What a Bunch of White Horses Can Teach You About Business Strategy
Many businesses are missing out on an opportunity to make money from people that want to spend it. This became painfully evident to me when my fianc Katlyn and I took in the "World Famous" Lipizzaner Stallions at the Brandt Centre on the weekend. I just like to take in anything going on in Regina, but Katlyn is quite the horse enthusiast so that's the real reason why we picked up tickets. It turned out to be a great show even for a guy that doesn't quite understand the ins and outs of the equestrian world.
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When the show first started, my concern was that there only appeared to be just over 1000 people there for the show. I thought to myself "what a failure to draw a good crowd to a cool event". But by the intermission I had changed my tune.
The narrator for the show keenly put in a plug for a few items available at the gift booth set up on the concourse of the Brandt Centre just before heading to intermission. There may have only been 1000 people in attendance, but judging by the lineups to purchase overpriced plush horses and DVD's, the 1000 in attendance we're nuts about these stallions.
So often we get caught up thinking about sales volume in the wrong context. The number of customers you attract shouldn't be your biggest concern. If you have created a product, service, or event that caters to a certain niche your primary concern shouldn't be finding more people in that niche, they'll find you. What you should focus on first is having a lot of stuff to sell to the people that are nuts about what you offer.
The Lipizzaners did a good job marketing their show using various mediums, there probably just wasn't any more than 1000 people interested, especially with a Rider game falling earlier in the afternoon. But instead of declaring the event a failure, the organizers had a plan to attract as many people as they could and then upsell, upsell, upsell. Now that's a great business model, one that isn't reliant on attracting hordes of people.
These white stallions aren't trying to be everything to everyone. Instead they are trying to be everything to people that love equestrian. In fact, they probably didn't even want me there because I wasn't going to buy all the extras they had for sale. They did want Katlyn there though. She was the type of person who might buy a DVD or two about horses (although our upcoming wedding has put overpriced items outside the reach of our budget).
So what are you doing to sell more to the customers that already love what you provide? If you're any good at what you do, people will buy more from you, you just have to have something to sell.
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Posted in Law Post Date 09/05/2015