Value proposition and Good -Fast - Cheap

Hi there! This is my first post, and I will write something about “running a web development business”, something from my experience when working as a manager at Time Universal Communications (One of the top agencies in Hanoi, Vietnam).

The topic for today is defining “Value Proposition” base on 3 things: Good, Fast and Cheap.

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“Value Proposition” is your product, service offering, what you can deliver to the customer. It is combination of skills and products.

Good, fast and cheap are 3 things that can describe your offering.

Remember, you can only be two out of three. It is impossible to be all of them.

Let’s go a little bit deeper.

Good:

It is hard to deliver quickly. You also have to pay people (your staffs or subcontractors) more for their experience.

Fast:

It means you are cutting corners somewhere, probably on quality. You have to pay people more for working over time.

Cheap:

Cutting costs on quality or delivering time, it means delivering later or lowering the quality.

“We have to optimize 2/3, and remember, not all three.”

Some kinds of works and customers that fit with the “2/3 combinations”.

Fast + Cheap: Maintenance works, companies on a budget.

Good + Cheap: Companies who do not care about quick delivery.

Good + Fast: Companies who do not care about budget.

My first post is a little bit short but I think it can help you with defining your “Value Proposition” and have an overview about 3 important things: Good-Fast-Cheap, those determine our offering and products.

Hope this can help! Thanks!

(My first post on Medium on a rainy day in May 2017)