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How the ‘Good, Fast, Cheap’ Concept Can Help You

Note professionals need to build better relationships with note holders and the Good, Fast, Cheap concept can help. You may or may not have heard the well-known, often-quoted concept that all products or services possess two of the following three qualities: Good, Fast, Cheap.

It means that every product or service a person uses or purchases will be…

Good and fast but not cheap

Good and cheap but not fast, or,

Fast and cheap but not good

To put it into context for the Note Industry, every note holder who wants to sell their note will have an innate preference about which two qualities they want their note sale transaction to possess. And they will seek out the services of a note professional that match their preference.

Knowing this, most businesses specifically market their services in a way that fulfills two of the three qualities. For example, a fast-food restaurant might offer food that is fast and cheap but not very good, or a freelance writer might offer writing services that are good and fast but not cheap.

HERE’S WHY THIS MATTERS TO NOTE PROFESSIONALS

If you’re a note professional, you might be wondering how this applies to you. I think the answer is quite exciting and can help you become even more successful because it will help you build better relationship with your note holders.

Yes, the good, fast, cheap concept applies even to your note business! Here’s how:

Every note holder you work with — whether they’re just looking, curious or in definite need of selling their note — wants the transaction to satisfy two of the three qualities.

For example, they might want to sell their note quickly and with your great service and therefore they will have less concern about the price. Or, they might want to sell their note for the best price possible and with great service and will therefore may not be closed as quickly as others.

I’m sure you read the above paragraph and said: ‘Jeff, all of my note holders always want all three of those qualities and I deliver all three qualities every time’.

Here’s my response: I believe that all note holders want all three qualities in the service they receive from you but there are only two qualities that are extremely important to them (and the third is less important).

Even if you offer all three qualities all the time and with every note holder, you will build better relationships with your note holders when you intentionally identify what is important to each of them and you highlight that aspect of your service to them whenever you interact with them.

Let’s say that you identify a note holder whose must-have service qualities are good and cheap (meaning, for the note industry, the least amount of discount and highest price possible) and they really don’t care that much about how fast you are. You will build a stronger relationship with them by highlighting the depth of your service and how hard you’re working for them, as well as how much money they are going to receive. Don’t worry about talking about how quickly you can close the sale or how fast they can sell their note. Those don’t matter as much to them.

It’s all about finding out what is important to your note holder and then making sure that your interaction with them resonates those two most-important qualities.

By highlighting the aspects of your service to them, and by going the extra mile in the two must-have qualities that are important to your note holder, you’ll demonstrate your value to them much more effectively than if you tried to establish your credentials and ability in all three.

You can construct your entire note business around one of these models — which is exactly what some note professionals do. (“We pay the highest price” note professionals are using “cheap” as one of the must-have qualities while other note professionals might use “good” or “fast” as one of their must-have qualities).

Although you’ll drive away some note holders because you’re focusing on something they don’t care about, you’ll attract more note holders by marketing in a way that truly resonates with the must-have qualities they are looking for in a note professional. Be kind, keep safe and stay healthy. Remember success demands action, keep on marketing, it’s going to work! TWITA! (That’s What I’m Talkin’ About!)

Jeff Armstrong of Armstrong Capital has been a note investor specializing in the performing seller financed note industry since 1991 as well as a professional appraiser of promissory notes since 1999. For more updated and current information on how he can help you with your note business, note investments, note appraisals or to request pricing options on a note visit www.armstrongcapital.com to email him and subscribe to Jeff’s Weekly Training & Tips Newsletter. You can follow him on Instagram and Facebook @ TwitaJeff

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