What can we learn from Apple, Amazon and the Rolling Stones?

Some people believe that running a big company like Apple or Amazon is different from running a small company, but I believe that we all have the same issues, regardless of our size and here’s why…

In order to remain in business, we all need to:

  • Attract customers
  • Encourage those customers to spend more with us
  • Invite those customers to spend again and again

Apple’s business model is about releasing new products periodically, whipping up a frenzy with their existing customers and then releasing that product at a given time and with a limited quantity available. And then bingo! They create a massive pay day for themselves which each new product.

Amazon’s model is to offer you similar products that other customers bought, every time you make a purchase, and then up sell you onto their premium service, PRIME, so that they are creating regular paydays for themselves – bingo! Ongoing paydays every day with up sells

The Rolling Stones haven’t created a new product in years, but no-one cares. Their entire customer base is only interested in their back catalog and all they have to do is roll it out again and again, by going on tour. When they release the new tour dates, bingo! Massive pay days doing what they’ve always done.

Your small hospitality business also needs to:

  • Attract guests
  • Encourage those guests to spend more with you
  • Invite those guests to return and refer you again and again

And we can do this by gently and organically leading guests up what I call the “staircase”. Your new guest arrives and has a wonderful experience. Then he returns just to make sure it wasn’t a fluke. He has another great experience, and now he’s ready to start telling his friends and family and returning again. He’s now a loyal guest and loves you so much (and you love him) that he starts talking about you on social media so his wider network are also aware of you. Now you have a raving fan – the very best type of guest.

Staircase

The final step on the staircase is “investor” and you may or may not even want your guests to take this step, but who knows, one day you might dream up a proposition that needs some investment and where’s the first place you’ll look? To your community of raving fans!

It happened to me and it could happen to you too.

Please leave me a comment below and let me know how you are moving your guests up the staircase so you’ve got your own core community of raving fans. I’d love to hear from you

Yvonne

Yvonne 150 October 2014