There is an outdated business philosophy that rears its head periodically. It says the customer experience comprises three aspects—quality, speed and price–and businesses only can deliver two of these aspects at a time. Choose quality and speed, but sacrifice price. Choose speed and price, and sacrifice quality. Business is a zero-sum game where these trade-offs define business strategy and product/service offerings.
Apparently, not everyone was informed this paradigm died several decades ago. Today’s customer expects all three—quality, speed and price. Failure in one aspect will drive customers down the road to the nearest competitor who isn’t living in the dark ages.
Think of the last major purchase you made. You had something in mind within a certain price range. Since price was established (by you), what were you willing to sacrifice? Nothing. For your hard-earned money, you expected it all or you would shop elsewhere. This is today’s reality.
Now, I realize there are differences in quality and speed at different price points–but not always–and apples-to-apples comparisons are difficult to make. Overnight shipping of a package is more expensive than three-day shipping. However, snail mail of a letter is more expensive than an email. I may pay a lot for auto service at my dealership, but I’m not getting merely auto service. I’m getting a complete assessment by a certified mechanic who is familiar with my vehicle. I’m provided with a quiet, private office to work in or a complimentary new model to drive until my vehicle is ready. The dealership has great coffee, fresh baked goods and friendly people. I’m paying for an experience, not just auto service.
Do you want quality, speed or price? Yes, all three, please. Thank you very much. Oh, and by the way, if you can’t figure out how to deliver all three, I’ll find someone else who will.
Now go forth.
