Mar. 24, 2022
Sedona, ARIZONA – “Whoa – they allow
that kind of business in this upscale district?”
My wife looks at me - looks back at the sign. “It’s a place for women to get their hair done up quickly. You better read it again.”
“Oops!” I reply. “My
bad”.
Here’s the sign in question. You tell me if you might mistakenly mis-read it.
As I’ve written many times in this weekly letter, signage is important. You want people to understand and know exactly what you are about and offering – in a second or two.
But I don’t want to go over that topic today. You can find it in one of the recent back issues – here.
We had driven to Scottsdale from Palm Springs to visit some friends of ours who spend most of their winters in the region. It is easy to see why.
Sunny, most of the time. Warm winters (compared to Alberta, Canada). Opportunity to play golf and tennis while us northerners are shovelling snow and scraping ice from our
windshields.
They live in a beautiful, high-end, gated community. One of many in this area. The landscaping is immaculate. The homes, set-back in modest stateliness.
What is interesting is how they ended up owning a home where they did and how discerning, high net-worth buyers make decisions.
Firstly – most are busy people. They work hard. They work long hours. They don’t like nor want, to waste time.
So, when my friend, SA, was looking for place, she already had a very clear idea of what it should have. X number of bedrooms. Room to entertain family, friends, colleagues. Close to the club house which needed to have golf
and tennis.
She fired the first realtor, when they did not reply quickly enough
to her request to meet when down for a quick visit. The second, showed her 2 places – that met the criteria.
She put in an offer the next day, consummated the deal a day or two later, before jumping back on a plane to Alberta.
SA told me a similar story when she learned, many years back, that the reason there was nobody in their Alberta neighbourhood during winter weekends was because they were all away skiing in the mountains.
Not coming from a skiing background, she immediately set out to learn where they went, what programs the kids were in and enrolled her three kids as soon as
possible.
That set into motion trips to the recommended ski shop to purchase complete ski equipment, and clothing for 3 kids and then herself. No waiting. No comparison
shopping.
Simply searching out the recommended expert, taking their advice and buying.
You can imagine what a great customer she became for that shop. Not only then, but for many years henceforth!
Here’s the thing. There are many people like my friend SA. They have disposable income. They like to buy. They demand great service and value. They recommend and
refer, like-minded friends.
Could your business serve this type of customer? Do you even have products and services that cater to them? How different would your business be, if you served a premium market versus the
middle of pack?
Competing against the likes of Walmart is a losing strategy and who would buy from the one saying they have the ‘second lowest’ prices? Why not be the premium player, earning premium margins?
Until next week…
Stay healthy and focus on profit!
- Hugh
The “Profit Accelerator”
Expert
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