Every two weeks he goes grocery shopping, taking roughly six hours to visit Walmart and six other stores.
His simple objective: find the best prices on everything he needs.
I respect his desire to economize, but wonder whether he couldn’t put his time to better use.
After all, he could probably buy almost everything at Albertsons or Walmart and be done in a third the time.
However, this strategy would cost him more money, even while saving him gas.
He jumped to mind today as I visited my mailbox and discovered a coupon for $15 off an oil change. With my car due for its 15,000-mile checkup, I had scheduled an appointment at the dealership.
The dealership charges $20 more than the guys who sent the coupon, so there shouldn’t be any debate.
Only I’d still need the tire rotation and other services…so I went for the convenience of one-stop shopping, even though it cost me a few extra dollars.
These scenarios examine the value of one’s time. Someone on a fixed income probably feels the $20 he saves is worth it, while a busy professional willingly spends a bit more to buy time.
There’s a valuable lesson here for any business owner: Regardless of what you sell, offering a wide range of products and services improves the chances you’ll lure in that customer seeking a one-stop shopping experience.
Furthermore, if you provide excellent customer service and are competitively priced, you’ll keep that customer coming back and referring to you for years to come.
And the kicker is that you can charge a small premium for what you sell. Call it a Convenience Tax.
The operative phrase, of course, is SMALL premium. If the car dealership charged me $50 extra, they’d lose my business for oil changes…and everything else.
But if I feel I’m being treated well and fairly AND can get everything I need in one location, I’m okay spending a bit more.
And according to my highly unscientific survey on the subject, there are lots of folks like me who will opt for the convenience factor every time.
It’s something to consider the next time you’re reviewing your marketing plan.
With that said, I wish you a week of profitable marketing.
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