There are two ways to grow your business: Get more fast food customers, or start building a gourmet business for higher-quality customers. While both options are viable, we have found that entrepreneurs who run gourmet companies make more money and work less. They also feel more fulfilled.
All of the prospects who match your #1 customer type profile can be divided into three categories. The first group you do not want to work with. Although they match your #1 customer type profile, they are undesirable for whatever reason. The second group are the Fast Food prospects and customers. You want to work with them, but they only want to do a transaction with you. They want the lowest price possible, and they want the transaction to be done swiftly and efficiently. You are also interested in completing the transaction as expeditiously as possible. The third group are Gourmet. They want a long-term relationship with you. They value your knowledge, expertise and experience. Price is not an issue. They are willing to pay properly for the high value they are receiving. You love working with them, and feel appreciated and valued. The key point is that there is no middle ground between Fast Food and Gourmet. They are either one or the other. They either want cheap and fast, or they want expensive and slow. If you try to straddle the line between these two extremes, you will make neither group happy, and you might go bankrupt.
In the long-term you need to decide what kind of business you want: fast food or gourmet. You will ultimately have to be one or the other. However, in the interim, you can offer both. For each prospect, tell them they can choose either basic (fast food) or gourmet (advanced). It is up to them to choose.
Normally, your existing products and services constitute the basic offering. The gourmet offering is your advanced Big Idea. For the time-being, you will sell both levels of service. Eventually, when you have enough gourmet customers, you will either discontinue offering the fast food, or delegate it to an associate. In this way, you will make the transition, with no risk, to the gourmet company.
It is also important to remind yourself that a gourmet company is not in any way fast food. You don't have a gourmet restaurant with silver cutlery but paper napkins. Everything about your company must be gourmet. You need to make the investment of time, money and effort to ensure that everything is gourmet.
To get started using this concept, divide your list of existing customers into fast food and gourmet. This is usually a 90/10 split. Then going forward, slot each prospect/customer into either fast food or gourmet. Then make sure you give each group the right level of service.
• Divide your customers in two distinct kinds: fast food and gourmet.
• The fast food customers just want to do a transaction with you (usually for the lowest price). The gourmet customers want to have a long-term relationship with you (price is not an issue).
• Most entrepreneurs have too many fast food customers, and neglect the gourmet customers. To get more gourmet customers, you need to develop a gourmet BIG Idea for them.