Fast pass – boosting revenue. Do you have a lot of customers or regular peaks in visitors? Are you afraid to raise prices because you don’t know how customers will react? Fast pass is nothing more than allowing the use of the service you offer for an additional fee. In other words, it is an additional ‘service’ in your offer.
Fast Pass in Action
There are really many possibilities for its use.
Here are a few examples below:
- Recently, there has been a lot of talk about the additional fees introduced by the operators of the Panama Canal. Shippers, wanting to avoid waiting in a traffic jam for the crossing, have the option to pay for an express crossing to the other side of the canal.
This example may be a bit exotic, but it is currently topical. Now examples from our backyard:
- You encounter fast passes while skiing if you want to go up the mountain faster.
- Airports also use fast tracks to enable travelers, for example, to go through security checks more quickly.
- A fast pass won’t surprise anyone in, for example, amusement parks.
The Business Benefits – Fast Pass
Why is it worth implementing in your business? When a customer buys a product (service) from you, they accept the price you expect. However, you never know who among the group of customers is willing to pay more in return for something. That’s why you add a fast pass as an additional product to your offer. Those who accept the higher price will use it, and this way you increase your profit. When you raise the standard price, some customers may stop accepting the new price you expect and start looking for an alternative.
Adapting to Your Business
Of course, a fast pass can have various modifications. For example, you can add the fast pass service free of charge for a group of your best customers to further increase their loyalty. Do you see the possibility of implementing the Fast pass solution in your business?
Conclusion: Moving Ahead
Fast pass – boosting revenue. It’s a great chance for your business to make customers happier and boost revenues. You can make Fast Pass fit your business in many ways. It could really help your business stand out and do well in today’s busy world where making things easy and fast for customers is very important.
I have nearly 10 years of professional experience in the sale of IT systems and IoT solutions. I started as Sales Engineer, but today I'm Business Development Manager. At that time, I cooperated with companies from the automotive, aerospace, railway industries, SMD/THT contract assembly and distributors of electronic components. I also cooperated with leading Polish technical universities.
Currently, at ALSO Polska, I am developing the Internet of Things department. You will find solutions in the area of assisted / augmented reality (ar / AR), software and platform for collecting data (Saas / PaaS), sensors and elements needed to create an efficient network infrastructure with Cisco Meraki (access points, gateways, switches, routers, cameras, etc).
From October 2020, I am a PhD student in department of Research on the Digital Economy at the University of Economics in Katowice. I will write a doctorate in economics and finance field.