There are additional profitable revenue opportunities available to your business right now.
You may know him better for his work in the auto industry. Did you know Henry Ford also commercialised charcoal?
Surplus wood from the creation of his Model T’s was forged into briquettes and sold as ‘picnic kits’ through Ford’s own dealerships as charcoal. The perfect accompaniment to the vision Henry Ford offered to his car buyers.
Today, over 1 million tonnes of wood scraps are converted into charcoal. 80% of that marketplace is owned by the company Ford originated with his relative, Kingsford Charcoal.
He profited from the side-product. He maximised revenue opportunity. In creating a larger offering, he productised what others would deem as waste.
Ask yourself, ‘what’s our company’s charcoal?’
THE SIDE-PRODUCT
80 years on, consider the knowledge you and your team have. The study. The expertise. The knowledge that is of value to others. Are you putting all of your focus on one particular product line or service offering?
Now consider the audience you want to reach. What is the biggest challenge they face right now. How can you reach and educate your audience. Not just through content, but a productised offering?
Finally, consider the platform and media you now have available to you to build your product on. To attract your audience through digital products, learning tools, SaaS, community and micro-conference.
Too few of us are using our valued knowledge and the tools we have at our disposal to create something new and incentivising for our potential audience.
Ask yourself, are there additional revenues streams to be developed from the time you’ve invested in learning your trade?
Build Your Own Distribution Channel – Your Media – Your Website – Your Email List – Your Audience
Upstream your focus and discover how to create products that widen your audience reach and create greater awareness for your core service.
What’s your company’s charcoal?
SELL YOUR PROCESS
Put the tools of your trade into the hands of your audience.
Otter Surfboards make beautiful handcrafted boards from cedar and poplar wood. They don’t keep their craftsmanship to themselves. They will teach you how to make a beautiful board of your own.
“Building your board with your own two hands and literally knowing it inside and out makes it much more than just another purchase”
PowderJet Snowboards take their build-your-own workshop on tour to teach their audience their own trade.
Both maker businesses are building revenue streams teaching the very craft that has made their products a success.
Dave at Saddleback Leather shows you how to knock-off one on his $600 briefcases. The clear message… it’s probably a safer bet to simply buy one of his products.
The default setting for knowledge-share is the blog post. Presenting the insight you’ve gained through experience in written form. As product makers your opportunity is to take that sharing one step further. To not simply teach what you do. To get your tools into the hands of your consumer.
- Can you teach what you’ve learned to create?
- Can you reshape and repurpose for sale the offcuts of your core products?
- Are you building such a valuable brand that people will wear your branded t-shirt?
- Can you develop an online course teaching your audience what you and your team already know?
Written By:
