When it comes to selecting a good supplier, there are a variety of elements you need to consider. Among them, value for money, a.k.a. product quality, and the price of items, usually make up the critical factors most businesses evaluate before contracting a vendor.
If your business is just getting off the ground, it can be tempting to choose a supplier primarily based on product affordability. Unfortunately, this strategy will often work against you and negatively affect your bottom line.
Here are 3 reasons why you should prioritize quality over price when assessing suppliers for your business.
1. More Value for Money
Admittedly, no one wants to spend more on a product than they have to. That’s why people spend a lot of time scouring the marketplace for suppliers who offer the same products but are marginally cheaper. When they finally find one, a partnership can often feel like a step in the right direction. Sadly, this is usually not the case.
In most cases, cheap suppliers are able to offer low-cost products because the products are made from inferior materials. Such items are usually more susceptible to damage and malfunctions and may require frequent repairs. While you may make a substantial profit from selling them to your customers in the short run, the lower quality will put many off and negatively affect your long-term sales.
Note, above all else, customers want a high-quality product that’ll serve them for a long time. If you can assure them of this, they’re more likely to turn a blind eye to the slightly elevated costs because they’re getting prime value for their money.
2. Improved Customer Service
Sometimes products offered by quality suppliers have a higher cost because the price also takes into account the customer service. Good customer service is essential to any business, especially when you have questions about a product or you require an urgent response to satisfy a customer’s query.
As a business, going on price alone may save you some money, but it may also result in huge headaches and dissatisfaction, for you and your customers, should you require help and not be able to get it promptly. For this reason, it’s wise to consider the entire package a supplier offers in order to choose a vendor that will make your life the easiest.
3. More Trust
Suppliers who are dedicated to providing superior value products tend to have the advantage of greater consumer trust. While their costs tend to be slightly higher than most, they have built a solid history of providing value to businesses.
A quality supplier puts your mind at ease because you have faith in their ability to deliver exactly what they promise. You know you can rely on them time and time again to come through regardless of the type of product you order.