Wise Wednesdays - Do you want a cheap Mercedes?

If you were to walk into a Mercedes dealership and the salesperson said, “I can sell you this high quality car with our superior service at an unbeatable low price” would you believe him/her? You would probably think is there something wrong with the car.

Whenever you are selling a product or service you are always selling three things:

1. Quality: The actual make up of the product or service. If you’re selling a car it’s how the car is built, how it functions etc. If it’s financial services it’s the products you sell and the advice you give.

2. Service: The response, customer service, follow-up you give during and after the sale.

3. Price: The selling price of the goods or services you are selling.

Smart business people know to highlight only TWO of the above three features. If you tell me you can do all three – I don’t believe you – and neither will your customers.

Unless you’re operating a dollar store or importing goods from China, competing on price is the worst strategy you can have. There is always someone cheaper. Remember you are selling value. Keep emphasizing the value buy focusing on the quality & service of your product and service. If you make it compelling enough people will buy. Price will be less of an issue – even in this economy!

I was interviewed by InsideToronto.com recently and was asked to comment on the current economic situation. To read the article visit http://insidetoronto.com/article/61745

There are no short cuts in life. Only short-lived businesses.

Wise Question: What can you say or show that emphasizes the quality and service of your product or service?


Cheers,

Dominik