Value proposition and Good — Fast — Cheap
Hi there! This is my first post, and I will write something about “running a web development business”, something from my experience when working as a manager at Time Universal Communications (One of top agencies in Hanoi, Vietnam).
The topic for today is defining “Value Proposition” base on 3 things: Good, Fast and Cheap.
“Value Proposition” is your product, service offering, what you can deliver to the customer. It is combination of skills and products.
Good, fast and cheap are 3 things that can describe your offering.
Remember, you can only be two out of three. It is impossible to be all of them.
Let’s go a little bit deeper.
It is hard to deliver quickly. You also have to pay people (your staffs or subcontractors) more for their experience.
It means you are cutting corners somewhere, probably on quality. You have to pay people more for working over time.
Cutting costs on quality or delivering time, it means delivering later or lowering the quality.
“We have to optimize 2/3, and remember, not all three.”
Some kinds of works and customers that fit with the “2/3 combinations”.
Fast + Cheap: Maintenance works, companies on a budget.
Good + Cheap: Companies who do not care about quick delivery.
Good + Fast: Companies who do not care about budget.
My first post is a little bit short but I think it can help you with defining your “Value Proposition” and have an overview about 3 important things: Good-Fast-Cheap, those determine our offering and products.
Hope this can help! Thanks!
(First post on Medium on a rainy day in May 2017)