The idea behind “better-faster-cheaper” is widely known, but for those of you that are not familiar with the concept, the premise is that you can choose any two of the above, but you can’t have all three at the same time.

We can deliver better and faster, but it is going to come with a higher price, as it is going to cost more to produce something better and it certainly requires a certain level of capability to provide something faster.  Likewise, faster and cheaper can be delivered together, because the quality of the outcome for the customer may not be as important.  In fact, there are many companies out there that follow this strategy and are successful.  

As far as the third option is concerned, which is delivering better and cheaper, in my view this is so scarce that it doesn’t actually exist.  No matter how willing the customer may be to wait, better will always come at an increased price, as there is no sustainable business model that is based on providing better at a lower price.  After all, the reason behind calling an inferior product/service cheap is because that’s exactly what it is!

With regards to the above, Jon Ruskin an English writer, philosopher, art critic and polymath of the Victorian era, in his work “Common Law of Business Balance”, claims the following: “The common law of business balance prohibits paying a little and getting a lot, it can’t be done.  If you deal with the lowest bidder, it is well to add something for the risk that you will have to pay for something better.”  In my eyes, this quote highlights in the best possible way what really is the choice of low cost, when it comes to purchasing decisions.  Moreover, if someone can’t tell the difference between a product and its’ cheaper alternative, then how can there be value in paying for it?

As salespeople we can promise better, we can promise faster and of course we can promise cheaper, but we can’t promise all three simultaneously or cheaper and better together.  If we do so, then it is also our fault why customers may believe in science fiction, where they can ask about anything without being ready to do the necessary investment.     

Part of our role as sales professionals is to educate our clients, so that together we make sure that the appropriate balance is found between product and cost, between quantity and quality.  So, let’s start: Pick two out of three!