Genius Idea for Seasonal Businesses
Summary
- I've noticed that businesses struggle with seasonal demand, like how fur coat sellers see a drop in summer.
- To tackle this issue, fur sellers came up with the concept of offering coat storage and conditioning services in the off-season.
- They effectively communicated the value of this service to customers, likening it to insuring a luxury car, which customers readily accepted.
- By providing repairs, sewing, and fur conditioning, they could extend the life of the coats significantly.
- This strategy effectively turned a traditional product into a service, creating an 'insurance product' that generates revenue year-round.
- I learned that it's crucial to think beyond the core product and find creative ways to serve customers and maintain cash flow all year.
- It's about understanding your customer's needs and offering them a no-brainer solution that aligns with the value of what they've already purchased.
Video
How To Take Action
- I suggest finding ways to give your product extra value during slow times. Like those fur coat sellers, think about what services can be added that make sense for your business.
- Make your services feel necessary, just like insuring a fancy car. Tell customers how it helps them in the long run, and they'll see it's a smart choice.
- For example, if you sell seasonal stuff, offer keeping and fixing up services for the off-season. This can keep money coming in all year.
- To start, list the problems your customers might have when they're not buying your main product. Then, come up with services that can fix those problems.
- Always show your customers how these added services help them get more out of what they already bought from you.
- Keep these solutions simple and budget-friendly, so even a small business can do them without spending a lot of time or money.
Quotes
"They realized that in the summer they never had any demand cuz people aren't trying to buy fur coats in the summer"
– Alex Hormozi
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"What can we sell to people that's still on brand for fur coats during the summer"
– Alex Hormozi
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"We'll store and condition the coats for them"
– Alex Hormozi
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"Make sure during the summer when you're not using the coat you bring it back here"
– Alex Hormozi
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"We can make it last two three five times longer"
– Alex Hormozi
