Do you have a $100,000 service?

Craig Toyne, Accountant and Business Adviser at Rethink Financial Group

“Do you have a $100,000 service that you can offer your customers?”

When I was asked this question a number of years ago, I was sceptical that the presenter was just trying to sell me something ………….. which of course he was! So unfortunately I dismissed the idea that the question could contain any true wisdom.

However, with the benefit of growing older, I have come to realise that question contains three very important concepts that all business owners should keep in mind when offering services (or products) to their customers;

  1. It is a mistake to assume what your customers will pay for a service that is valuable to them. Often our own values and beliefs get in the way of charging what you are really worth.
  2. If you don’t offer a service, then your customers cannot buy it! If you only offer a base level service, that is all they can buy. This doesn’t mean that you have to always sell the more expensive package, but it has to exist in order for you to sell it.
  3. On a more basic level, it also highlights that many businesses don’t even explain to their customers what services and options that they actually offer. How often has a customer of yours bought from a competitor, rather than you, because you hadn’t told them you provide that service.

So again I ask “do you have a $100,000 service that you can offer your customers?”

It is not the $100,000 figure that is important, it is that you have an offering that is really “out there” and gives your customers the opportunity to get the most value out of dealing with you.

An example of this could be a motor mechanic who offers a complete car care service for your entire family’s cars, including servicing, all repairs, regular car washes and detailing, safety inspections before holidays, maintaining log books, providing all the services at your home or office, taking your car to get new tyres, providing loan cars, preventative maintenance, assisting in you the purchase of a new car, driver education to young drivers. Basically, whatever you could think up to provide a complete service so that your customer never had to think about their car again.

It might not be a service every customer wants, but it does separate your business from the one down the road that just advertises servicing and rego checks on a sign on the footpath.

At the very least, promote what services you currently provide. This might be way of a menu of services, promotional material given to customers or on your website.

After all, I can’t buy what I don’t know about!

If you have any questions in relation to the information in this article or would like to come in and have a chat to us to get some support, we’d only be too happy. Simply submit an enquiry below or phone our office 02 4962 4440.

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