Good, Fast or Cheap – Pick Two
This article is written by Clinton James, a Contributor Author at Startup Turkey.
Mr. Jonatan Crawford, the founder of Storenvy is determined to share what he has monitored from mentoring to what he terms as the triforce value while in Startup Turkey’s event as an entrepreneur and now entering the world of startups. Whether a product should be good, fast or cheap, emphasizes on his “pick-two” concept. It is based on how to grow and strategize your business while you focus on creating value for your customer versus creating value for yourself or for investor.
From his background as an outsider from growing up in Oklahoma and lived in Kansas, he built Storenvy Company, then moved back to Silicon Valley where he was able to raise $7 Million from some of the best investors in the world and built the company that had 25-30 people with over 100,000 online stores. Which he sold recently to a company alibaba and now he mentors early stage companies while trying to figure out what's next.
The first element on the triforce value is your positioning value being the idea of ‘good-fast-cheap pick-two’. The idea is if you want it fast and cheap then it’s not going to be good but if you want it good and fast then it’s not going to be cheap. His assessment in Harvard business review, they identified 30 different types of real customer value that you can focus and provide in your business.
The Good reckons quality, complex, feature-richness, elegance, status and reliability. The Fast depicts speed, convenience, effortlessness and time saving. The Cheap is defined by affordability and low resource investment. Jonathan emphasizes that, “If you need to be powerful in what you do then two of these are sufficient.”
Secondly, there is need to recognize Customer Value. Jonatan says that the most powerful thing you can do with your business is, design your KPIs in your metrics around how well you are delivering on real human value, like making people feel connected and making people relate with forms or these kinds. People don't really need your solution at times, they need more of the stuff to encourage them to solving a product or whatever is applying to things on the hierarchy of needs. Storenvy noticed that people were enjoying about their software and is actually a feeling of confidence in yourself, termed as self-actualization. From this, he reckoned that the total value of an effort is best portrayed from the combination of the customer and the actual product being provided.
Coming back to the real value, of what your product is creating and build your strategy even in your metrics around what people don't buy, like products as they buy better versions of themselves. This is in line with awareness where you can do all this other stuff right, playing the right game, focusing on delivering the right value. Make sure you are aware of what you use ensuring that it both educates and gives you that insight and information that helps to make better decisions.