At the height of the Industrial Revolution, the most powerful businesses were the factories that managed to churn out the greatest quantity of goods at the lowest cost.
Much has changed since the Industrial Revolution. There are still businesses that find success by focusing on quantity over quality - Walmart chose to prioritize low prices, and with over $400 billion in annual sales, they make more gross revenue than any company in the world - but those businesses are the exception to the rule.
|Sidd: Quality Trumps Everything|
To be the next Walmart, you would need to be your own supplier. Cutting out the middleman is the only way to offer the lowest prices and still turn a profit. You’d need trucks, warehouses, and distribution centers, and you’d need to hire all the people it takes to run that network. Startups simply can’t do that. They don’t have the capital or the connections to access those kinds of resources.
What startups can do, though, is offer better quality than their competitors. That doesn’t require you to set up your own infrastructure. You just need some industry know-how and a team of talented people.
I’ve witnessed the power of the quality-first approach first-hand. I’m Sidd Pagidipati, and as an entrepreneur, I’ve started several successful businesses. Allow me to use my experience to explain exactly why quality trumps quantity:Stand Out From The Competition
About half of all startups fail in their first four years. Business only survive past year four when they figure out how to make potential customers have a positive association with their brand. You must be remembered as better than your competitors.
Quality is more impressive than quantity. Offering a marginally better price on your products and services than your competitors will go unnoticed by most customers. Price, after all, is just a number. Every business tells their customers that they offer great value. Value is a somewhat abstract concept, while quality is something customers can see for themselves. It allows you to stand out.Make Marketing Easy
Of course, every business wants to be associated with quality, even those that take the low-quality/low-price approach. Those businesses are forced to get quite creative with their marketing to make that impression, and these marketing efforts often come across as hollow and end up being ineffective.
But when you genuinely have quality on your side, all you need to do to make that impression is tell the truth. There’s nothing more persuasive than the truth.Attract Top Talent
In any industry, there are only so many top performers to go around. When you convince these top performers to work for your company rather than one of your competitors, it gives you a serious advantage.
Having an association with high-quality will help you make more sales, and it will also help you convince the most talented people in your field to join your company.
You see, top performers are competitive people. They take their jobs seriously, to the point of tying their overall personal worth to the status of their career. They want to be the best; they want to work for the best. If you are the best, they will work for you.