Wait! Maybe small businesses are doing it wrong!
After years of being told to think ‘outside of the box’ and embrace non-conformity…I am ready to challenge that thinking!
Perhaps the box is where we should be focusing!
Or maybe this??
Yep, thought so!
Yum Brands, Inc. happens to encompass Taco Bell & Pizza Hut chains and reports a ‘sharp 30% growth in overseas and US markets.’ – A striking 10% of that came from a ‘rebound’ in Pizza Hut on domestic soil alone! They are thinking deep inside the box!
What does this mean?
This means our consumers, our buyers, our prospects – the folks that are making buying decisions – are shopping for ‘the box.’
Now, this might not apply to you if you are a ’boutique’ or ‘high end’ service for the affluent…but then again, it might. So get your nose out of the air and be open to another opinion 😉
But, why the box?
The reasons this (likely) works are:
- You are keeping choices simple! (A confused mind does nothing, so too many choices decreases sales)
- You are exposing the client to a variety of your product line (they came in for a taco or pizza & got a variety of tastiness).
- You are rewarding buyers with a slight discount or an extra bonus.
How does ‘the box’ apply to you?
Hmmm – this is where you need to get creative! My coaching clients will tell you that I love to ‘bundle’ and group things together! You can get the consumer to consumer more of ‘you’ and also reward them with an extra bonus or discount. (Pssst, if pricing is an issue with you, make sure to revisit yesterday’s post on your worth!)
But…I have a service business…
- In my virtual service business, I used to offer “buy 3 get 1 free” for paying up front. In other words, they paid for 3 months of service and got their 4th free. This is great for generating cash flow up front as well as getting vested clients.
- I got a proposal from a vendor the other day and a bonus with their bundle was a free 20 point website evaluation & conversion testing, something they normally charge $1,500 for. Nice ‘bundling’
But…I have an info product business?
I have (and have advised clients to) bundle related products together for a ‘whole enchilada’ or ‘get it done’ type package. This works beautifully, especially with an urgency of time.
But…I have a coaching business?
I still bundle my group coaching into annual programs and my private e-Coaching into 3 month programs. This makes sure I am not dealing with month-to-month wishy washy clients (not you, those other folks 😉 and they know I’m committed too! This allows me to charge less than what my typical hourly would’ve been and it’s a win-win.
But…I have a merchandise business?
Then offer a quantity discount, a bonus with purchase or add in something ‘else’ of use. Look back at the pizza box example…there is more than just pizza there! If I walk in the door, I’m likely there JUST for pizza…but look at how they are introducing the rest of their product line to me! Genius!
Listen…there are few things I know for certain – but I can speculate, I can test the market and I can draw some conclusions.
And today, I am saying – 10% in rebound growth for Pizza Hut is strong. Taco Bell tested it first, last year. And now they’re transferring it across the brands.
That is compelling. That is telling and that is reason enough for me to consider climbing back INTO the box!
Meanwhile…I’ve just opened the box on the Spring Success E-Coaching Program…I’m working with just 15 folks on this, so head over there & check out that ‘box’
I’d love to hear some of your ideas below on ‘boxing’ up your products, services or self!