Best Value or Cheapest Price - Guest Writer

Best Value or Cheapest Price?

Have you ever wondered what is the difference between best value and cheapest? People often make the mistake of believing cheapest is the best value. However, it rarely is.

Take this real example from our CEO.

“I once compared two different pocket knives. One was a brand X which cost around $80. The other was brand Y which cost $60. I really wanted brand X but decided that my budget was $60 for an everyday carry pocket knife. $60 seemed more palatable then $80 so I placed my order and it arrived 2 days later.

 

I used the brand Y knife for two months and broke the tip off. I then replaced it with a different brand that cost $62. The handle broke 3 months later. I ended up buying the brand X knife and still have it.

 

So, was my $60 knife a better value than the $80 knife? No, it actually cost me more.”

In the service industries we find that people often fall into the idea that cheaper is better. In any industry in which people provide a service, cheaper is rarely a better value.

When it comes to an industry such as private investigations, executive protection, or private security one should consider what their objectives are. Examples may include receive accurate information, reduce crime, reduce issues, headaches, or concerns, prevent loss of life or property, etcetera.

If the cheaper service doesn’t meet the objectives or doesn’t wholly reach the objectives what are the real costs? 

Written By:

Garrett Thomas

Director of Intelligence / CEO

This posting contains views and opinions from a guest writer. This may not necessarily represent those of the company, Guardian Protection Force Inc.,