Have you ever bought a book because of just one chapter? Or gone to a restaurant because you just love one singularly scrumptious dish? I have...I bet you have too.
In a world of plenty and an overwhelming abundance of choices, standing out from the crowd is an important part of business survival. This past week, we drove downtown to check out a new restaurant offering in the Grand Rapids, Michigan area. We'd heard about the Winchester from some friends.
The Winchester is a new gastro pub located on 648 Wealthy St. SE. Some friends had urged us to check it out. Stepping into the restaurant revealed the validity of the recommendation. Every table was full; and at 5:15 there were very few spaces left at the bar. Two women noting my plight, waved me over and began to wax rhapsodical about the place. I looked at them closely...they weren't drunk; they were simply true fans who had found something good and wanted everyone to know about it!
As I grabbed a menu to go, I knew that I'd be back. The fish tacos are calling my name. :)
Today, being a 'jack of all trades' will be an increasingly difficult job to maintain. At a time when jobs are being lost by the millions on a monthly basis, it's imperative that professionals of all varieties take the time to understand WHY certain businesses such as the Winchester are flourishing during challenging economic times. Personally, for me it all boils down to the 'experience'.
I think that there are a few significant elements which help to determine whether an experience will be memorable for the consumer or simply fade into memory. If a business or business professional concentrates on these issues, they will greatly increase their chances of success in any economy!
Create A First Class Experiences...
In a world overflowing with mediocrity, a first class experience stands out. It's a little counter-intuitive, but think about it...if you had limited resources, wouldn't you want to get the best bang for your buck? The Winchester is located in a historic building which has been gutted to the core and lovingly renovated. The owners are planning to move in to an apartment above the restaurant. Now, that's true commitment! Those who create consistent first class experiences for their clients and offer more than they promise will be big winners.
Get Rid of Unexpected Surprises...
People don't like surprises. There's enough stuff making folks anxious these days and most people prefer to pay for an experience which is predictable. Witness the success of franchise organizations. But what is lost in the typical franchise experience is uniqueness. The thing about humans is that we are unique (hence the term individuals) and we crave unique combinations. Any business which is able to marry the benefit of a guaranteed service proposition with a unique element or value which stands out from the crowd will benefit in a time of economic uncertainty.
Provide A Value Proposition To Your Menu...
As I browsed the menu I picked up at the Winchester, I noted that most of the items were less than $15. I could count on having a dinner which wouldn't break the bank! No wonder the place was crowded and full of neighborhood regulars. Great food and great value. An unbeatable combo for sure.
As real estate professionals, there's much to take home from this example of a new restaurant which seems to be thriving when many businesses are fading. It's easy to get caught up in the gloom and doom or to spend our time chasing the new formula for success when in reality, the recipe is quite simple
Consumers want a First Class Experience that Doesn't come with Unexpected Surprises and which Provides Good Value. It's really not that complicated.
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