Lower Expenses, with Higher Quality
Selling higher quality products, while keeping lower expenses – that sounds like the stuff of dreams for any business person.
That’s the case because most of the time, you can’t get both bullseye with the same spear. You either have to spend more to get a good quality product out, or you have to run the risk of selling something lowly with the least expenses possible.
There doesn’t seem to be much middle ground – or is there?
We’re here to show the best of both worlds – here’s how you can keep your expenses low without compromising on quality:
Choose the right target audience
Companies often make the fatal mistake of not properly understanding who they’re selling to. They may make a great product, but it’s not necessary that everyone wants it.
Before even considering to launch a new product, make sure you research your potential client thoroughly; learn what exactly are they looking for, and be to-the-point when it comes to your approach. Avoid people who are looking for only a cheap deal, and search out clients that want the value you’re giving.
This helps narrow down not only your target audience, but also your overall expenses spent on marketing and sales. You’ll know for sure whatever you’re selling will be well-received, allowing returns to increase – and brand quality to rise significantly.
Create quality through value
Both companies and consumers make yet another mistake by equating “high quality” with “high price.” This is most certainly not the case.
The truth is this: high quality exists by giving value within a reasonable price. You need to make sure the hard-earned money customers spend is worth something – they want value for their product.
So the question you should be asking is not “How do I raise the quality of my product?” It’s much better to ask, “How do I give more value to my product without changing expenses too much?”
There are many ways you can accomplish that:
Premium Features: offer your customers extra points for investing in your product – they will appreciate being given more treats without the extra pricing
Durability: nobody wants to buy the same thing twice if it’s in their control. Make sure what you offer them lasts long and works well. The last thing you want is to have them regret their decision
Customer Service: customers can easily buy something and forget your store ever existed – but what they’ll never forget is a memorable experience. Add value to your product by offering good customer service; have their voice heard, be kind and considerate – even a smile does wonders!
On the surface, this seems quite counterproductive – turning tasks automatic through technology requires an initial investment, and some work as well. But businesses have shown to cut down expenses immensely just by using mechanised work functions in place of tasks that had to be repeated at some point.
Here too, you need to choose wisely. Go for a point of sale (POS) software that offers different business systems integrated within one smart package. One POS software in Karachi is Oscar POS, which has a multitude of management systems to offer: employee management, customer relationship management, accounting, sales, reporting and inventory management are just to name a few. Investing in such a system once lets you control a range of work functions automatically.
As soon as business operations begin to streamline, you’ll notice a significant difference in the time spent in manual tasks, and the amount of money spent doing those tasks.
Needless to say, there isn’t always a one-size-fits-all kind of solution if you want a high quality product with lowered expenses. Sometimes you’d much rather give something worth buying, even if it needs some extra money.
However, where there’s a will, there is always a way. In this case, you can always mix and match your strategies to give financial ease to your business, and a product worth buying to your customers.