In 1927 the Southland Ice Company opened the first chain convenience store in the U.S. It would later be renamed 7-Eleven. (Yes, there was once a time that you couldn’t get a chili dog 24 hours a day.)
7-Eleven is designed to exploit a weakness in the traditional grocery store model. 7-Eleven shoppers choose speed over lower prices and selection.
They will pay to get to the value faster
7-Eleven is just one of many businesses that builds speed directly into its offer. Amazon has 150+ million paying members of Amazon Prime, a service whose primary benefit is fast and free shipping.
Disney builds speed into its theme parks with the FastPass+ option.
How to build speed into your products and services
Here are a few ways to create built-in speed:
- Test a higher-ticket version of your product or service that gets your prospect results faster. Some percentage of people will pay for it.
- Automate parts or all of what you offer. For example, if you provide marketing services, are there parts of your process that could be streamlined with software, tools, and apps?
- Invest in speed. If you’re a retailer, buy faster credit card machines. If you’re a digital publisher, invest in faster page load speeds. If you’re a service company, invest in tools, software, and apps that get results quicker.
NOTE: Yesterday we talked about using speed as a way to generate more leads. Read that article here. In tomorrow’s issue, we’ll discuss communicating speed in your copy.