News
What matters more in recession times, part 4
June 17, 2009
Low price is the fourth priority
The AMA survey tells us that low price is fourth in customers’ priorities in 2009. Again, this finding is not all that surprising to us at Tortus.
Why is price rated fourth? During a recession, when people are watching their pennies fanatically, doesn’t price mean everything? There is a surprising reason why this isn’t necessarily so during economically tough times.
As doing business becomes more challenging, sales and profits are down and people have fewer resources. We become more cautious overall, carefully scrutinizing what we purchase and seeking vendors and partners who truly perform. We want and need value, not just a low price. Why?
Because with fewer dollars to spend, we can’t afford to make any mistakes. We need to know that we’ll receive great service, be able to trust our suppliers, and be delivered a great product that is backed up one hundred percent before we spend a dime. A low price may be enticing, but without the service, trust, and quality behind it, more likely than not it will be penny wise and pound foolish.
In conclusion, whether you’re buying or selling, make sure you’re providing the value your client wants. Make it specific to them, and deliver it the way they want it. Even in a recession, we can make business fun and profitable…not necessarily in that order!