As London begins its Christmas lights switch on this week – Monday saw the switch on of Oxford Street lights. What was different this year was that it was a ticket only event. The organisers have taken a public street, sealed it off and issued tickets. Now before you all comment about profiteering, money making and the like, these tickets are free!
So why bother with all of the hassle? Well, think about it. They are creating an exclusive event. Anyone can attend but only if they have a ticket. It doesn’t have a monetary value, but yet it has created a desirable event and by the looks of the forums practically begging for tickets… its worked!
Similarly someone I know has recently had a break at Center Parcs. They have taken the concept of creating value and exclusivity and applied it to their business fantastically. The prices for their accommodation are not budget but one thing that is practically guaranteed is exclusivity. I had a really good look at their website and through networking also know a client who has worked with them.
You can’t just walk onto a Center Parcs village and you can’t even visit for a day (unless you pay and you are visiting someone who is on holiday there). They don’t hold public open days and even their fireworks display is strictly for their customers on site only. They have themes such as “winter wonderland” and events to tie in with the time of year such as Halloween, Bonfire Night and so on.
That’s why they can charge what they do and why people return year after year because they have the exclusivity and have created a product of value.
So, think about your business. Do you have a product launch or an event? Are you networking like crazy to get people through the door to buy your service or product?
My advice this week is to create exclusivity in your business. What do you do that you can make exclusive. I have a client who has completely changed one of her business models that she will only take on recommended clients and if you aren’t recommended directly by another client, then she won’t take your business. Sound crazy? That business is the most profitable it has been in five years! It’s also Financial Services, which is extremely competitive.
It may take some thinking. Many business mentors and coaches can support you with this, but if you are looking to grow your business, maybe its time to think “exclusive”.
Until next week
Richard Cooper and the team at Hold Everything
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