Price is what you pay, value is what you get
Monday, 07 February 2011
The adage 'price is what you pay, value is what you get' has always been something of a mantra for our office business centre company. We pride ourselves on having a client-focused mindset and delivering excellent service, even going the extra mile where we can to keep our serviced office and meeting room clients happy.
And it appears the thorny issue of customer service is now becoming something of a British obsession. I've been enjoying – but also cringing – at Mary Portas's new Channel 4 TV show, 'Secret Shopper'. Together with Michel Roux's 'Service' both programmes have put customer service – and its many failings – firmly on the map. Both shows also make for painful viewing.
As a business owner, I find Secret Shopper especially tragic. Why plough millions into building a powerful company, an impressive, easily-recognised brand only to throw it away at the point of sale through lack of staff training, communication and motivation? To my mind lack of investment in staff and customer service is completely counter-intuitive. In an age where we all have so many choices – high street or online, superstore or independent boutique – it is service that can secure customer loyalty, better margins and more repeat business.
So, I return to my opening, fundamental principle – price is what you pay, whether it's cheap as chips or a million bucks but, ultimately, value is what you actually come away with; the feeling that remains. Value sums up all the extras apart from price – the experience, the emotion, the satisfaction – that keep customers or business to business clients coming back for more. Give me value any day and in a world where we have so many choices about where to purchase products and services, I believe that value and service are becoming increasingly important and unique sources of competitive advantage – even more so in the London serviced office business sector than ever before.
Philip Parris, Chairman, Harvard Managed Offices
