I’m not sure I’ve met someone who actually enjoys the act of moving. It’s sort of one of those necessary evils that you don’t really want to do but more likely want the outcome it leads to, which is hopefully a more desired living situation. That being said, I’ve moved several times in my life and one of the last times I moved, I needed the help of my local U-Haul. While I was there picking up a truck and signing some of the paperwork inside the office, I noticed a couple different strategies that U-haul is using to increase profitability for their company.
When I was online booking my truck, one of the first things I had to do was pick the size truck I needed. Once I picked the truck, the website directed me to a second screen. This second screen asked if I needed any additional packing supplies like boxes or tape. Then after this second screen, it took me a third screen and asked if I needed or wanted any insurance for the truck or myself. Finally after the 3rd screen, it took me to a last screen to ask if I needed any professional services like professional movers to help move or pack the boxes.
Isn’t that interesting. Why would U-Haul be offering all these different products and services? Is U-haul even an insurance provider? Nope. Are they a professional moving company? Not at all. U-haul is a rental truck company. However, they have strategically added all these different products and services that are useful for the customers in their industry so that their customers can take advantage of those products and services through U-Haul without going to a different company. This is what we call cross-selling and by doing this, U-haul is effectively up-serving their customers, increasing their average dollar sale, and ultimately making more profit.
How can you in your business add to the different products and services that you offer that are beneficial in your industry? What is your version of the additional insurance and professional services strategies that U-haul is adding to their business? If you can’t seem to figure it out contact us and we will definitely help you out.
We offer a complimentary 2-hour strategy session (a $2000 value) for businesses that want to look at opportunities in their business. We can chat briefly about the details of that session to see if it would be beneficial for your business.