Our first blog post comes from an industry in which many of us may not give much thought, unless we absolutely have to. We received an email in from an Irish Funeral home discussing with us the difficulties that their business is facing today. Below is the email that explains how their market is struggling to find ways to generate revenue.
Firstly id like to say that I think this is a great initiative you have set up and hope to see some great ideas come through here as in times like this we need all the help we can get for getting through. The issue that we are facing in our industry today is the change in Ireland away from being a very traditional culture to a more individualistic one. As our industry in Ireland is currently unregulated we have seen an awful amount of new unqualified entrants drag down the standards in the industry. Increased competition is an issue for any business, and solving the issue of an unregulated market can only come from change in government policy, which is another battle itself. We are looking however for input on how to generate new streams of revenue, while still being respectful to our customers. As I stated earlier there has been a change away from the traditional religious culture in Ireland, which has resulted in people not going down the path of the removal the night before the funeral. This has meant that our cars are getting out 50% less than before, we do respect all of our customers decisions and would never put pressure on anyone to purchase something that they did not want to, but we do have costs to meet as a hearse alone can cost anywhere between €90,000 to €150,00o. So what we are looking for is new ways to generate income while being respectful to our customers. People are in a very vulnerable position when making these decisions and we respect our customers enough for trusting us to perform this service for there loved one to not take advantage of them. So we would love to hear if anybody had some real ideas on how generate new revenue, we only ask that when people are coming up ideas to remember what form of work we do and to really consider how the customer would feel, as customer satisfaction is whats most important to us.
From this email we can understand the difficulty that any business can face when having to deal with changes in consumer behavior. Coming up with solutions to reduce revenue decline can be harrowing for firms and although this service may not be easiest thing to market, it is something that we all will have to face someday so maybe a little pre-thought into what services we may want on our own day might not do any of us any harm.