Profitable Opportunities

As a franchise, Harry Potter is the best example of how to grow your business that I‘ve ever seen: First books, then movies, and now a theme park. Being a Harry Potter fan, I cannot think of another series which has set up its fans to want to experience the settings in the book. Each of the distinctive stores in Diagon’s Alley, the ominous pubs of Hogsmeade, and especially the magical halls and rooms of Hogwarts established themselves in Potter fans’ imaginations from the books and were enhanced from the movies. As of June 18, fans can actually walk through these places.

They can taste a butterbeer at the Three Broomsticks. The advance word is that it “tastes magical. It’s frothy, butterscotchy, and incredibly yummy.” They can buy Sneakoscopes, which cost fifteen dollars at Zonko’s Joke Shop. They can take the Flight of the Hippogriff and feel the exhilaration that Harry experienced on the beast.

There are two other rides, too. Dragon Challenge is a well-executed, traditional roller coaster, and the Forbidden Journey is the park’s cutting-edge ride. These rides along with the opportunity to walk the narrow streets of Diagon’s Alley, shop the stores of Hogsmeade, and investigate Dumbledore’s office at Hogwarts, bring Harry Potter’s world to life.

When the theme park opens in June, the Harry Potter franchise will take customers from reading to viewing to experiencing. The books spark interest in the movies, and they stimulate the desire to visit the theme park, which fans will want to experience over and over again. Although fans will want to enjoy the books, movies, and theme park multiple times, only the theme park will continuously generate more revenue from each visit. That addresses the two profitable ways to grow your business: Have your customer buy more with each transaction and have your customer buy from you more frequently.

These purchases are not merely beneficial to your business but benefit your customers as well, a win-win for both. Doing more transactions with customers and having them buy more on each visit cultivates those customers. With each purchase, they become more profitable customers for your business. They also become more satisfied because their transactions with your business are easy. You know them and understand what they want. Best of all, your business gives them what they want.

Although your business may not offer your customers what they want on the grand scale that the Harry Potter franchise does, your business always has opportunities to do more business with your customers by increasing the frequency and the amount of their transactions. To do so, you need to be alert and look for the profitable opportunities that benefit both your customers and your business.

What profitable opportunities are available with your customers?