How do you actually identify new business ideas hiding in your customer complaints? Here are five tips to get you started.

Be open to closing the gaps
To get useful inspirational tips and leads from your customers, they must know that you're open to hearing about the gaps in your product lines or services. Ask your customers what you could do better. This seems like simple advice but it is very powerful. Asking one of your customers this simple question uncovered a potentially profitable need that wasn't being fully met. If you could offer a service to help the customers bridge that gap they would buy it.

'Simplify' may signal business opportunity
Is there a demand for a simpler or faster version of your product or service hiding in your customer complaints? The new products can be a direct reflection of the feedback you receive from your customers.

Pay special attention to the loudmouths
Do you have a handful of customers that complain frequently? Instead of labeling them troublemakers, start thinking of them as your idea-generators. Realize that a customer that complains is sometimes the best customer. Though no one likes to deal with some who's constantly whining about something, but the customers that complain the most usually are the most passionate. If you can solve their complaint or problem, you will most likely have a customer for life.

Look to your own complaints
Are you a customer? Take a look at your very own complaints there could be a new business hiding in your pet peeves. And chances are, if something isn't working for you, there are others out there with the same problem. Customers have social power, and it inspired to build a customer support solution that leverages social media

Will your customers pay for a solution?
While there may be multiple new business possibilities in your customer's complaints, how can you find those that will lead to profitable new business? Evaluate each complaint carefully. If the issue shouldn't have occurred, or been solved by the service or product they've already purchased, simply fix the problem. If not, it could mean there's a potential new business idea right under your nose – and to find out, ask. Be up front, and just simply ask them, 'If I could solve your problem would you pay for it?' Doing so you will immediately find out how much of a complaint it really is.

Sources:
www.businessnewsdaily.com