If you're like the rest of us, you want it cheap, you want it good, and you want it now! In fact, you want it all:
- PRICE
- QUALITY
- SPEED
This triad is a concept commonly introduced to clients of art and design industries, and it applies to any service business. As a client, if you research your options, it’s almost always possible to find at least 2 of these 3 qualities; however, it’s rare to experience all 3 in an exceptional way.
As a services business, for you to achieve a level of excellence, you need to choose only 2 of them. Pick the right two and you will you create a following of raving fans who become a prime source of quality referrals. Try to deliver on all three and you are likely to fail to meet their expectations, which invariably creates client relationship problems.
I fundamentally believe that, in the professional services sector, competing on price is the fastest and most reliable way to price yourself out of business. You are selling advice, expertise, and valuable counsel. When it comes to advice, you get what you pay for. Quality advice simply doesn’t come cheap.
As a business owner, when your prices are low, your margins are low and your resources are strained. This leaves very little left to invest in professional development, efficient systems, or creating memorable and impactful client experiences.
Speed of delivery creates a good experience! Wouldn't it be great if we could get the solutions we want even just a little faster?
Quality creates a good experience! When does anyone ever complain about something being too good?
Price only has a lasting impact when something is either ridiculously cheap or grossly overpriced. Neither of which is recommended as a long-term business practice. Price cannot enhance an experience in the long-term. It has no staying power. Once a fair price is paid, the aftertaste doesn't linger.
However, quality and speed linger. They stay with us. They are the aspects of the experience that we remember over time. They are the characteristics that result in great referrals. They are the essential foundation of any successful professional services practice.
So, when you are investigating ways to attract more high-quality clients, keep in mind that quality and speed are the two most impactful parts of the triad, and leverage them to make price a non-issue. Make the decision to offer your prospect a perspective that helps them understand the value of your fees ... not only for their benefit but also to support you to build a business that gives them an experience that they will continue to enjoy and advocate for.
That’s how you create raving fans and quality referrals.
As always, I wish you Success, Differently.
- Michèle