Charge More At Peak Hours
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Summary
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Think about charging different prices at different times, like Uber does. For example, rides are more expensive on a Friday night than on a Wednesday at noon.
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Restaurants are busier on weekends, so you could have a separate weekend menu with prices that are 10 or 20% higher.
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Gyms could offer memberships or classes that are priced higher for peak hours and lower for non-peak hours.
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Instead of dismissing new ideas by saying "this won't work for my business," ask yourself, "how can I make this work for my business?"
Video
How To Take Action
I would suggest implementing dynamic pricing in your business. Think about how Uber charges more during busy times and apply this concept. If you run a restaurant, try having a special weekend menu with prices that are 10 or 20% higher than during the week. This can boost profits when the demand is high.
For gyms, you could offer different membership packages: one priced higher for access during peak hours and another at a lower rate for non-peak times. It’s a small change, but it can lead to big benefits by spreading out the usage and improving customer satisfaction.
A good way of doing this is to start by analyzing your busy and slow periods. Simply track when you see the most customers and when it’s less crowded. With that information, you can set your variable pricing strategy. It's quick, easy, and doesn’t require a big budget to kick off.
Instead of immediately dismissing an idea because it seems like it won’t work for your business, try thinking how you can tweak it to fit your model. This mindset shift can open up new strategies and opportunities that you may not have initially considered.
Always remember, the key is to start small, test, and adapt based on what you learn. Keep it simple, make adjustments, and watch how these low-cost strategies can add value over time!
