“Quality in a product or service is not what the supplier puts in. It is what the customer gets out and is willing to pay for. A product is not quality because it is hard to make and costs a lot of money, as manufacturers typically believe. This is incompetence. Customers pay only for what is of use to them and gives them value. Nothing else constitutes quality.” – Peter Drucker
Good morning! Wow, that one can jolt you to sit up and pay attention just like a double shot cappuccino.
There are many layers of this quote to unpack. The connection between quality and value is unmistakable. It is easy to convince yourself that all the hard work that you put into your business creates value to your customer/client. But does it? Is the actual offering of value to the end user or just the reflection of the value you feel it should have?
The client’s perception of value is the only reality that matters. Curious but not sure where to start? Try this: look for an opportunity where your clients can experience shared values with you. Where people feel they share values is where they will perceive untold value.