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Quality vs. Price: Why Paying Too Little Can Cost You Everything
Manage episode 430793724 series 3474709
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In this thought-provoking episode of Connect and Convert, hosts Dennis Collins and Leah Bumphrey dive into the Project Management Triangle and its impact on business decisions. Discover why you can't have it all when it comes to quality, speed, and cost, and learn how to confidently communicate your value proposition to customers.
Key Takeaways:
- Understand the Project Management Triangle: You can only choose two out of three - good, fast, or cheap.
- Value resides in the mind of the buyer; tailor your approach to individual customer preferences.
- Confident pricing and language are crucial when selling high-quality products or services.
- Embracing your market position and communicating your value proposition clearly is key to success.
Resources and Links:
• John Ruskin's quote on false economy (mentioned at 08:20)
• Project Management Triangle concept (originated in the 1950s)
Timestamps:
00:00:00 - Introduction and concept overview
00:02:15 - The Project Management Triangle explained
00:04:30 - Value perception in business
00:06:45 - The importance of confident pricing
00:08:20 - John Ruskin's quote on false economy
00:11:00 - Embracing your product's position in the market
Connect with the Hosts:
• Dennis Collins: https://wizardofads.org/partner/dennis-collins/
• Leah Bumphrey: https://wizardofads.org/partner/leah-bumphrey/
Host Bios:
Dennis Collins and Leah Bumphrey are experienced sales and marketing professionals who host the Connect and Convert podcast. They share valuable insights on business strategies, sales techniques, and marketing approaches to help small business owners accelerate their growth.
55 episodes
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