A WIDGET is simply a combination of products and/or services, which collectively form a “package”. This package is given a name and has a high perceived value. It is the sum of its parts.
What is so great about a Widget?
A widget allows you to ADD VALUE and SELL MORE! It can also be created for any business regardless of industry.
It’s power lies in that instead of offering a single item for sale, your prospective client is wooed by the offer of all the OTHER items/products or services, they are getting for the price of a single package. When you name and give a value to each item comprising the whole package and then tell them that rather than paying what it would normally cost to buy each item individually, they pay far less when they buy the package of products. This isn’t always the case; typically, take 4 wheel drive vehicle, put a roo bar on the front, a roof rack on the top and a stripe down the side and you suddenly have a Limited Edition! You simply add all the prices to the basic model and charge accordingly for the first twnty buyers. Perceived added value is a powerful motivator!
Perhaps you have a Pizza Bar; how could you possibly “widgetise” a pizza? Simply by adding a free coffee and a money back guarantee to the list and putting a NAME to your offer.
Or what about a mechanical business? We have a client who attracted a stampede when with every car service, she gave her clients car mats, a steering wheel cover and washed their car. As well as this she gave them an outrageous guarantee which said.
“Your car repaired right the first time or it’s FREE until it is!”
If the idea of buying car mats and steering wheel covers puts you off, this enterprising lady got them for free from a supplier. How? She asked!
I consulted to a company which sell work boots. The story I created for them was that this boot was the “World’s most comfortable work boot”. We then told the story by attaching a gold embossed rosette saying this, to the workboat. As many of you will already know this company went on to be named Telstra Australian Small Business of the Year for 2003! They have added a Cisco Systems Business Award to their achievements.
I once consulted to a building company which had a display home that had been on the market for far too long, by industry standards, making it seem “old” to the consumer. So with the cooperation of the very astute owner of the company, we created a widget. We added a free roller door, replaced the usual baked enamel appliances with more appealing stainless steel appliances and added a free dishwasher. Total value was $3,800… for free! We also reduced the size of the house and its price by $7,000, making it more affordable. When we marketed this ‘widget’ to the market place, it resulted in “the busiest weekend through the display centres that I can remember” … those are not my words but those of one of the company reps
The examples I could give you of a widget would fill volumes. McDonalds do it well.
Widgetising is a little known strategy used by millionaires that very few businesses exploit. Even those that do so barely understand the purpose and methodology behind it.
You can take virtually any product or service, add other products or services (they don’t even have to be your products or services, do a joint venture with someone who would normally sell it to your clients) give it a title and then market it to your clients.
So consider for yourself how you can create widgets in your business. How you can turn nothing into something!