What kind of business are you? Good, Fast, or Cheap? In an age of many choices and steep competition, companies need to determine for each customer what is most important for them. You can't be everything to everyone, but exceptional sellers and marketers help customers understand options and make choices. That's the issue global training and business-consultant David Parker addresses in this video on Pricing Strategies. Parker says you can be two of these things, but you can't be all three. i.e. if you're good and fast, you can't be cheap.
Being everything to everybody is not a good thing, says Parker. Look at Sears that tried to be everything for everybody - Jewelry, lingerie, tools, appliances -- and formerly insurance, automobile repairs, and other things as well. They got too muddled for the marketplace -- did too much of everything, says Parker.
Good stands for best products and best services in your industry.
Fast stands for the most timely delivery of a desired result.
Cheap is exactly what it says, so one of the other two has to go.
"I don't know anybody that does all three equally well," says Parker.
In this video, Pricing Strategies: Good, Fast or Cheap, You Have To Pick Two Out Of The Three That Describe What Kind of Business You Are:
* If you're fast AND cheap and you have decent quality, you're McDonalds, i.e. You know exactly what you're getting, as fast as possible, and about as cheap as it can get.
* If you're top quality AND fast, you're FedEx. Think about delivery that absolutely positively has to be there overnight. Fast is a given. Guaranteed. If it's the fastest and best quality out there, it's going to cost to provide, so it can't be cheap.
Good, Fast, Or Cheap? If you have to pick two that define your business, what are you going to be?
I'd love to hear what kind of business you think you are, and which two qualities fit your description. Thanks. Gilon