Australian Business Coaching Club Newsletter – One Size does not fit All
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One Size does not fit
If you have a low price strategy, you may also offer a one size fits all solution as introducing choice also increases cost.
If, however you wish to increase your margins, having a wider range creates value for your customer.
When our son was young, we took him
into a Baskin Robins ice cream store where they had 31 flavours. He thought this
was fantastic. He took his time going over the range to work out which flavours
he would choose. He asked about different combinations. He even sampled a few
flavours. In the end, he chose vanilla.
When you provide choice, you create value for your buyers, value they are prepared to pay for. How can you repackage what you sell to provide a choice to your buyers? The choice does not have to be in colour, it could also be in level of service at different prices. Often when you have 3 levels of service, people opt for the middle, not the cheapest one, where if you just offer one, they may not take it at all.
Do have a range strategy for your business or do you just offer “one size fits all”?
All you need to do now is to Empower yourself and take action ...
May Your Business Be - As You Plan It.
Dr Greg Chapman - The Business Brain