7 Eleven is the world’s largest convenience store chain with some 55,000 stores in 16 countries, of which more than 10,400 are in North America!* Holy smokes—who says being convenient doesn’t pay?
What does this tell you? Well, it tells you that people love convenience, especially if it will help save them precious time. Let’s look at a few examples of how we make decisions about convenience every day and are willing to pay a premium for those decisions.
- You’ve gone into a 7-11, right? It’s super quick, in and out service, likely close to you, and yes—you guessed it—you will pay a premium for the products, as opposed to heading on over to Costco or a grocery store where you can get more for your money.
- Have you ever bought a product online? Sure you have, but why? Is it maybe because you don’t have to leave the comfort of your pajamas and can have just about anything in the world delivered directly to your door? It saves you time, and online shoppers are willing to spend a premium for shipping and wait for the product…all because it’s convenient.
- Let’s talk about gas. Is there a gas station in your area whose gas is less expensive but just a little too far away from your home? Yep. You will pay a premium for gas because the station is simply closer to you.
- Have you ordered room service? It’s a guilty pleasure, right? You flip through a well-manicured book searching for food selections that are delivered to you on a silver platter. And make no mistake about it—you are paying a 30% to 50% markup on the food. It’s all about convenience.
What does this all mean?
Being convenient can translate into BIG BUCKS.
9 Ways to Leverage the Power of Convenience
Think about how you can make your clients’ and customers’ lives easier, save them time and hassle, and charge more for it.
- Take things off of your clients’ plates by sending pre-filled forms or documents
- Be proactive and send relevant reminders so clients don’t have one more thing to remember
- Develop an “auto-ship” or “auto-service” program
- Offer 24-hour service
- Bundle your services
- Open more physical locations
- Hand deliver documents or products by using a messenger service
- Promote your product or service as BEING convenient
- Adjust your prices based on your convenience factor!!
I’ll say again: Being convenient can translate into BIG BUCKS.
How convenient is your product or service?