Have you ever found yourself in a situation where you need to raise a lot of cash quickly?
Is there anyone who has not been in that situation is probably a more accurate question to ask.
I was faced with a predicted shortfall of $50,000 one summer. I had just bought a turn-key fitness business and the cash flow history painted a clear picture that we were in for a rough time. And I had a plan.
But this is not about me. This is about you. What I am about to share is something that you can do too. Starting this afternoon.
There are many steps in the process, too many for a single post. The most important step is the first one, the one I am about to outline.
First, you need to understand that this first step, properly executed will cause an immediate response in your team and your existing customers. It will create a buzz, people will be talking, and this is exactly what you want.
The exercise is to create a level 10 experience.
You need a piece of paper or a whiteboard. You can do this alone or you can involve your team. I find it works the best with a team of people.
Make a list of numbers from 1 to 10. Describe in detail what a level 1 experience would be like for your customers.
Then brainstorm ideas of what it would take to make the experience a level 2, then 3, then 4, and all the way to a level 10.
The key here is to brainstorm and write down all the options. Level 10 will likely be something so extravagant that you will never really do it, but the purpose is to stretch your imagination.
Level 1 – The customer comes to the facility, unlocks the door with their key, goes to the workout area and exercises in solitude and silence, avoiding the broken equipment. The bathroom is dirty, and they try to avoid using it if possible. They quietly leave when finished with their workout.
Level 2 – The customer enters the facility and is greeted with a friendly smile and asked how their day is going. They are handed a freshly folded clean towel. A trainer greets them by name in the exercise area and guides them through the workout with pleasant conversation and feedback.
Continue this brainstorming through all the levels,
Level 10 may look like this. A limo picks up the customer at their home or office and drives them to the workout facility. Their trainer is holding the door open for them when they arrive at the facility and greets them by name while handing them a water bottle filled with their favorite beverage. After the workout the customer is offered a protein shake, a coupon for complimentary cocktails at their favorite restaurant, and the limo return them to their home or office.
Level 10 is so “out there” that you will probably never do it, but it’s there to get you thinking big.
Once your list is completed, figure out which things you can put in place right away.
My favorite example is that we noted that we had a lot of Moms with young children and all the strollers. They had a lot of things to manage, especially when it was raining as they left the gym. Our solution that came out of this exercise, was to place a container full of umbrellas next to the door for their use.
The young Moms loved it. Everyone noticed the umbrellas and to our surprise most people went out of their way to thank us for the attention to this detail.
It was an immediate win-win. The customers loved it. The staff team was so excited to be part of the solution that they kept coming up with more ideas and we implemented as many as we could, as fast as we could. We became more and more sensitive to the needs of our customers, and the customers became raving fans.
This energy and excitement formed the foundation we used to engineer a $50,000 surge in cash flow in 30 days. I’ll share those details at another time.
You may not need the cash flow like we did. But, I am certain you need raving fans to stay competitive in your market.
Have fun with creating your level 10 experience and share your success with us.
Remember, you will only get results if you take immediate action on your ideas.
To your success!