Back then, the junior engineer in me had a good laugh about it. Today, this concept still stands, as a race to the bottom.
“If you pay peanuts, you get monkeys!”
This post is a story about value and pricing — an eternal tug-of-war within the market.
Sometimes you can’t agree on a price for a project. Sometimes you only have a limited budget. But the market asks more to have that problem solved for you. You are still stuck with that problem, or are you?
Value vs Pricing
There are three general options in such a scenario:
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You don’t value the proposed solution enough.
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The problem is not big enough a threat to warrant a bigger budget.
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You are underestimating the issue at hand.
High-Value Solutions
In this case, the solution helps to solve your problem. But the solution has a hefty price tag. For the quality of the product or service offers, the price is ok. But for your challenge, it is too much. I am talking about the category where you are proposing to use a Ferrari for your daily groceries.
Too Small Problem
You think you have a real problem and are in dire need of a solution. But when all the services cost you an arm and a leg, perhaps your challenge is not such a big problem. Perhaps not solving the issue and ignoring it is a better decision than buying an expensive solution.
Underestimate the Problem
This case is related to the small problem, with the difference that everybody tells you that the problem is much bigger than you think. When you face this case, I would advise you not to ignore the problem, but seek more advice on understanding your problem at hand. When you have underestimated the challenges ahead, all perfect solutions will still feel overpriced.
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