We’re going to do something a little different in today’s blog post. And I was inspired for this post by a trip to my local coffee shop. Where I got a huge lesson in savvy business practices for 2018….
Yup, you read that right!
I am always on the look out for ideas on what to write about and today I had an experience that I thought could translate into a fantastic business lesson for any entrepreneurs out there on STEEM!
First….This is what inspired me…
I found this card on display at my local Tim Horton’s coffee shop. For those who need a quick lesson on ‘Tim Horton’s’, it’s basically the staple of everything ‘Canadian’. Any given day, you can pass by the thousands of these shops and find a line up at the drive thru and in the restaurant itself. It’s part of the DNA of what makes Canada…Canada. (Just ask @captainbob about it lol)
You’ll also notice that Tim Horton’s uses a third party delivery service called ‘Skip The Dishes’. This company will deliver food to your house from any restaurant that’s near to you. It’s a fantastic business story and something that really hit home to me about why this company has become such a success…
So I’m talking to the lady who served me the coffee and she told me that people sometimes order a single coffee which costs around $2….And then have it delivered to their home or office for the Skip The Dishes fee of around $5-7.
Read that again…
People are willing to SPEND up to 3 times the price of the original product for the convenience of having it show up at their doorstep.
So what is the business lesson in all this?
People pay for convenience!
And they are willing to pay big for it. Over the years some of the most successful business models I’ve ever created were ‘done for you’ solutions. Because if my company could create a product or service where the customer didn’t have to…Work hard…It was a huge win for us.
Can we be honest here?
Human beings have the tendency to be lazy (especially in 2018)! And if you can create a service or product that your customer literally has to set it and forget it…You are onto something big.
Done for your solutions, businesses in a box, delivery services for coffee…No matter what product or service you are providing for your customer, you should ask yourself how can you make it easier for them to use and adopt!
I mean…Here’s a food delivery service that charges you up to 7 bucks to deliver a single 2 dollar coffee to your front door???
Because if they can make a business model out of that, what’s stopping you?
Some companies and entrepreneurs compete on price. Others on features or unique selling propositions…But I’d argue one of the biggest ways to separate yourself is to create products that make your customers lives…Easier!
Write this down and remember it…
People will pay TOP dollar for convenience!