Quality over quantity is a saying we’ve heard many times before. It refers to the need to put quality first, rather than focusing on how much of something you have. In today’s post, I’ll be looking at this with regards to the products your business produces and sells. If you want to sell as much as possible, and make a profit, then you need to focus on the quality of your goods, rather than the actual quantity.
Essentially, you should make sure that everything you sell is of the highest quality you can possibly make it. There should be no problems with the products, and every customer should be satisfied with what they receive. As a result, you may have to sell fewer items because it takes longer to make or source quality products. A lot of companies opt for the quantity approach to things, which basically means they release loads of products, have massive stock levels, and just try to sell as many as humanly possible.
Now, it may sound like the second idea will make more money for your business. However, here are a few reasons you should stay focused on quality first and foremost:
Improve Customer Retention Rates
The first thing to discuss is how selling quality products help improve your customer retention rates. It’s not rocket science; if someone is happy with the product they’ve bought, they’re more likely going to return to that same place again. It mentions on entrepreneur.com that proving your value is a crucial way to get returning customers. You can do this by producing high-quality products that people think are actually worth the money they spent. Think about it from your own perspective for a moment. How many times have you bought a product, and been a bit let down by the quality? It happens a lot, but what do you do after it? You make a mental note not to return to that company again because their products aren’t of exceptional quality. Consumers just aren’t going to keep spending money on things that aren’t as high quality as other products on the market. It makes no sense, and they’ll never return. On the flip side, if you do have products that are great quality, then you will see returning customers, which helps you make more money in the long-term!
Avoid Potential Lawsuits From Customers
Picture this; you don’t put much focus on creating quality products for your customers, and just want to get things stocked and ready to be bought as soon as can be. You’ve done well marketing your business, and people are interested. So, your products fly off the shelves, only there’s one major issue. Because you didn’t focus on the quality, you didn’t notice key problems that make your product defective. This is a massively worrying situation to be in as defective products can lead to lawsuits. As it shows on Vadnal.com, if someone gets injured as the result of a defective product, then they can easily sue for compensation. This costs your business a lot of money, as well as damaging your reputation. Going through one lawsuit is enough, but imagine dealing with multiple?! It will cancel out any money you made from the products, and could all be avoided if you’d just spent time focusing on quality rather than quantity!
Improve Your Brand Reputation
Again, it’s pretty easy to see the effect that high-quality products has on your brand reputation. If you’re known as a business that sells goods of a really high standard, then it reflects positively on your brand. Consumers start to see you as a reputable business that sells nice things that represent excellent value for money. You may not have as much choice as rival businesses, but the stuff you do sell are so good that it makes up for it. This is very beneficial as a company with a positive reputation is likely to gain more new customers day by day. Consumers are wary of being ripped off, so they like when they see a business with loads of positive reviews, all from customers talking about the quality of the products and how good they are. In essence, you bring in new customers, increasing sales, and making more money.
Avoid Being Left With Unsold Items
There’s another benefit of choosing quality over quantity, and it’s that your inventory levels shouldn’t be too high. In some ways, this can be a bit of a burden as you may sell out of products very quickly and need to work hard to re-stock them. However, let’s say you put the focus on quantity rather than quality. You have a huge stocklist with loads of products ready to sell. You chose to focus on having lots of things to sell, so it gives people more options and means you don’t have to worry too much about running out of stock. The downside is that you might have some products that are way less popular than others. As a result, you’re left with heaps and heaps of unsold items. This costs your business money as you’re not really making a profit on items that don’t sell. The best thing you can do is sell them at discounted prices, but you still won’t make a profit. When you focus on the quality of your products, rather than the quantity, then you can avoid being left with loads of unsold items.
To sum everything up; always put quality at the forefront of your mind when designing and selling products. Trying to sell as many different products as you can may sound like a good idea, but it doesn’t always work. In this day and age, you’re better off selling small amounts of quality products. This doesn’t mean you have to be very limited with what you sell and only offer one or two products all the time. No, you can use ideas like limited edition products to excite consumers, while still focusing on quality over quantity. In the long-term, this business model will lead to more success!