Turn Problems From Major Industry Changes into Business Opportunity

puzzle piece coming down into it's place
Sweeping industry changes like health care reform, a reduction in mortgage foreclosure rates, and an increase in usage of mobile technology brings opportunity. You can choose to do business as usual or you take the time to discover how these changes impact your customers or allow you to stumble on a new revenue stream.

CVS will now allow customers to bring their health insurance premium bill to the checkout line along with greeting cards and batteries. By accepting payments on behalf of insurance companies, CVS helps the insurers reduce receivables. By providing consumers this new convenience, Bill Pay at CVS Pharmacy may instill more customer loyalty. Although this service will probably not generate a windfall of revenue (Note:  No additional fees are charged to the consumers. It does not disclose the fee arrangement with the insurers), it does position CVS to go after a hot new market, the previously uninsured.

Takeaway: Look for ways to take advantage of major industry changes. The CVS management team wasted no time to carve out a role for the new segment, the newly insured. New billing issues would not be too farfetched to imagine from a huge influx of new members, likely who are CVS customers. Knowing that CVS already handled some walk-in bill payment transactions with Moneygram, the leaders found another payment processor to manage insurance bills. Does your business have a competency that can be applied to solve new customer problems triggered by regulatory changes or new trends in consumer demand?