We Don't Do Large Chips
On a recent visit to a local chip shop I was met with the reply "We don't do large chips" when asking for a bigger portion. I must admit, I was slightly thrown by the reply.
If you're a regular reader of this blog you may already know my thoughts about only offering a single size of product or service. I couldn't believe a shop like this didn't see the dangers. That made me think, though. After years of speaking to bookkeepers about the same thing, not everyone gets it yet.
The Missed Opportunities
Imagine a world where businesses only offer one level of a product or service. In this world, customers who are willing to pay more for a higher level of service or a larger portion, like I was, might be turned away, resulting in lost sales and revenue. On the other hand, some customers may not be able to afford the single option available, further reducing potential income. By providing multiple options, businesses can cater to a wider range of budgets and capture additional revenue.
Getting someone through your door is the hardest part of the sales process. Once you've done that and made a sale surely the goal is to maximise the income from that customer.
In this same world, people have different preferences and needs, but the one-size-fits-all approach leaves many customers unsatisfied. I certainly was on this occasion. Offering a variety of options would allow businesses to accommodate a broader range of customer preferences, ensuring that more people leave happy and satisfied with their purchase. Without these options, customers might feel that they are not getting the best value for their money, which could lead to decreased customer satisfaction and loyalty.
The Ripple Effect
The consequences of this limited approach don't end there. When businesses only offer one level of a product or service, they miss out on opportunities for up-selling and cross-selling. Offering a range of options would allow businesses to encourage customers to purchase additional products or services, increasing the average transaction value and boosting overall revenue.
Moreover, a one-size-fits-all approach can hinder business growth by limiting the potential customer base and revenue streams. Offering multiple options allows businesses to attract a wider range of customers, tap into new markets, and create more opportunities for expansion.
The Lesson Learned
Our story may have started with a chip shop that didn't offer large chips, but it serves as a cautionary tale for businesses across various industries, including bookkeepers. By offering multiple options that cater to different needs and budgets, businesses can better serve their customers, maximize revenue, and set themselves up for long-term success. Clients may not always tell you that they want a bigger portion until you offer it.
The one-size-fits-all approach to products and services can be detrimental to businesses, resulting in missed revenue opportunities, unsatisfied customers, a lack of perceived value, limited opportunities for up-selling and cross-selling, and stifled business growth. Don't be like the chip shop that doesn't offer large chips; instead, embrace the power of choice and watch your business thrive.