Should a Traditional Funeral Home Open a Low-Cost Cremation Business? – with guest John McQueen
Many funeral home owners are considering opening a discount cremation brand to defend their market share from aggressive competitors. Seems like an obvious idea, but is it the smart thing to do?
On this episode, we talk with John McQueen, a successful funeral home operator who simultaneously grew brands at the high and low ends of the market. John shares his expertise as we dive into three important questions.
1. How to decide if you should (or should not) open a discount cremation business
2. How to avoid cannibalizing your traditional business
3. How to create differentiation between the brands to show value and support pricing
Show Notes & Resources
Welton and Ellery are joined by John McQueen, an expert on cremation services (2:01)
Loyalty is on the decline and cremations are on the rise (6:30)
How to determine the right time to open a low-cost cremation service (7:37)
Cremation can be a profitable arm of your business, rather than a defense mechanism against competitors (13:16)
If give the time and attention, low-cost cremation can complement the business of a traditional funeral home (17:04)
John explains the “Profit Pyramid” to offer services at different price points (19:50)
Don’t hide the fact that you offer low-cost cremation! (26:57)
John reveals how he uniquely markets his different services and varying price points (31:57)
Why it’s so important to keep your brand offerings separate (47:27)
Using the “Profit Pyramid” to determine offerings at each cost level (54:20)
When competition comes knocking, how do you respond? (57:42)
No matter the brand, building rapport is important (63:10)
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