Quality is an expectation that is often under delivered. With so many businesses in the world, you may be wondering if quality even matters anymore. The answer is a resounding yes. As customers, you should have standards that businesses will vie to meet. As business owners, you are responsible for meeting customer’s expectations. The quality of your products and services are a direct reflection of your company. Quality is significant on both ends of the spectrum as it affects both consumers and producers.
Meet Customer Expectations
Customers purchase a product or service to fulfill a need or solve a problem. There are various factors they consider before making a purchase. Yet no matter the industry, people always recognize and value quality. In fact, customers are inclined to spend more on products and services that exceed their standards.
As a business owner, if you fail to create a quality product or service, your profits and reputation are in trouble. Doing so gives buyers bargaining power as they will quickly look for substitutes/ another product that can be used in place of the one you sold them. To avoid this situation, create a quality product or service that meets the following criteria:
1. It’s effective and efficient
2. The product/service is Inimitable
3. Satisfies the customer’s needs
If your product/service encompasses these factors, you are sure to provide your customers quality.
A Quality Reputation
As mentioned above, the quality of your product or service is reflective of your company. As social media becomes more prominent, it is important to have a positive brand/image. Social media provides a platform for customers to share their opinions of your product/service. Having strong commentary regarding the quality your company exerts differentiates you from the competition in your industry.
Make sure to be consistent and deliver the quality your business promises. Consumers are more likely to praise your company on your social media platforms. This increases brand awareness while creating reliability for your product/service, giving you a quality reputation.
The Negative effects of Poor quality
Poor quality results in increased costs for both companies and their consumers. The customers waste their money on a faulty service or product and ultimately replace it. While the business owners continue to spend money on producing defective products and services.
As business owners, be wary of escalating your commitment to your initial product/service. If you are receiving bad feedback/ are aware of its poor quality, scratch it. You will spend less on creating a new quality product/service then the money you would spend to fix what’s already broken.
For consumers, check comments and reviews. Consumers praise quality and express dissatisfaction. Find a product/service that is complemented for its quality.
Quality For You
Is your product/service lacking in quality? Are you in need of funding to improve your product/services quality? Do you need a partner to help fund your clients? There’s no better way to help your merchants than to work with QFS Capital. As a company, we emanate quality and settle for nothing less. Contact QFS to learn more about our products and services.