Developing Markets are Everywhere

This week we’re thinking about markets. New markets, niche markets for existing services and getting close to customers. We get a quick language hint from the Harvard Business Review, hear about how hospitals are finding donors in their hospital beds, the hidden market for parking ticket professionals in NYC, and a YouTuber bringing a city of one million to a standstill. Good stuff.

When Solving Problems, Think About What You Could Do, Not What You Should Do

“we all tend to default to what we should do instead of asking what we could do. My colleagues and I did an experiment in which I gave participants difficult ethical challenges where there seemed to be no good choice. I then asked participants either “What should you do?” or “What could you do?” We found that the “could” group were able to generate more creative solutions.” This goes beyond customer service and is key in opening new opportunities, let’s ask more what could we do? questions. READ MORE

Hospitals Are Asking Their Own Patients to Donate Money

“Nonprofit hospitals across the United States are seeking donations from the people who rely on them most: their patients. Many hospitals conduct nightly wealth screenings — using software that culls public data such as property records, contributions to political campaigns and other charities — to gauge which patients are most likely to be the source of large donations. Those who seem promising targets for fund-raising may receive a visit from a hospital executive in their rooms, as well as extra amenities like a bathrobe or a nicer waiting area for their families.” It’s been said that the best source of business funding is from current customers, but this may taking it a step too far. However, it brings up a good point: are we doing enough to enlist our front lines in our sales and marketing? Hospitals are. READ MORE

City’s Traffic-Clogged Streets Drive Need for Parking-Ticket Professionals

“And when it comes to fighting parking tickets, there’s a lot of money at stake. Last fiscal year, the city issued 11.7 million parking and camera violations, generating $653 million. But of the 2.4 million tickets disputed, according to the city, 51% were dismissed. Mr. Bolofsky says he fights roughly 100,000 tickets a year on behalf of clients. He charges a per-ticket fee, roughly 10% of the fine amount.” There are markets everywhere. Find a problem, fix it. READ MORE

Birmingham brought to standstill by YouTuber James Charles

“The sheer mass of people and cars heading into the city centre caused havoc, with the BBC reporting that some drivers abandoned their vehicles overnight after giving up hope of getting out. The teenager from upstate New York has earned more than 10 million followers on both Instagram and YouTube for his makeup videos, with brands queuing up to sign lucrative endorsement deals.”How does someone you’ve never heard of bring traffic in a city of 1 million people to a standstill? Youtube is bigger than we think and your future customers and employees are probably on there. . .but wow. READ MORE

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