$5 haircut doesn’t translate into quality product

Mike Vincent, Insurance Matters

By Mike Vincent
Wesco Insurance

There was a third generation barbershop in a small community in the mid-west. The shop had the old-school feel that people wouldn’t just come in for a haircut, but would enjoy coffee, a donut, and spend time chatting it up with the others in the town.

Over the years it had evolved and grown to have 10 barbers and stylists, and they took great pride in being the best in their business. They were on the cutting edge (pun intended) of their industry. The small community was much like ours in that it was a highly desired suburban area with low crime and great schools.

Consequently, the community started to grow and some large national chain salons with high volume and cheap prices started moving in. One even advertised $5 haircuts. Over the next few months the father noticed that person after person had left to go to the new low cost store. The father was distraught and told his son there is NO way we can compete with $5 haircuts.

The son responded “dad, we know the haircuts are cheap but they aren’t getting the quality and service that we provide.” They both toiled over how to handle the situation. The son came up with a new advertising slogan “We Fix $5 Haircuts” and posted a huge sign on their building. Over the next few months their customers started returning showing regret for being lured purely on price.

It seems like most products are purchased this way. TV’s and computers have High Definition & 3D; Cars and trucks have varying degrees of safety features, navigation, climate control, and design. Sometimes we get drawn into one feature that we really like, and a lot of times it truly is price.

I agree with most people that price is at the top of the consideration factor. However, every insurance course I go to tells us not to sell price but sell the product. If something is cheaper there is generally a reason. Insurance plays an important role in a person’s, a family’s, and a business’ financial future. It protects everything that you work hard for.

My personal and professional advice is to call an insurance agent that has been in the business for several years-don’t let the new agents learn at your expense. Call an Independent Insurance Agent which represents many different “A” rated companies, and shops all of them to give you options.

Lastly, call an insurance agent that is local and has strong ties in the community.
They generally have built their reputation over many years and are committed to the community. They will support the local non-profits & churches, teachers, school functions, football, baseball, wrestling clubs, and other community events.

We at Wesco aren’t concerned about your haircut, but we do care about you, our neighbors, and protecting your assets. We usually can provide one of the least expensive policies, but also “We Fix Cheap Policies.”

Mike Vincent is co-owner of Wesco Insurance Agency in Yukon.