Making decisions with cash flow includes deciding whether to buy on price or value. Often, customers (clients) try to combine both.
Here's a price and value lesson I learned today when stopping for a quick afternoon lunch on the way home.
I saw a Quizno's restaurant and stopped in for a quick sandwich to take with me. I paused because I knew Subway has $ 5 footlong sandwiches. I ever stopped at a Subway because I felt their sandwiches were overpriced. I still rarely stop at one but once in a while when driving on the road I feel they're a good option.
But I didn't want to drive around looking for one. So I walked in to the Quizno's and saw they had 3 sizes with the middle size being a regular for just over $5.
I selected that one based both on price and value. The picture looked like a footlong sub. It looked a bit smaller when the person behind the counter sent it through the oven. And when I paid for it (with tax it was over $6) and then opened it up, it certainly looked less than a foot long.
The price increased and the value decreased in my opinion.
While the sandwich tasted fine, I was disappointed in the value I received for the price I paid. I told myself I could have bought a Chinese meal, a filling Mexican burrito, or a few hamburgers from Wendy's with a side salad for the same price.
How is your price and value proposition? Do customers (clients) appreciate what you offer for the price they pay and the value they receive?
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