Originally posted on Compass Consulting & Solutions – Paul Nottingham
Have you ever heard the phrase; Perception is reality? When you heard it, did you understand its meaning? If you are in Business, this is something you will need to pay very close attention to, because if you don’t you may be missing vital clues as to what your customers thin about your business.
I would consider myself to be an average audiophile. I like a lot of very different types of music and artists. This makes for a fairly large music library and one that I like to listen to at fairly loud volumes. Annoys my wife so she asks me to use headphones. I was in the market for some good Bluetooth ear buds so they would be portable and easy to use. Boy, was I in for a goose chase. I started off by looking on line at reviews and decided a 4/5-star review was the target. Then I looked at manufacturer and where they were made, and finally price point. One other factor was warranty and service reputation.
My search was conducted over several days and here is what I found;
- Many labels are manufactured in the same place-China
- Price-point does not necessarily guarantee a superior product (paying for name)
- Not all warranties are created equal.
- Choices are nearly endless and the bottom line is your personal preference and perceived value.
Now I realize there is nothing earth shattering about the above observations, but the result is that I chose an American made product for 1/3 the cost of the Big-name brand, that offered the best warranty of all of the manufacturers I evaluated; A lifetime warranty on the product with no deductible or restrictive hoops to jump through.
There were many American made products that had the latest and greatest technology, and a price point nearing lunar proportions. Now I will admit, being an average audiophile means looking for a bargain and listening is a pleasure not a science. If I were music producer I might be able to justify the 4-5-digit cost of some of the headphone I researched. But as a consumer I could not justify the price for the product-My perception was that they just were not worth the money being charged.
Did you catch that? I did not perceive them to be worth the money. Some businesses will poo-poo a response like this as not their market and being uneducated etc. But if you are in business and have local competition, how do your customers perceive you? Do they appreciate your service level above your competitors? Do they see the value in products for the price-point charged? Are you the first choice in their minds for your particular offering?
Perception truly is reality in the business world and your customers perception of your business and all it has to offer is YOUR REALITY!! Make sure your reality is one you can live and grow with and not something from a Steven King novel.
We would love to hear about your perceptions about your business and local businesses in your area. You can share them with us below. We appreciate your time and look forward to hearing from you.