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How One Simple Question Can Transform Your Business
Written by Heidi Mankoff | 
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Have you ever considered what additional products and services you could offer your customers that would make their original purchase with you even more valuable?
McDonalds did. It made a FORTUNE by training its employees to ask one simple question: Do You Want Fries With That?
Now I know this example sounds extreme, but really it's not. Think about the basics here. A restaurant known for hamburgers found a perfect pairing--french fries! And more importantly, created a new product offering which combines these two products into a package--which provides additional value to its customers.
Take a moment to consider your own list of products and services. Is there anything else you could provide that might enhance the value of any of these items on your list?
Don't be afraid to mix products and services, here. A great example of how this has worked in the consumer electronics industry (among other industries) includes warranties and service agreements. "Buy our camera for its features, but get peace of mind for years to come with our product warranty."
Strategic alliances can also be an effective tool in achieving a similar result. For example, graphic designers build strong relationships with printers--so they can offer a complete package of marketing materials to their customers. "We can design your next mailer; but we can also print it, stamp it, address it and mail it, too."
How might you create a more valuable bundle of products and services for your customers? The answer to this simple question might transform your business, too.
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Monday, 29 March 2010