Fred Warmbier, the owner of a finishing technologies company, wrote an excellent post recently on this topic for the You’re the Boss blog in The New York Times. Of particular interest was his discussion of Tier 1 (profitable) vs. Tier 2 (less profitable) customers and his assessment of the sustainability of his competitors’ lower costs. He draws on a realistic, common-sense approach when he notes that most customers don’t buy on price alone. As Benjamin Franklin said, “The bitterness of poor quality remains long after the sweetness of low price is forgotten.”
Take a look at the full article here.