How to Find Huge Opportunities Right Under Your Nose It happened at Quizlet, where its CEO once overlooked a chance at 300 percent more ad revenue. Could it happen to you too?
By Jason Feifer
Introducing our new podcast, Problem Solvers with Jason Feifer, which features business owners and CEOs who went through a crippling business problem and came out the other side happy, wealthy, and growing. Feifer, Entrepreneur's editor in chief, spotlights these stories so other business can avoid the same hardships. Listen below or click here to read more shownotes.
Here's a thought that's going to make you crazy. Somewhere in your business, in a place you've completely overlooked, in a place maybe you haven't even thought to look, there's a major opportunity you're passing up.
In this episode of Problem Solvers, we explore how it happened to Matthew Glotzbach. In 2016, he became the CEO of Quizlet. It's a hugely popular online study platform for students, with more than 23 million active users. His first goal was to grow the user base even more, and improve some of the company's metrics. Quizlet also made money off of ads, but Glotzbach didn't invest in that side of the business. He just didn't see a big opportunity there.
One day, though, he was having a one-on-one meeting with a senior engineer. "You know," the engineer said, "I think we could be doing a lot more on the advertising side." But Glotzbach pushed back. User growth was the priority, he said. He didn't have the money to hire an advertising manager.
The engineer wouldn't let it go. So finally, Glotzbach agreed to take a look. He met with some advertising managers at Google, and received some startling news: "A company with the traffic of our size," Glotzbach says, "could be doing 100, 200, 300 percent more at a minimum than what we were seeing."
This was a huge pot of money just waiting for him. Now all he had to do was take it seriously.
On Problem Solvers, we explore what Glotzbach did to seize the moment -- and how every entrepreneur can find the same kinds of hidden opportunities.
Listen below or subscribe on iTunes, Google Play,or wherever you get your podcasts.
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