What does Good, Fast or Cheap mean for your Service Prices?

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As a business owner, you've probably heard the saying "You can be good, you can be fast, or you can be cheap. Pick two."
Is it really that simple? 🤔
Recently someone wrote to me that they were struggling with this concept of good, fast or cheap as they aren't fast. And they feel pressured to be so when that's not them. Yes, I often get my show ideas from the questions people ask me. So keep asking! 😄
I believe it's important to know what your strengths are and to market to those strengths. That's how you attract people who value your approach to things. Failing to do so feel so frustrating - you end up never feel good enough.
More importantly doing so allows you to work in your "wheelhouse" of expertise and focus on what you're best at. BUT that requires you to let go of the things that aren't strengths. In this case if you're not fast, then don't market that. Lean into the fact that you deliver great results even if it takes a bit more time. Or even redefine what fast is.
You have to let go first - otherwise it'll feel like you're always "swimming against the current" 🏊‍♀️ i.e. struggling.
In This Episode
We explore the popular saying in the service and freelance industry: "You can be good, you can be fast, or you can be cheap. Pick two." We dig deeper to unpack its meaning for pricing in your business. Here's the deal: all three factors—good, fast, and cheap—are relative and depend on your target customers. Their perception of what's valuable matters most and you can influence that.
We take a look at how perceptions impact the definition of good, cheap and fast. As well as how to manage if what you do doesn't fit all those requirements. In my experience, it's not about choosing between good, fast, and cheap. It's not even about always delivering all at the same time.
It is about aligning your strengths with what your target customers value. Enjoy the episode!
Podcast Highlights

• 0:00 Intro
• 2:00 An Old Adage
• 6:36 Be Honest With Yourself
• 9:11 Best Way to Help a Potential Client
• 11:00 Price Acceptance
• 11:42 Wrapping it Up

Episode Links
The Fair Price Formula: https://maven.com/the-pricing-lady/fairpriceformula
On-demand Web Class: "Getting to a Fair Price"
Don't go yet. If you're enjoying the show please rate and review. It helps us spread the word to more people and ultimately get more small businesses on the path to sustainable profitability and business success. Thanks for Listening.
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Get started improving your business. Sometimes it’s difficult to know where to begin. I suggest you Download the the self assessment Pricing Scorecard (www.thepricinglady.com/pricing-scorecard). Get a view of what’s working and what’s not working when it comes to pricing in your business. Figure out where to start making improvements.
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