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Whenever I go to Costco for what looks like a small list of shopping items, I always arrive at the cashier with a full cart, and there’s just myself and my wife! I have enough mayonnaise and peanut butter to last the next 2 years!
Their model is brilliant. As we all know, they sell in volume, so the bills are higher, and on top of that we pay them a yearly membership!
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I am not complaining, as I go there regularly for specific items. I am simply acknowledging the brilliance of their business model.
I was recently in Florida and we did the same thing; once a month, we went to Costco.
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I also love that we all line up to save what amounts to probably $5.00 worth of gas. “Oh, look! They are 10 cents cheaper per litre or gallon! Hurry!” I once sat in the lineup for 25 min, the whole time I was thinking, “I could have sold a digital marketing campaign to someone and helped them expand their business in this time frame.” Yet, I was quite content to sit there in a huge lineup to save $5.00 whole dollars. This is Costco on the brain. They’ve done their job!
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We’ve bought a TV, organic food, keto products, meat, cheese, clothing, propane for our BBQ, gas for our cars, and more! It’s wild! A friend who does not have a Costco card asks me periodically, “When are you going to Costco?” Costco on the brain is contagious!
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Oh, and prior to exiting, after we’ve spent hundreds on what seems like a few items to me, we stop and get bloated with some hot dogs, fries, a slice of pizza, and a drink. If Costco had foot massages prior to exiting, we probably would buy that service too!
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As of 2020, Costco was the third largest retailer in the world, and the world’s largest retailer of choice and prime beef, organic foods, rotisserie chicken, and wine.
In 2021, Costco was ranked #10 on the Fortune 500 rankings of the largest United States corporations by total revenue.
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As of May, 2022, Costco has 116.6 million members, 288,000 employees, with more than 156,000 of those working full-time. Costco generates $195.93 billion of revenue annually, is the sixth-largest retailer in the world. and the third biggest in the US; behind Walmart and Amazon.
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As of September 2022, Costco has 839 warehouses worldwide: 578 in the United States and Puerto Rico, 107 in Canada, 40 in Mexico, 31 in Japan, 29 in the United Kingdom, 17 in Korea, 14 in Taiwan, 13 in Australia, 4 in Spain, 2 each in France and China, 1 in Iceland, and 1 in New Zealand.
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It’s not just myself and my friends that have Costco on the brain, that’s for sure.
I would love for you to email me and tell me why you go to Costco and what makes them unique to you.
What takeaways from Costco can we apply to our businesses?
- Create a membership for your services
- Give a lot to your clients
- Have several streams of income within your company
- Promote, promote, promote!
At DIT Web Solutions, we can help you create a membership and promote it, along with the design and printing of the membership cards with bar codes.
Additionally, we will help you promote all your services with SEO, Google Ads, Social Media, etc.
Call me today for a free consultation and let’s get your company on people’s brains.
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Book your free Strategy Chat with Senior Partner,
Louie Pateropoulos.
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