Wednesday, October 24, 2012

Good enough quality, or best quality?

It seems that recently, there is a trend where many consumers have stopped going for the best quality product, and instead, are going for good enough quality. I could however hazard a guess on why consumers nowadays go for good enough quality products. The answer is technology.

Technology, due to innovation or competition, has been advancing very quickly and new products are always being introduced. Now, it seems that the time to market for new products may have been cut down to a yearly basis (e.g. iPhone, Galaxy). Therefore for some companies, they may think that building the product to last just for 2 or 3 years will be enough as they will hope that the customers will upgrade to the newer product. They push the price down, at the expense of quality.

However, I do hope that there are still people out there that recognise quality when they see it and acknowledge it. Developing a best quality product is not easy, and the attention to detail can be overwhelming. However, it is the attention to these small little details that differentiate the product from the rest, and enable it to stand on its own, thus attracting their own loyal customers.

Companies should not fall into this trap of just producing good enough quality products because if they do, customer loyalty will definitely go down and they'll find customers just switching products whenever they feel like it. Will it be more profitable in the long run? I don't think so. It is difficult to measure "good enough quality" because "good enough" is subjective, very difficult to gauge.

Retaining a customer is definitely cheaper than attracting one. Agree?

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