Preventing the Cheap Trick
DarrenDaily On-Demand
Darren Hardy LLC
4.9 • 1.8K Ratings
🗓️ 12 November 2024
⏱️ 6 minutes
🧾️ Download transcript
Summary
Ever wondered why cheap choices often come with an unexpected "tax"? In this powerful episode, Darren Hardy shares the insight behind choosing quality over a race to the bottom. Learn a fresh perspective that will elevate how you approach your business, investments, and relationships.
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Transcript
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| 0:00.0 | Welcome to Darren Daly on demand, your most trusted resource to help you become better every day. |
| 0:07.3 | Here's your success mentor, Darren Hardy. |
| 0:13.1 | A friend of mine told me a story about Joe, a small town barber. |
| 0:17.8 | Joe was a great barber. |
| 0:19.5 | He knew his client's preferences after decades of service, |
| 0:22.7 | and he always charged his clients fairly. A national chain hair salon opened up just across the |
| 0:29.2 | street. It had shiny new fixtures, neon signs, young and attractive personnel, and they |
| 0:34.9 | were offering haircuts for $10. |
| 0:44.3 | Joe watched as traffic poured into the new competitor, and now he wondered how he was going to compete with that. |
| 0:45.8 | Should he put up a sign? |
| 0:47.1 | Haircuts for $9.99? |
| 0:49.4 | What to do? |
| 0:50.9 | After some thought and reflection on his business, Joe posted a large sign outside of his |
| 0:56.1 | shop, We Fix $10 haircuts. He pointed the sign directly at his competitor's front door. It didn't |
| 1:04.4 | take long for Joe's clients to come back. Here is one for your notes. In some games of life, the only way to win is not to play. |
| 1:14.4 | Don't enter the race to the bottom. People who don't have quality to offer discount. |
| 1:20.3 | I call it a crap tax, the tax you pay for selling crap. It's kind of like the taxes imposed on cigarette sales. On average, |
| 1:29.5 | federal and state taxes on cigarette retail prices are 44.3%. Wow, right? Why? Because if you buy |
| 1:37.4 | them, then we have to take care of your sick and die an ass. That's why. And I would say, |
| 1:42.4 | every time you buy something cheap, every time you buy |
| 1:45.7 | something because of its discount, you are going to pay an extra tax. It will cost you in repairs, |
| 1:53.1 | underperformance, disappointment, frustration, loss of joy, peace of mind, reputation, and your |
... |
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