In a competitive industry, standing out is everything. If a product or service isn’t unique enough, there will always be someone willing to offer a lower price or a bigger discount.
When I first started my bookbinding business, I believed that negotiating the lowest possible costs with suppliers would give me an edge. I thought that by cutting expenses, I could offer more affordable options while maintaining quality. But I quickly learned that price alone isn’t a winning strategy.
Large businesses with massive production capabilities can sometimes offer both good quality and competitive pricing. They have economies of scale that allow them to lower costs without sacrificing consistency. But for small businesses, competing on price alone is rarely sustainable.
Some businesses provide products and services that are simply unmatched. While I could source similar materials from different suppliers, none could replicate the consistency, craftsmanship, and reliability of the best ones.
That experience taught me a valuable lesson: excellence outweighs price. Competing on cost is a race to the bottom, but competing on quality builds trust, reputation, and long-term success. Customers may explore other options, but when they experience true quality and dedication, they always return.
This principle applies beyond business. Whether in a career, a craft, or a personal passion, trying to do everything can leave us stretched too thin. But when we focus on one thing and commit to doing it exceptionally well, we create lasting impact.
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