Have you ever lost out to the competition and not been able to understand why? In this VLOG, Grant explains why having the best products and services isn’t always enough?
What if having the best products and services is just not enough?
Have you ever lost out to the competition and not been able to understand why?
It might be because of cognitive economy.
Cognitive economy is the phenomenon that explains that a human being will put in only a certain amount of effort to achieve a required result. For example, you’d probably be prepared to go and look at an infinite number of houses before you decided to purchase one.
But how many jars of peanut butter would you be prepared to look at before you decided to buy?
How you deliver your products and services can be as important as the quality of them.
For example, is Amazon always the best place to go to buy something? Probably not, but is often the most convenient.
Music streaming services are not always the best solution, they are often the most easy to access. So when packaging your products and services, think about who your customer is and how you can make it as convenient as possible for them.
There may be small changes to the spoken word in this transcript in order to facilitate the readability of the written English