they typically show a matchup of higher caliber teams but not always.  Last week they had the San Diego Chargers against the Kansas City Chiefs.  The Chiefs were one of the worst team in the league last year.  Think about ways you can add value to your product and get a premium price for it (and higher margins).

 The NFL vertically integrated a part of their business by adding the NFL network to distribute their product for Thursday night games.  What can you do in this regard?  Can you add a fleet of trucks to deliver your product?    Can you acquire a raw material supplier?  Perhaps now is the time to do this when the price to acquire may be at its lowest and cost of financing at all time lows as well.

 Is there a segment of your customer base that is buying your product despite the fact you are ignoring it?  Do some digging to see who is buying your product and you might be surprised to find you are missing out on an opportunity.  This is what the NFL did when they were essentially ignoring half of their potential customers by not marketing to women.  They have corrected this and are aggressively promoting their business to them now.  Whom are you missing in your marketing efforts?

 I hope I got you to think about your business in a different way today.  Have a great week.  I am going to watch some Monday Night Football.  The Super Bowl Champion New Orleans Saints are playing the San Francisco 49ers tonight.

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Written by pacelinebiz

September 20, 2010 at 5:37 pm

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