“The bitterness of poor quality remains long after the sweetness of low price is forgotten.”
The quote presented above throws some light on the common myth we all have put our trust in. The fiction that calls a product all “cheap, strong, and durable.”
To be honest, there is no such product out in the market that holds all of these three unique values. In fact, if we analyze the “spending pattern” of anyone, be it an entrepreneur or a layperson, we will (in most cases) conclude how the person is incredibly confused between the price and the cost of a product they are spending in.
Let me explain why we often leave out the product marked at a higher price for the product that we think is more affordable? Many people will term a product “expensive,” when it’s a little out of the price range they expected.
But this is where they are wrong. Determining how expensive a product is, is not at all dependent on its price.
Let me elaborate.
I hope this great example can make your fundamentals clear on the difference between “price” and “cost” of a product.
A friend of mine shared his experience of focusing on the price with me; he stated that he was in desperate need of a new phone and had a decent budget. He was confused between two smartphones- one at $900 and the other at $400. Both offered the same features and accessories. Since the price range of both the products varied greatly, he chose to go for the latter. Of course, for him, the choice was clear, cheaper rates, same features, same accessories.
Within a year, that phone required three repairs that cost him about $100; even after that, the phone became a total waste in a year. He finally had to throw away the $400 phone and buy the $900 phone he once considered.
His next buy lasted for four years, without the need for any repair. After using the phone, he could still resell it to an online brand for $100.
Now, if we compare the two purchases, his initial purchase cost him $400 a year.
While the smartphone he considered to be “expensive” initially cost him around $200 a year ($900 – $100 = $800/4= $200). Which is exactly the half of the “cheaper” purchase.
Now you can be the judge, which one is more “expensive?”
This is exactly what I mean when I say that “cost” can not be determined based on a commodity’s “price”.
The confusion is widespread when it comes to a layperson, but entrepreneurs can not afford to invest their money in the wrong place. One simple mistake can ruin the standing of your business forever.
This lack of knowledge has hampered the growth of many businesses. If entrepreneurs keep on focusing on the “price” of every single thing concerned with their businesses, then their growth too can be retarded.
To understand the value behind each investment is especially important for all the tech-product owners. In the world that runs digitally, becoming tech-savvy and delivering a bang-on tech product is the ultimate goal for many startups.
A peculiar thing about startup owners is the fact that they tend to lower their expenditures at the maximum. And to do that, they often ignore the cost of a commodity or service and focus on its price. This exposes their brand to the possibility of becoming a total blunder.
See, there are thousands of cheaper alternatives for you to develop your digital product. There are thousands of companies offering their web app development services. Therefore, it is evident that there will be a price variation, as well.
If you outcast every other aspect of web app development and focus on just the price you are being charged with, there are substantial chances that you will end up with a close to a nothing web app.
Web app development companies offering their services at a lower price often compromise on five aspects, all of which play a crucial role in project development.
These 5 aspects are:
- Information Collection
Information collection is a crucial aspect every web app development company must focus on. However, this particular point is often compromised when any entrepreneur starts with the process of web app development. The initial step of developing a web application is to make the company you have hired to understand your goals and objectives.
It is then the company’s responsibility to analyze each of your goals and requirements and streamline its development process, keeping a constant check that all your needs are being fulfilled with each move they make.
If you go for the “price” and hire a web app development company that offers their services at a significantly cheaper rate, there are high chances that they will neglect to implement their strategies as per your goals. And if your application doesn’t reflect your goals, then what’s the point of it?
You may have to incur some losses and rebuild your application to match your business objectives in such cases.
- Improper Planning
You must have heard of the phrase “haste makes waste.” This is precisely what you receive when you opt for web application development services keeping just the money as your focus. Companies often cop out many essential steps of the planning phase to deliver the product in time.
Of course, you are paying them less than the actual market rate, why would they invest a lot of time on one project? For them, quantity matters over quality.
Therefore, they often put fewer efforts and time in the planning phase, which (in almost all cases) leads to the careless development of an application.
Prototyping is yet another aspect that is ignored by companies offering cheap services. In fact, many companies offering their services even at decent rates still ignore prototyping. The phase consists of developing a close to reality- working model of your application, tested by your users. Your users then provide you with their valuable feedback, based on which you can modify your app more to their liking.
If you opt for a web app development company that is extremely affordable, there could be something fishy in their work. If by chance, they skip the prototyping phase to avoid any “extra” cost, then you may end up developing an app that is not to your users’ liking.
- Rigorous Testing
Testing is something that all app development companies do, but rigorous testing is not so standard.
The “eh! It’s tested” attitude will not work when you wish to develop a successful web app. Choosing lower-priced development may make the hired company accustomed to ignoring taking your app through rigorous testing.
Testing the web app, again and again, is super important to stay on the road of success. You must make sure that your application is tested until all bugs are found and fixed. For this, you will have to hire a company that dedicatedly works on just your application and nothing else- a company that values quality over quantity.
Many business owners believe in the myth that “the project is completed after the development.” It is absolutely untrue. If you are an entrepreneur, you need to understand that maintenance is as essential as development.
The “inexpensive” companies often feed on this myth and avoid providing maintenance facilities to product owners.
If you choose to go for the cheaper option, you may have to pay more for maintenance later. Therefore, your expense increases.
You must understand the difference between “price” and “cost” of a commodity or service, and choose wisely. Don’t be swayed away with the illusion of “a good deal.”
It is barely possible that this deal will prove to be beneficial for you.
Before opting for any web app development service, ensure that you have analyzed all that you are obtaining from it, all pros and cons, and each service trait.
Once you have carefully analyzed everything, the picture would become more straightforward for you. Then maybe, you can choose the right option and remove the blind of “low price” from your eyes.