I don’t have much these days. Sign of age and genetics since my dad is losing his too. Hair that is. So I go to a local barber who happens to give me the 5th haircut for free. I receive a little card with five boxes and on the 5th haircut, it’s on the house.
And they do a decent job too, not that its particularly taxing as there isn’t much there to cut.
My son on the other hand has more complex needs. He has a full head of hair and likes to look cool. So he goes to a hairdresser where more skill is required to be able to style his hair.
Now I’m quite sure my barber could style my hair if I had some and he wanted to. But that’s not the point. He’s chosen a business model which requires lots of customers hence the loyalty card. It’s fast moving, low profit margins but he has a successful business.
So does the hairdresser who adds more value, a better beverage choice and higher prices.
The lesson for you. Think about your product and service. Make a decision whether you’re going to automate things, strip it down, reduce the cost and sell more or are you wanting to add more value to your offering.
Here’s some ideas:
- Rather than just selling mortgages, do you offer a complete advice solution which ensures they buy their home and have it fully protected whatever nature or life can throw at you.
- If you sell various services with fixed costs, could you sell a membership which gives access to your expertise to solve their problems rather than picking off a menu.
- If you sell training, could you give your clients access to your expertise on a retainer so they get to use your skills every month to really solve their business challenges.
My son laughs at my free haircut on my 5th visit, he thinks it’s terrible and sounds like Costa Coffee. Don’t tell him that genetics will prove that he will lose his hair in his 40’s and will then seek out the same barber as me.