Value can be defined as the relative worth, importance, or utility we place on something. So, while we usually think of value in terms of dollars and cents, it can be much more than that. In addition to cost, most consumers consider other factors like the time required to complete a transaction and the overall ease of doing business. Each person perceives value in these areas differently, and odds are that their views are much different than your own. So with hunting seasons on the horizon in many areas and potential customers deciding where to spend their time and money, how can you make sure they recognize the value in your products or services?
Looking back at the ATA’s Business Operations Excellence track within the 2021 Archery Industry Masterclass series, Hank Yacek explains the idea by pointing out that we all buy with two wallets: our “money wallet” and our “time wallet.” As a retailer or brand, your job is not only to create value but to tell the story of how you help customers save from both wallets and how you provide the value they’re seeking. Yacek has been in the firearms industry for over 30 years, worked with hundreds of ranges and retail facilities across the country, and developed the industry’s first industry-specific sales and management training. You can find more of his courses on sales and operations in the ATA’s Learning Center, included in your ATA membership.
Retail shops are where I see the biggest missed opportunity to tell this story. It usually boils down to the salesperson or technician unintentionally diminishing the value of their knowledge and skills by saying something like this: “If you buy the bow here, we’ll set it up for free.” While that’s all well and good, your customer probably has no idea what kind of work goes into a bow setup. It’s possible that they’re not even aware of what it would normally cost to have that work done.
How can you bring their attention to this and increase the perceived value? Lay it out like this: “We normally charge $10 for a d-loop, $30 for cam timing, $10 for a peep install, $20 to install a rest, and $30 for a basic paper tune. But when you buy the bow at our shop, we provide these services at no extra cost, so you save $100 right off the bat.” What you’re doing hasn’t changed, but you’ve now ascribed a clear value to the service you’re providing. Take it one step further and add those services to the customer’s sales receipts with the $100 discount, so customers are reminded again of the value you’ve provided.
Archers have time to kill…sometimes. The person who sits in a tree for 8 hours a day for a week straight or happily stands and waits all day to shoot 20 arrows at 3D animals may also be the same person who doesn’t want to wait 15 minutes for you to cut their arrows and install inserts. Everyone also has varying amounts of time that they’re willing to devote to participating in an archery-related activity. For some, working on their setup for hours to reach a perfect tune or waiting weeks on end for delivery of their custom-built target rig is a valuable use of their time. In other instances, the customer wants an in-and-out experience so they can spend the majority of their time on the range or in the woods. By being prepared for both scenarios, you can increase the perceived value in both types of time-sensitive customers.
In a retail shop, you can offer a service where the customer pays for time with a technician or coach to really hone their equipment or shooting skills. They’ll see the value of receiving dedicated attention from an expert and spending as much time as needed to get it right. On the opposite end of the spectrum, what can you offer to those whose “time wallet” is a little thin? That customer probably doesn’t want to devote two hours to going through the process of selecting a bow, accessories, and arrows. Build some “time saver” package bows that are set at common draw lengths and weights with basic accessories. While final adjustments would obviously need to be made, you can tell customers how you saved them time by selecting appropriate arrows and getting a good initial tune so they can get out and shooting quickly.
You have the power to shape how customers perceive your business and the value you offer, but it takes a concerted effort to build that story. Spend some time talking to customers about what they value. Identify ways you can meet their needs, and begin to tell the story of how you’re providing value that your competitors are not.
Want to get more ideas of how to build value and better serve customers? We’ve created an online course that gives you valuable information without spending time searching for relevant content. It’s our Best of Masterclass – Business Operations Excellence in the ATA Learning Center. Visit the Learning Center to access this course and countless others that are designed with the archery business in mind. You can also contact me at kurtsmith@archerytrade.org.
WE ARE HERE TO HELP THE INDUSTRY, TO HELP INDIVIDUAL BUSINESSES GET THE MOST OUT OF THE INDUSTRY, AND TO HELP YOU.
