At what price will you accept any cost?
A brilliant cousin of mine was complaining about disrespectful customers, that are oblivious to the low cost-high value products he provides. He compared his final price to the customer to what his competitors provided. He was delivering same quality at 20% – 30% less in price. My suggestion to his complaint – Maybe you should charge enough (price) to accept disrespect (cost).
As with most of our conversations, he switched back to me owing him a game of chess.
The balance between price and cost is delicate. Few individuals or organisations get it right.
When individuals or organisations defer to least price, unwittingly, they promote higher costs, if the desired minimum value is not appropriately communicated and agreed.
Cheap (Price) is momentary. Value (Cost) sticks with you.
Price is a melody – you either like it or you don’t, yet if you listen to it long enough you can switch from your old position.
Cost is an itch – an uncomfortable sensation that is sweet to scratch, yet leaves bruises that can become intractable wounds.
– Osasu Oviawe