Quantity or Quality? The Benefits of Investing in a Good Product or Service

It’s true that in the past there has been a trend towards bombarding buyers with cheap products at a cheap price, and this has not been unsuccessful – but it is a trend that is turning. Perhaps people are sick of being attacked by untargeted advertising and throwaway products and services that aren’t designed to last. Whatever the reason, consumers and businesses across the board are placing quality at the top of their list when making decisions

There always seems to be a conflict between quality and quantity, but as far as I’m concerned quality wins hands down. Here’s why:

Competition

Emphasis on quality can give you a competitive edge. If you have a reputation for quality in your market, you have something extremely valuable that can not only put you ahead of the competition, but it can also justify a higher price than your competitors too. Win win!

Repeat Sales

The most valuable customers are those who have already bought from you and selling to existing customers is much cheaper than paying to advertise to new ones. You know they are interested in what you offer, and they have already proved they are prepared to part with their cash. If you supply a substandard product or service the first time they buy from you, they are going to be unlikely to come to you when they need their next product or upgrade which means YOU miss out big time on the most valuable kind of lead there is. On the other hand if you look after them well and give them a quality product, they’ll never go anywhere else.

Word of Mouth

Quality gets you loyalty – and loyal customers and fans will spread the word about your products and services without you having to lift a finger. They will be ambassadors for your business by sharing your articles and news and mentioning you on their social networks. Personal recommendation is a powerful thing, and you will gain way more from 20 loyal customers over time than 100 one-off unimpressed customers would ever give you.

Reputation

Poor quality products and services may be cheap and quick to produce, but it’s possible they could have a hugely negative impact on your business image and reputation. Remember all those one-off unimpressed customers I just mentioned? Well they might not be content to just keep shtum about the fact that they feel they have received something of poor quality. They have connections too, and word could soon get around that your business is a low quality operation.

Profits

Particularly if you sell physical products as opposed to services, using low quality materials or production methods could severely impact your resources long term. Not only will it discourage consumers and be potentially damaging to your reputation, but it could also significantly increase the number of returns, replacements and repairs you have to carry out which can put a nasty dent in your profits.

Ok, so what’s to be learnt from all this? Well ultimately what I advise you to takeaway, is that quality products and services will get you QUALITY CUSTOMERS, and that’s priceless.

Quality needs to be implemented from the beginning, not as an afterthought, and although this may initially take more time and resources it will stand your business in good stead long term. Plan properly and work closely with the best people, technology and materials you can. Focus on your niche, don’t spread yourself too thinly and test and scrutinize your products and services until they are as perfect as you can make them. Spend time getting it right, it will be hugely beneficial for your business.

What’s your experience? Do you believe in a quality product or simply in the law of numbers? Get in touch and share your story.

James makes small businesses bigger. He’s worked with some of the world’s largest brands and companies to market their products and services online – including Disney, Microsoft, 20th Century Fox, Virgin, Coca Cola, MTV and many others. Find out more and read business growth tips at http://www.JamesTNoble.com.