One of the latest crazes in the insurance industry is insurance bundles. That is, you purchase your car and homeowner’s insurance from the same company, and you get a discount on both.
This is good for the consumer because he pays less for two things he needs anyway. And it’s good for the insurance company because they get twice the business from the same customer. Everybody wins.
So why aren’t you applying service combinations to your horse business? It works for more than just the insurance industry. Do you order cable and Internet service from the same communications company? Do you buy paper towels in bulk from Sam’s Club or Costco? You can find examples of this “bundling” fad just about everywhere.
It’s the same concept as upselling in the retail market. When you walk into Macy’s and buy a sweater, the sales associate might direct your attention to a rack of gloves that would match the sweater. And perhaps a belt. And maybe a pair of socks. This is upselling.
There are two ways to combine services in the horse industry:
Bundle related services together. For example, you might offer a package horse training services that includes three days of one-hour training sessions in addition to a Saturday lesson with the owner on the horse. Or you might offer a riding lesson package for a three-day event rider that includes two jumping lessons and one dressage lesson per week.
Bundle the same services over a period of time. Offer a 5 percent discount when students pay for each month of lessons up-front. This increases your chances of getting paid on time and will also allow you to invest that money more quickly.
There are endless ways in which you can combine services to make more money and get paid more regularly. Look at your own service offerings and see if you can’t combine one or more to make them more enticing to clients.