What I believe: If you can consistently deliver in half the time, you can charge 2x the price
The day before a big event, I received my clothing from a new tailor, and it was an absolute disaster. The collars were off, and the outfit was unwearable. As I thought through my options for the next day, I remembered a tailor I had once met near where I lived. I went to see him immediately.
I got to him late in the evening, explained the dilemma, and asked if there was anything he could do.
He looked at me, let out a heavy sigh, and said, “I’ll do it overnight. I’ll sew a new one for you by tomorrow. Get me the fabric.”
He delivered it by 5 a.m. the following morning. I paid him twice what he asked for, and I have referred five paying customers to him since then.
My principle: One way to increase the value of your services and products is to increase speed and reduce the time between interest and delivery.
How to use this:
Look at the service or product you sell and ask how you can get the customer the desired result in half the time.
Examples:
1. If I were starting a laundry business, I’d think about how to make sure people get their clothes washed, pressed, and returned in less than 24 hours.
2. If I ran a food business, I’d think about how to drastically reduce the time between the moment people start craving my food and the moment it gets to them.
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