Being in the Right Place at the Right Time with the Right USP
I recently listened to a client, Ned Allen, President of Florida Communities and Intercoastal Communities, two retirement-community firms, reminisce about his starting the famous Steak 'N'Ale restaurants smack in the middle of a national recession. He had started the first restaurant with just $2,000, made it successful, and committed to the construction and opening of seven new restaurants just as the recession hit.
Ned says: "We had to quickly change our thinking to match the timing we had to work with. We developed new, lower-cost, higher-per-ceived-value menu items, and by offering the look, feel, atmosphere and taste of a gourmet steakhouse at a surprisingly low price, we had the right product at just the right time."
As I'm writing this book, Ned is not alone in predicting another three- to four-year-long recession, and he is again busy at creating just the right product for it; in this case, a new type of a manufactured home for his companies' communities—this one with several hundred square feet less than any other home and, therefore, a substantially lower cost, but an interior design that makes it seem much, much bigger than it is and that has lots of nifty "gingerbread" touches that add to its perceived value.
- PLUS A CHANCE TO GET ONE MORE CO-fREEl
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Ned turned his $2,000 investment in Steak 'N' Ale into over $5 million when he sold out to Green Giant Foods. I think he's poised to make another, even bigger fortune with his new "Land Yacht" retirement home.
Continue reading here: The Three Best Ways to Target Market
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