Different ways to create value – product, dollar, speed, convenience

Traditionally, they say there are four ways of creating value:

  1. Product
  2. Cost/Price
  3. Speed
  4. Convenience

Entrepreneur magazine says that there are three ways of creating value – Price, Quality and Speed. Remember the days when places like printing companies and auto body shops posted cartoons that showed an employee laughing hysterically, accompanied by a line like, “You want it when?” Or how about a placard like this? “Price. Quality. Speed. Choose any two.”

In the mindset of days past, customers had to expect steep prices to get top quality at breakneck speed. For top quality at low prices, they expected long waits. And if they wanted delivery fast and cheap, they expected to compromise quality.

That was then. Today, customers have different expectations. They want and are used to receiving price, quality and speed. As a result, successful businesses deliver on all three fronts to win and keep customers. Be Good at Everything and Great at Something

Brian Tracy in this post talks about the 7 ways of adding value to business.