Tim Hortons offers small, medium, and large coffees for a reason: to maximize Profit. It’s the same reason McDonald’s has the small hamburger, the Quarter Pounder, and the promotional burgers like the BigMac with Bacon.
Most people pick Medium. But some will pick small (who may otherwise not have bought from you) and some will pick large (who otherwise may have underbought from you).
Professionals can (and should) do this too!
How to Create your Small, Medium, and Large Service Offering
- For your core service, create a package that represents 80% of what you typically deliver. This is your Medium offering.
- Create a simplified, streamlined, essentials version. This should be your minimally viable option that still delivers a result. This is your Small offering.
- Think about your very Best Clients. The ones that want total satisfaction and are willing to pay for it. Create a package just for them! This is your Large offering.
- Give a name to and write a brief description for each package. The description should clearly articulate the differences between each.
Examples of Ways to Think About Small-Medium-Large for Service Offerings:
- Maximize Transaction Revenue
- DIY / DIY with Help / Done For You
- Basic Design / Intermediate Design / Advanced Design
- You write / You write, we edit / We write, you edit
- Buy just the book / Book with online course / Book with course and coaching
- Large group session, small group session, private session
- Maximize Lifetime Value of Clients
- Pay-as-you go / Buy 5 sessions / Buy 10 sessions
- Monthly / Quarterly / Yearly payment
Ideas of How To Call Your Packages
- Small, Medium, Large
- Bronze, Silver, Gold
- Basic, Intermediate, Advanced
- Tall, Grande, Venti
- Essentials, Standard, VIP
- Watch-it, Feed-it, Work-it (we use for social media packages)
- Lite, Standard, Plus (we use for our new hosting packages)
By adding a small, medium, and large offering to your services, you:
- Expand your market reach
- Maximize your revenue
- Increase Client satisfaction
- Makes it easier for your Clients to do business with you.
- Differentiates you from everybody else.
And there’s another, subtle but powerful, benefit to this approach. When people buy the small or medium, you’re communicating to them what they’re NOT getting. This is a great way to manage expectations and increase the satisfaction they feel from what you provide.
