When I first started in my marketing career, I had a mentor who taught me a valuable concept. The concept between Good, Fast and Cheap in relation to buying products and services and how, generally speaking, you can’t have all three – you can only pick two.
If you are the type of person “who wants it all” you may be asking “well that’s crazy, why can’t I choose all three?!”.
Before you come after me with pitchforks and flaming torches, let me explain:
Scenario 1: I’m looking for a Good Quality, Low Cost item!
Let’s say you are shopping around for a certain product or service. As you are thinking about the product or service you want, you decide you want a cheap (low cost) product that is good quality. In this instance, it will take more time to deliver the product or service.
Scenario 2: I want a Low Cost item that I can get, Fast!
Scenario 2: If a company is producing a cheap product, fast, good quality is out of the question. Think of it this way, if someone rushes through making a product or providing a service, cheaply, the product or service is not likely to end up “good”.
Scenario 3: I need a Good Quality product Fast!
What if you wanted good quality products and services but you have a deadline so you also need them fast? With this scenario, the odds are against you if you are wanting this scenario at a low price. It’s not possible considering the time it takes to produce a good quality product or service at a fast rate. (I don’t know about you, but I would expect this service to be expensive!)
The best thing to do is ask your clients what matters most to them and develop your products and services over what they are looking for. Meeting your clients where they are increases the experience they have with your brand and makes them feel like you designed your products and services just for them.