Over the years, we’ve heard this quote from time to time, but never thought too much about it until we became a business owner. Just today we showed it on our Facebook feed, coupled with a nice image from Canva. So we decided to investigate who the original quote actually belonged to. Oddly enough, the statement originates from a man named Red Adair, an American oil well firefighter who pioneered the highly specialized profession of extinguishing and capping oil well blowouts. Adair and his team are probably best known for extinguishing the oil well fires set by Saddam Hussein in Kuwait during the Gulf War in 1991.
Adair was obviously an expert in his field and set his price accordingly. He understood that his knowledge and experience had an inherent value that would actually save someone money if they would allow him to do the job right the first time.
The cost of doing it “wrong.”
What’s interesting about this quote is the fact that many of us don’t take heed of its simple advice until it’s too late. Everyone wants a good deal and to feel like they kept themselves from being taken advantage of, but quite often this approach can backfire on you, if you’re not careful. Most people don’t value what they don’t understand, so they set their own “internal” price and find someone inexperienced to match it. Unfortunately, this can be a very costly decision.
When I relate this to my own business, advertising, I think about the folks that made the decision to use an inexperienced resource and what it actually cost them in the end. I’ll give you a hypothetical example: A company gets a “cheap” logo done by a family friend, that just happens to have a design application on their computer. The company uses the logo on their new signage, collateral materials, billboards, TV spots, print ads, etc. Later on they find out that their name was already being used and trademarked by a competitor. They also realize that the logo they are using doesn’t look professional and the big investment they made in marketing failed miserably. So what do you think that cost their company in the end? It’s hard to put a value on the business they lost during that time, but I do know for certain that this type of mistake can be hard to overcome.
Go with what you know.
If you’re going to work a deal to death on something make sure it doesn’t have the potential to ruin your company or your home. You have one chance to make a good impression, so make it count. As a sales person in Real Estate or any customer facing business save that kind of bargain shopping mentality for bidding on ebay, or haggling at garage sales. We’ve heard and seen some really smart people make some really bad mistakes in this area, thinking that they were saving themselves a few bucks. Don’t fall victim to this short sided thinking, find an expert you really trust, ask a lot of questions, and allow them to guide you in a direction that’s beneficial to your business.