You may have heard the phrase “Quality, Speed, Price – pick two.” Sometimes this is referred to as the Iron Triangle, or the Unattainable Triangle, and businesses have to choose where they fall. Really what it’s saying is that high-quality products delivered quickly to customers will always come at a higher price, and products delivered quickly and at an affordable price will be low-quality.
There are some very successful business who chose two of these factors and took them to heart. Here are a few examples:
Quality & Speed
These companies have high quality products and deliver them quickly, but the prices are high.
- Tiffany & Co.
- Harley Davidson
- The Catbird Seat
Speed & Price
These companies have low cost products or services and deliver them quickly, but the quality is low.
- Supercuts
- Motel 6
- Ikea
Price & Quality
These companies have low cost, yet high quality products, but a long delivery time.
- Indochino
- Social Print Studio
- Taylor Made
The Quality-Speed-Price triangle is known as being “unattainable” because rumor has it that any company that conquers all three would be inherently flawed. How? Any business that produces a high-quality product at an affordable price and quick turn-around wouldn’t be successful. This is because consumers associate high-prices with high quality, and lower prices with low quality, whether it’s true or not.
Well you can call us myth-busters, because here at SnapShot, we DO think that a company can be successful and attain all three corners of the triangle. When our co-founders Ben Rigsby and Mark Scrivner first opened SnapShot’s doors, they created a set of Core Values that encompass all three pieces. These core values are:
- We produce only sizzle reel quality work
- We know anything is possible in 5 days
- We have a no task is beneath us attitude
- We always create unexpected experiences
Our sizzle reel work is all high QUALITY. Knowing anything is possible in 5 days is a testament to our SPEED. And creating unexpected experiences means keeping our work affordable in PRICE.
As a matter of fact, we believe there is a BONUS FACTOR to the Quality-Speed-Price triangle, and that is service. Our team at Snapshot takes our client service to heart and we create amazing unexpected experiences for them every chance we get. This means answering our phones, sending cookies, and always over-delivering.
Take a look at the Iron triangle and see where your company fits. Are you also in the middle? Welcome to the party.
