Importance of Practicality in Business
In his community, a poor boy was the target of mockery. He has to decide between a huge silver coin and a gold coin each day. The boy always chose the silver coin and fled despite the fact that the silver coin is worth twice as much as the gold coin. The crowd could not stop laughing as a result.
One day, a stranger questioned the boy, “Don’t you know that the gold coin is worth twice as much as the silver coin? The visitor was perplexed by this, so he asked again, “Then why did you pick the silver coin? ” The boy grinned and answered, “Yes, I know.” If you chose the gold coin, you’d have more money! The child then barged in, “But if I steal the gold coin, the people won’t play games with me anymore. Do you know how many silver coins I have already gathered? ”
This boy, who was teased and called slow-witted, has shown a surprising aptitude for practicality.
This trait has been demonstrated to be highly effective in the corporate sector. Customers must believe that the products they purchase are worth their time and money. In the same way that the boy made the villagers laugh and made them feel as though they had lost nothing at all by charging them such a small amount. He offered cheap entertainment for sale.
It’s essential for start up business owners to understand that making less money means making more. How? Making the customers believe that what you have to provide is a good deal for them is one strategy. Make them feel as though they have nothing to lose in whichever way you can without making it sound too good to be true. It’s crucial to convey to them how much you regard the quality of your product. For what he gives, the boy only needs one silver coin. Does it suffice? The boy didn’t invest any money, yet he still managed to make money. Even if the silver coin has a lower value than the gold coin, he may gradually accumulate more money this way. Based on the link between his investments and his profit, it may be concluded that the boy makes more than enough money statistically.
Examples of what most customers would deem a deal are combo meals, multiple access, and items with a 10% or higher discount. Just keep in mind to invest money in the deal you are attempting to provide first. You would have a lot of satisfied consumers and yet be able to earn what you and your product deserve.
