(Time to read this Blog is about 3 minutes)

Before we get to the main topic, here are a few things to get you thinking:

  1. My biz quote of the week:
    There’s no point being the best, if you’re also the best kept secret.  Communicate your compelling value in everything you do.”
    …Donald Cooper.
  2. Are you making the add-on sale?  I just had a new windshield installed at Speedy Glass and right there on the service counter was a big display of replacement windshield wipers in three price ranges…good…better…best, and info about a special $24.00 anti-stick, anti-glare windshield coating, originally developed for aircraft.
     
    Note: “Good, better, best” is a hugely effective selling strategy that makes it easy for customers to decide and to buy.  How could you use it?
     
    So, I bought the wipers and the coating for a total of $106, which increased the invoice by 28%.  And, given the typical margin on accessories, there may well have been more profit for Speedy Glass in the wipers and coating than on the new windshield.
     
    I could have gone to Canadian Tire to comparison shop on the wipers, but who has time.  And, at Canadian Tire, getting them installed would not be easy.  And in the freezing cold, I don’t want to mess with installing them myself.  Speedy Glass offered me the convenience and made the add-on sale.
     
    So, what additional products, services, convenience, help, training or assistance might your customers need, and how could you add that, communicate that and sell that? Customers will love you for it and it will make a big difference on your bottom line.  

Now, to this week’s important topic:

 

The ‘4 Currencies’ in your customers’ lives.  Breakthrough thinking!

Many businesses, large and small, make the mistake of believing that their customers have only one ‘currency’ in their lives, which is money.   So, they can think of only one way to compete, which is to cut their price.  ‘Price’ is important but when you realize that most people actually have 4 ‘currencies’ in their lives, there are dozens of ways to compete that are not cutting your price.

What exactly is a ‘currency’?  A ‘currency’ is anything of value to your customers that they don’t have enough of.  And on this planet, in our society, at this time, there are four things that we don’t have enough of. They are… 

  1. Money,
  2. Time,
  3. Feeling Safe (physically & emotionally safe)…and,
  4. Feeling Special.

Many of your customers will spend more money to save time, to feel more safe, or more special.  For example, a $25,000 car will get us everywhere we want to go, on time in reasonable comfort.  But, perhaps it wouldn’t make us feel safe enough, or special enough.

If we have an alarm system in our home, we’ve spent a lot of money to feel more safe. If we have beautiful crown moldings in our home, we’ve spent a lot of money for what?  Crown moldings don’t save us time and they offer no increased safety…but they do look beautiful and make us feel more special!

When we’re choosing an investment advisor, travel agent or mechanic for our car, we’re looking for someone who will deliver all four ‘currencies’.  Someone who will make or save us money, who will save us time and make us feel both safe and special. 

Consider the relative importance of each of the ‘4 Currencies’ when choosing the car
you drive, the food you eat, where you live, the possessions you’ve acquired and the relationships you’ve entered into in both your business and your personal life.  Think about what mix of Money, Time, Feeling Safe and Feeling Special influenced your decisions. 

Then, think about how you can use these same ‘4 Currencies’ to add value and build relationships with your target customers.  How can you save them money (or make them money), save them time, make them feel physically and emotionally more safe and how can you make them feel more special at every touch-point?

Invest an hour to sit with some of the best minds and hearts in your business.  Print this Blog for them to explain the ‘4 Currencies’ and ask for their help in generating ideas about all the ways that you can help customers save money, save time, feel more safe and more special.  This exercise will generate dozens of powerful ideas on how to deliver compelling customer value, extraordinary customer experiences and powerful marketing ideas. You’ll be amazed at what you come up with!

That’s it for this week…

Stay safe…live brilliantly!       

Donald Cooper 

 

Donald Cooper speaks and coaches internationally on management, marketing, and profitability.  He can be reached by email at donald@donaldcooper.com in Toronto, Canada.

About Donald Cooper

Donald Cooper, MBA, CSP, HoF: Donald speaks and coaches in over 40 industries throughout the world.  He delivers the ‘straight goods’ on how to sell more, manage smarter, grow your bottom line...and have a life!  To chat about ‘possibilities’ for your next business or Industry Association Conference, call me at 416-252-3703 in Toronto, or click here to connect to our ‘Enquiry Page’.  

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