The two greatest items that can be marketed are either a one-of-a-kind, patent pending contraption that is the only thing that can do its job (at least better than the rest), or a not so valuable, cheaply made, easy to replace item that comes in bulk.

Everyone has probably heard of the Dyson vacuum cleaner by now. If you haven’t, they are the end-all, be-all of vacuum cleaners. The key to its success and also the justification of its price is the ability to vacuum the whole house without losing one pound per square inch of suction. I really don’t know if a $500 vacuum is worth purchasing, because I have never bought one. But I do know that my family’s Hoover vacuum is over 20 years old and still works like a charm.

This leads us to the Farberware cook set. The Farberware 19-piece cook set can be found on Amazon.com for about $60. Why on earth do people buy cheap cooking ware? I know I have bought cheap sets of pots and pans because they were a “great deal.” The truth is, I only use 3 of the 19 pieces, and I have to watch the food like a hawk in order to not eat charcoal for dinner. When I finally make the cross over in buying a nice pan, pot and sauce pan, I am going to go all out and buy the best or close to best I can find. If you have ever cooked on an $80-100 pan, you will instantly notice the difference. Not only does the food cook more evenly, but the pan lasts forever. This brings us to the tale of two marketing strategies.

1. Provide the highest-quality product possible (HOM furniture).

2. Provide the most you can for the least you can (Costco).

Both of these work really well when it comes to making money. The first option is to sell something that is valuable for a higher cost, meaning it takes less to sell in order to make good profit. The second choice is to sell as much as possible with a smaller profit margin to a lot more people. Both will make good money, but one typically has a lot less inventory and takes up a lot less space.

Personally, I think standing behind a great, one-of-a-kind product is much easier to sell and feel proud of than a bunch of cheap knock-offs. The people who support their product 100% are going to have happier customers and deliver a higher-quality product. I am not saying there isn’t a marketing place for lower-quality products, because there is. The point is to provide the product you are most comfortable selling and ideally know the most about. Nothing turns someone away quicker than a salesman who doesn’t know enough about his or her own product. If I know more than you about what I am buying, you have probably lost my sale.

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