Impulse buyers are often guilty of ignoring the value of a product and purchasing based on their emotions. It’s a risky game to play, and one most impulse buyers lose. For those who are looking to take a seasoned approach especially with larger investments, you want to size up the product beforehand.
When you size up a product, you reduce some of the clutter in your mind and heart immediately. You’re able to dissect the product and its value logically.
Here are the best ways to determine if a product is worth it.
1) Find Comparables
Are there comparables on the market? For example, perhaps another brand is selling the same thing at a lower price. A lot of people realize this in the grocery store when they start looking at cereals, chips, and other items.
You can get better rates for generic brands.
Look into similar brands in your product’s niche. Can you get a similar item at a lower price by changing the brand you’re going for? Yes, this is a great starting point and can tell a lot about the product’s value because sometimes you end up paying for a brand’s name.
2) Assess Brand Reputation
The brand’s reputation is one of the biggest components to determine a product’s value. If the reputation is right, you’ll know the product is going to be robust and well worth the price being paid. This is why great brands like putting the price higher on their products.
Now, of course, this doesn’t justify a ridiculous price point.
It is still important to weigh this with the other options being sold on the market to see what is legitimately a good deal. A great brand and its reputation is only a part of the equation.
3) Analyze Customer Service
How is their customer service like as a brand and company? You want to go with those who are going to give you a great warranty and are willing to listen to your needs. This is important with tech products for example because troubleshooting is a real concern.
You want those who are not going to leave you to fend for yourself after a purchase is made.
Go with those who are ready to help and will make sure you get real value from the product in the end. If not, you have to move on because the value depletes right off the bat.
4) Determine Future Price Considerations
The price point right now is one thing, but is there going to be a sale in the future? You want to make sure you are looking into this in the long-term. Too many people don’t think about the price being paid, and this can be frustrating, to say the least.
Always make sure you are thinking about the price being paid and whether there is a future sale around the corner or not.
If a person isn’t particular about the approach being taken, it will hamper their wallet/purse big time. Always look out for sales/discounts/coupons.
5) Determine Usability
How long will the lifespan of your product use be? This will vary with each product, and that is a decision you have to make based on personal requirements. If it’s a reusable product, you’ll bet more than something that’s more “one and done” in its build.
You always want to spend more money on reusable products because they provide consistent value and are worth the money being spent.
This isn’t forever true, but it is a good general rule to follow for those doing this type of research. It’ll ensure you don’t make a rash decision.
6) Assess Durability Of Product
The product’s durability is always going to matter and is a good way to see if the product is worth it. You want to see if the product is known to last after it has been purchased. For example, if you were to go out and get a new laptop, you want to feel assured it will last for at least 3-4 years.
If not, you need to look elsewhere because the value isn’t there regardless of what’s being paid.
You want to weigh this up because durability is one of the most important things to value a product and its price point.
7) Size Up Replacement Cost(s)
The next way to research a product’s worth is by seeing what you are going to get in replacements later on. If there’s going to be a quick turnaround it in a hurry because it will run out, you are going to see a running expense that is not worth it in most situations.
Of course, this will range with the product you ar getting, but replacement costs have to be determined.
You know you’ll get the right product, and it won’t be a waste of money right off the bat.
8) Upgrade Or Not?
The last way to research a product is by assessing whether it’s an upgrade or not. For example, a person purchasing a TV will often assume they need a new one, but is it an upgrade over what’s in place? It is best to compare and contrast these two items before splurging.
Too many people end up with a horrible option on their hands because of this.
These are the best ways to research a product and end up with a good deal. If you’re not sizing up a product and determining its value, you’re going to have a horrid impulse buy on your hands, and it will sap into your budget. Don’t let this happen and take advantage of the ways listed here. Doing your research is always important and should be considered as you move forward. It is only going to make your investments that much easier.
Getting the wrong product always hurts in the long-term and it’s time to start getting out in front of this issue.