Cheap can be expensive

I was talking to a friend recently, about his Apple MacBook. It looks really scruffy. The lid has scuff marks all over it. It’s old and he admits that it hasn’t been very well looked after.

I asked him why he was still using it. He replied, ‘I use it because it has worked perfectly for almost 6 years’. He was right. It still does everything he needs it to and the screen is easier on the eye than some of today’s notebooks.

Comparing apples and oranges

When he bought that MacBook, he could have bought 2 or 3 cheap laptops for the same price. However, they would not have offered him the same ‘fit and finish’ or quality. To suggest that the cost of his machine was three times as high as those cheaper alternatives, would be to confuse the price with the cost. It would be like comparing apples with oranges.

The price was 300% higher, but all these years later, the cost wasn’t.

For instance:

  • You have to factor in the value of owning the same laptop for almost 6 years and enjoying a 100% hassle free experience.
  • You have to factor in the value of using high quality components for almost 6 years, like a great keyboard and screen – rather than the kind of keyboards and screens that ship with cheap laptops.
  • You have to factor in the time saved, and frustration avoided, by not having to configure each of the new machines and transfer data between them.

Of course, this isn’t a Mac / PC thing. I am a PC user myself and buying a similarly priced top end PC notebook, could have led to just as sound an investment.

The point here, is to look beyond the base price of any business investment.

What this means to you

As a business owner, you need to explain the value of what you provide, compared to YOUR cheaper competitors. Prospective clients and customers will happily pay more, so long as the value is clear to them.

Remember -- if you'd like some help with your business or a project, you can Pick My Brain for the answers and ideas you need. This service is [literally] guaranteed to help you. You can find out more here.

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