I
enjoy digging below the surface to discover why some businesses continue to do
fairly well in relation to their competition, even in today's challenging
economy. For example, how in the world can companies such as Starbuck’s®, Lexus®, Rolex® and even Disney®
continue to stay around and charge premium prices in tough economic times? These
four well-known firms aren't the cheapest in their markets by any means, and
most people would assume, if they read the paper or watch the news on TV, that
these companies would be near death.
On the surface it appears that no one has any money, or if they do, they're
certainly not buying $4 cups of coffee, $50,000+ autos, $10,000 watches or
five-day vacation packages to see Mickey and the
Initially, it may be easy to answer that these firms can survive because
they’re powerful brand names and they can pull back, tighten up costs, and even
close some of their locations. Yes, they can do this, but they can only cut
costs to a certain extent before it will have negative consequences on the
bottom line.
Adding Value Allows You to Charge More, Produce Better Profit Margins, and
Builds Great Word-of- Mouth and Referrals for Your Business
So how can these high-priced businesses continue to command and charge premium
prices above and beyond their competition? The answer may surprise you. Yes,
they have a powerful brand and reputation, which is a big factor, but the
hidden ingredient is that they are masters at adding value to the customer experience.
And what do these four companies do differently to add value and change the
perception of the marketplace to their advantage? Here are two powerful commonalities
they share that each of us can use within our own businesses.
1. They sell an experience, not just a product. When you go to Disney® for
example you notice several things that leave a positive impression on you.
Friendliness and cleanliness are two things that immediately jump out at you.
It seems that everyone in the park is happy and willing to help out. Based on
the price of admission to the park, and how far people travel to get the
'Disney® experience,' the Disney® team knows that great service is key to
delivering a memorable and fun experience for park guests. Disney® also knows
that if you have a memorable experience, you’ll talk to others about that
experience and ignite the power of positive word of mouth. Every time our
family has gone to their parks and we mention it to others, it initiates a
conversation. I'll get questions ranging from our general thoughts on the park
to specifics about our favorite rides. These conversations
come up thousands of times a day worldwide online and offline and I’ll bet that
in 85-90 percent of these discussions Disney® benefits greatly. Does your
speaking business have the same effect when people bring you up in conversation?
2. They are masters at customer service and consistency. When you purchase a
Rolex® watch you know it will work. When you purchase a cup of Starbucks®
coffee you know it will taste good in almost any city you visit. The same is
true if you purchase a Lexus®. You know you're not only paying for the brand,
but more importantly, a consistently high level of customer service and
reliability. This isn't an accident. It's the relentless investment in
training, systems, and people, combined with innovation and the creation of a
memorable experience that allows these brands to flourish and grow.
Your homework is simple. Grab a piece of paper and write down five things you
can do immediately to add more value to your customers’ experience. It could
range from a service guarantee, better communication, making more offers, or
conducting surveys to find out what you need to improve upon.
Tony Rubleski is a bestselling author and currently the president of Mind Capture
Group based in
Adding More Value to Your Customer’s Experience Can Mean the Difference Between Profits and Padlocking The Front Door to Your Speaking Business for Go
About This Contributor
Tony Rubleski
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