The thumbnail version:
- Remember the old quality/price/service , you can only pick two?
- It’s a myth in today’s competitive small business environment
The full version:
Remember when customers were told that they had to pick two of quality, price, or service, because all three were not possible? Let’s call BS on this old myth!
Some established big businesses have the clout to stick to this two-out-of-three proposition because, well, they’re big and established. Some are virtual monopolies. So, in these cases, the public has few alternatives.
The examples that come to mind tend to satisfy the quality and price elements but really suck at service. Have you ever tried to get decent customer service at Costco or Home Depot lately? These are just two—I’m sure you can come up with your own examples.
You can probably also come up with examples where a different two of the three choices are offered. What about those that have great products and over the top service but expect you to pay through the nose?
Unless your small business is lucky enough to service a non-competitive niche market, in today’s environment small businesses cannot afford to mimic the giants. Their world is not your world. Your shop has to find a way to offer a balance of quality, price, and service or lose out to competitors who do figure it out.