By Charles Alvarez , Contributor, the Price of Business Show. * Sponsored
According to PIMS Studies at Harvard University, companies that are recognized as the highest quality providers in their markets are also the companies that sell the most and sell the easiest. They can charge more than their competitors, and they earn the highest profit margins.
The highest rated companies in terms of quality also grow the most rapidly, attract and keep the best people, and pay the best salaries. The “quality ranking” of a company is the most important single determining factor in the success of a company, and in the success of the individuals who sell and work for that company.
Thousands of consumers have been interviewed over the years and asked for their definitions of “quality.” Their responses show that the quality of a company is measured and determined by two factors. The first factor is the quality of the product itself. The second is the manner in which the product was sold and delivered.
It is not only the product or service that the company offers, but the temperament, mood, and personality of the people who deliver the product or service that, combined, give a company its quality ranking in a given industry. The company needs a great product or service, but more important, it needs to follow through with good marketing, service, and delivery.
Here is a good question for you, then: What is your quality ranking in your marketplace? Imagine that your company is one of ten major companies offering the same product or service in your marketplace. Intuitively, what do you think your quality ranking would be if customers were surveyed and asked to rank your company on a scale of one to ten against your competitors? This ranking largely determines your levels of sales and profitability.
Sponsored by the Price of Business, on Bloomberg’s home in Houston, TX
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