Price versus Value

At varying points in my business & personal life I've been on both sides of the fence regarding buying and selling but along time ago I reached the conclusion that 'you get what you pay for'. Whilst cheaper alternatives can be found in all manner of ways, particularly how the internet has evolved over the last 15 years, when product quality is of paramount importance there is a price to be paid to provide assurance.

Over a hundred years ago Oscar Wilde wrote 'a man who knows the price of everything and the value of nothing', this statement remains as relevant, if not more so, today.

More than 20 years ago we managed to buy our first house, and not long after moving in we replaced the kitchen and all the appliances including the washing machine. At the time we bought the cheapest washing machine we could, only to find we spent the next few years having a number of issues, breakdowns, etc. We finally bit the bullet and, after much research, bought another machine, somewhat more expensive.  Just 3 years ago (and a house move later!) the 'expensive' washing machine was still going strong only to be replaced due to a new kitchen!!!

Most commercial people get the 'value' principal and understand a purchase can't just be considered on a spreadsheet, but I never fail to be surprised by some of the procurement brigade who are still only interested in the pounds, shillings and pence. I guess when in selling mode it's our job to ensure the purchaser is given full clarity of the value, maybe by trying to monetize the non-price aspects, this can help?