W hat is your Product?
The world is growing smaller and so is a person’s day. The modern life is getting so much complex that rarely anyone has enough time for others and at times not even for oneself as well. There is no remedy to time and situation as they wait for no one.
One day I woke up real late and had to immediately rush myself to work. It was bad enough that the busy and chaotic day had already started for me. Tying my tie knot had to be doneon the way and the early morning nature call had to wait until I reached my office. The office hour had already started and I was damn hungry,making me unable to concentrate on anything. I started wondering what could I eat that would hold me at least till my mid-day break?
Shall I bring in some biscuits and have it with a cup of tea? That might be fast as well as cheap enough but not good enough to hold me till my day break. Shall I order a lunch set from on-demand online delivery websites? That might be good enough to hold me till
my break and cheap as well but it may take a long time to get delivered. Or shall I order from the same online platform giving them very little time for delivery? But then I might end up with paying very high delivery charge. That’s when I realised: this is the limitation that every customer is facing when trying to choose among different alternatives they come across.
Whenever we have to decide for any product or service, mainly three things come in between our buying behaviour – quality, price and timeliness. As a consumer we would obviously try for acquisition of all these three attributes. Customer satisfaction may be at the state of delight when they experience a high quality product or service, bearing very low cost,witheasy access to product or incur less waiting time for service. But a consumer who expects experiencing all of these at the same time can be a very rare case. They must be willing to sacrifice any one of them for the sake of others two.
Where does your product lie?
As a business owner, whether you are involved in any rocket
We cannot neglect the fact of your product being limited to any two of them. But at the same time you can choose any one of them to be your unique selling point.
science or in any simple logistics handling, your product or service will ultimately suffer from any one of these limitations. In the long run, trying to achieve all three of them would be like shooting the moon. Your product will always be limited by one way or the other.
Design your product carefully
“We offer three kinds of service: Good – Cheap – Fast. You can pick any two”
While designing your product or service, you must prepare yourself well and be careful enough. You must derive the attributes to your product in such a way that your customers will be able to derive most out of it. Your deliverables must be specific and of high utility to yourcustomers. So at this point of time, you can turn the limitations of time, cost or quality to be your advantage as well. We cannot neglect the fact of your product being limited to any two of them. But at the same time you can choose any one of them to be your unique selling point. Choice is yours!!!