This time, I want to give you something to think about for the weekend.
American Express was founded in 1850 as a fast parcel and mail delivery company (hence the "Express" in its name) and later expanded into the railroad industry, becoming a major player in the field. So, how did it become a financial company with over 100 million credit cards in the world?
One day, American Express's President, J.C. Fargo, traveled to Europe and returned frustrated. Despite his high position in the major and well-known railroad company, Europe did not honor his letter of credit from the bank (a kind of old-time check) or, in other words, they politely told him, "Who are you anyway?"
When he returned to America with his tail between his legs, he asked his managers to come up with a new solution to the frustrating problem, a solution that would make it easy for people traveling around the world to pay. That's how the "Traveler's Checks" were born, which created a new and convenient business for American Express (convenient to the tune of $100 billion) alongside its shipping and railroad businesses. Later on, this business led to the creation of credit cards.
So why am I telling you this?
Because about two years ago, I advised an Amazon seller who sold a product in the baby category. She added a small and inexpensive gift to it, you know the concept...
After a while, she began to read the reviews together with me and realized that most customers liked the product but loved the gift. So, I suggested she create the gift as a separate product.
Guess what? Today, that product is her best-seller, and she has developed five different variations of it.
Keep your ears and eyes open; in most cases, the biggest opportunities are closer than we think, right under our noses, and without noticing, we may be looking too far and missing them.
Have a pleasant weekend!
Comments