I experienced something very different yesterday, axe throwing. It was fun.
Craft Axe Throwing is a new business in town and from their website it looks as though they have three locations around the country.
The concept is you and your friends take turns throwing an axe at a wooden target for an hour. The goal is to bury the axe in the bullseye of the target.
Think the game of darts, only with an axe, inside a wood and wire cage, for obvious reasons. A staff member spends a few minutes teaching you the rules and occasionally comes by to cheer your progress, and you are essentially on your own.
The only other feature is a bar serving alcoholic beverages, namely beer. I am still not certain this is a good combination, but it appears to be working.
The cost was $20 per person per hour plus taxes and whatever you purchase from the bar.
The place was crowded so they are clearly on to something profitable for the moment at least. They are offering something people want and will pay for at a guestimate of $30-$40/hour.
I can’t help but to compare their pricing model to the fitness industry, which is of course all over the place.
The fitness industry is known for fierce and cutthroat price wars and deep discounting. Frankly it’s the lazy way out. It’s a race to the bottom, the worst business model of all time. But so many people think it’s the only way to survive, and they struggle unnecessarily.
The key is to not compete with the competition on pricing. Communicate your value proposition clearly and strategically with your ideal customer market only.
It starts with your thinking and attitude. Consider this challenging hypothetical example: Double your prices and lose 1/3 of your customers. You would be so much better off financially and programmatically. You would sleep better at night.
My example is not totally hypothetical as it has been done before. It all starts with your thinking.
Who would have ever thought you could make a business out of throwing axes and drinking beer. It seems so obvious in hindsight.
Want to expand your thinking and be more successful in 2019. Go here.
