100 GREAT BUSINESS IDEAS • 67By offering flexible opening hours, businesses can differentiate
themselves and attract customers with varying lifestyles.
The idea
As society changes, lifestyles have developed and diversifi ed. An
increasing demand for convenience and freedom has overtaken
the market in recent years, providing competitive advantage for
corporations that cater to the demands of the 24-hour consumer.
By remaining open for business 24 hours a day, there is the obvious
potential of increased trade. Slightly less obvious is the advantage
of building a perception among your customers of being different,
customer-oriented, and convenient. It is also an opportunity to
attract customers that may not have used your store, as you may
be the only business open. These new clients may then continue
visiting your business even when other competitors are open.
British retail giant Tesco employed this strategy with impressive
results. The only British supermarket to remain open 24 hours a
day, it broke from its close rivalry with other chain stores to gain a
convincing lead within the market.
This technique has also been employed by a range of other companies
courting customers with disposable income and diffi cult schedules—
certain London estate agents (realtors) offer a late-night service for
busy individuals. Don’t be put off by a lack of a “standard schedule”
for your customer—use it as an opportunity to prosper in the
“24-hour society” by becoming a 24-hour business.