There’s an old story that explains that while nobody wants them, millions of drill bits are sold every year. The reason? What people really want is a hole. The drill bit just facilitates that.
Another story talks about one of the mistakes railroads made was thinking they were in the railroad business when, in fact, they were in the transportation and shipping business.
The point is, we can take for granted the business we are in or what people are really buying for us.
There are plenty of other examples.
Lawyers may at first glance appear to be in the legal industry. A closer look may show that what they really are doing is helping clients find justice.
Meal delivery services have done a superb job at this. First, they know they aren’t selling food deliveries, but people are paying for the convenience of having a prepared meal brought to their door. People are even willing to pay extra for the service. At the same time, they have marketed themselves to drivers that they are not delivering food, but are choosing their own work hours and schedule. People who would never have considered delivering pizza have signed up to deliver meals of all types on their own schedule at their own pace.
Sometimes businesses even confuse who they are competing against. A jeweler may think he’s competing with other jewelers when, in fact, he may be competing with other purchases like travel, new furniture or even an upgraded vehicle.
The same can happen with insurance. We may believe we are marketing loss prevention services or financial protection when, in fact, what we are delivering is peace of mind. This is particularly true in business insurance.
Sure, there are important financial considerations to keep in mind when buying business insurance and it is a prudent purchase, but what you really get with business insurance is peace of mind.
A solid business insurance plan can help you sleep better, worry less, and allow you to focus on the operation of your business. That can be well worth the investment.
Stay focused on your business, no matter what it may be. Business insurance can help you do that. Connect with us to discuss your business and how we could best assist you.