One thing I admire about Jay Baer is that he doesn’t just talk—he researches. And his findings are pretty eye-opening for anyone in business.
Let’s get into some of the stats:
- 50% of prospects hire the first company to respond to their inquiry.
- 85% of customers say that speed and responsiveness are key factors in their loyalty.
For customers, speed translates to caring, and responsiveness equals respect. But here’s the statistic that really stood out: 25% of your customers are willing to pay a 50% premium just to be put at the front of your line.
Imagine that—50% more, all for speed.
Baer shared a brilliant strategy for capitalizing on this. If you have a queue and someone is willing to pay 40% more to jump to the front, take the offer. Then, inform the person who was originally at the front that someone has an urgent need and ask if they’d accept a 10% reduction in price to accommodate the shift. They’ll likely be happy with the discount, while the first customer gets the expedited service they value. You walk away with a 30% gain, pure profit.
Some might question the ethics of this. If that’s you, consider this: ask your customer if they’d accept a small discount in exchange for a slight delay. Most will say yes. So, is it ethical not to offer this opportunity?
Speed isn’t just about efficiency—it’s a service. And when managed right, it’s also a substantial source of profit. In business, speed and responsiveness aren’t just niceties—they’re opportunities to build loyalty and make every party happier.