Let’s get the first thing straight; every product or service exists to fill someone’s want or need.
Products and services come in three forms; bad, good and great. And products and services are made up of three dimensions; quality, cost and impact. Let me explain:
Bad products and services:
- Are of poor quality
- And cost something
No-one wants a poor quality product or service, regardless of the cost.
Good products and services:
- Are of good or great quality
- And are well-priced relative to their quality
A customer buys a good product or service firstly because they want it or need it. Then (if there’s competition) they base their decision on which product or service will give them the most value for their money.
Great products and services are the same as good ones, except they make an impact.
Customers buy great products and services not only because they fill their needs (with quality and at a good price), but because they make an impact in the customer’s life. Making an impact is the key to building loyal customers; customers who forgive you for your mistakes and continue to use your products and services even, if there’s a cheaper option. Loyal customers will recommend you and won’t look for alternatives.
If you offer a bad product or service, stop, and start something else. If you offer a good product or service, how can you make it great?