Want more Sales? Here is the Secret Formula of Competitive Advantage Fast Cheap and Good

competitive advantage Fast Cheap and Good

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Do you want more sales? A tsunami of traffic and a bonanza of clicks and clients?

How is it that your competitors are killing it?

Maybe you are doing ok; not a consistent stream of traffic clicks and leads. Nothing like the trophies they are winning!

“What are they doing we’re not?”

Have you bought into the competitive advantage fast cheap and good?

Do they deliver faster, sell it cheaper or do it better (the good)?

Use the Competitive Advantage Fast Cheap and Good

What? What is this:

Fast, cheap or good?

Winning customers and a competitive advantage start with Fast, Cheap and Good formulas.

This article is no. 4 in The (digital) Marketing Funnel series of articles.

Is your business:

Fast at what you do? Are your products/services Good? Or are your product/services Cheap (low cost, not quality)?

Where people believe you fit ‘in the market is key to winning new customers and beating the competition.

Don’t worry, I am Urban Renström, there is always science and research involved in everything I say, teach, and demonstrate.

The Secret Formula – a Competitive Advantage Fast cheap and good

In order to win customers you must be excellent at 2 out of the 3:

You can either:

  • be Fast and Good
  • Fast and Cheap, or
  • Cheap and Good

This back-of-the-napkin blitz test is the first look at your competitive landscape.

Competitive Advantage Fast cheap and good
Win Customers, Strangle your Competition with the Fast, Cheap and Good

Pre-qualification

People use this napkin blitz test when looking for goods and services.

Ask yourself if your packaging, wording, imaging, and branding, are aligned with how you do your business.

The Table Stakes of Business Competitive Advantage Fast cheap and good

In card games, like poker, the ante is the first bet or wager placed in the ‘pot’. The ante lets you play the game.

The business also has an ante.

The ante, are you saying “I will be Faster than you, Cheaper or Better than you”.

In poker, you rarely win a hand with the first bet. Business follows as you don’t win customers with your ante.

Why? Because it is not enough.

Any half-competent business can deliver services faster, cheaper or a little better than you.

1 out of 3 is neither a defensible position nor a competitive advantage

Necessary, but, not Sufficient – 1 in 3 is not a Competitive Advantage

  1. The ante in the poker game of business is Fast Cheap or Good.
  2. Winning a lot of customers is combining two of the three. In poker parlance, it is holding a flush or full house
  3. Locking out the competition means you are Fast Good and Cheap. In poker parlance, it is (always) holding 4 aces or a Royal Flush

Top businesses focus blindly on locking out the competition. Always improving, always testing, always innovating and always looking to get a better hand.

Successful businesses are scarred in always improving and serving customers better.

Marketing Tip – Business, like poker, is relative. You just gotta beat the person across from you.

2 out of 3 Wins Every Time

Great and successful companies deliver on two of the three. Good and Cheap or Cheap and Fast, or Good and Fast.

McDonald’s has mastered fast and cheap (low price). A €1 for a hamburger and €3 for a burger meal. You cannot better that offer (not in price anyway, but, easily beat them in quality or healthiness).

Fast and cheap food sacrifices quality and refinement. Compared fast and cheap food with Michelin Star quality. McDonald’s food is not good. Nor is it good in the Morgan Spurlock sense of good for you.

So, why does McDonald’s not stretch for 3 out of 3?

Because achieving (fast, cheap and good) is difficult and very expensive.

Can McDonald’s food be good? Yes, but, either the fast or cheap must go.

Giving up fast or cheap is McDonald’s in a different food category. They would have a different value proposition, different branding and different competition.

McDonald’s would be a different business.

Most companies, with a dominant market position (a significant competitive advantage), have nailed 2 out of 3. They are always holding a full house or flush.

Balancing A Balloon on a Pin – 3 out of 3

Zappos, Amazon, and Google are balancing a balloon on a pinhead.

They all deliver Fast Cheap and Good. (Amazon, often, has the lowest prices on goods, not low price goods).

How do you compete with, Amazon Prime, and next-day delivery?

With massive investment, long strategic horizons and relentlessly focusing on serving customers.

Google has mastered 3 out of 3. They deliver Fast Cheap and Good. Google is probably a monopoly.

Their monopoly on the search space and ads for search is akin to a money-printing machine. A very big virtuous cycle money-making machine.

How do you balance a balloon on a pin?

Invested heavily in innovation, development and business acquisition to get more customers, and, therefore, win more customers.

Google’s 3 out of 3 is a money-making machine.

3 out of 3 are holding a Royal Flush or a Full House. And that hand always wins.

How do you Stack Up?

Is competitive advantage Fast cheap and good?

How does your company stake up against the competition on this back-of-the-napkin blitz test? Which quantities does your competitor have? Is your business in danger of losing customers?

Last word from our sponsors: This article is no. 4 in The 9 digital Marketing Funnel series of articles. See here for articles 1-10.

Marketing Takeaway – The biggest secret of Fast, Good, Cheap? People always want quality and value.

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