One of the first things anyone does when they compare products is look at the difference in price. Nobody likes to pay more than they have to and this can motivate people to scour the marketplace for a product that’s just cents cheaper. But this probably isn’t the best strategy even when buying items that seem very similar. Price tells only one part of the story. Instead of buying something that costs you the least in the short run, consider purchasing an item that provides you with the most value. Value tells you the overall worth or usefulness of a product so that you can get the most out of what you buy. Here are five reasons why value is more important for consumers than price alone:
1. Improved Customer Service
When buying a product or service it’s imperative to look at the entire offering. Oftentimes your experience with customer service is just as if not more important than the main purchase. For example, when looking at new cable providers, will their customer service department help you in an efficient and timely fashion? Going just on price may save you money but result in a huge headache and dissatisfaction down the road. Looking for the most value helps you find the company that will make your life the easiest.
2. Higher Quality
It’s no secret that products with more value are also higher quality. Such items are made from better materials, have better designs and are made to last. While it may seem convenient to skimp on quality for a quick solution, the long-term costs suggest otherwise. It simply makes more sense to pay a larger amount up front than it does to constantly repair and replace broken items. That way the costs beyond the original price are minimal and you end up with a better product for a longer amount of time.
3. More Trust
Companies that create superior value have the advantage of greater consumer trust. Everybody likes familiarity and picking a brand that has a history and tradition of value allows the mind to be put at ease. Consumers depend on these companies for their quality and believe that they will come through time and time again. Think of buying an Audi car versus a cheaper brand like the Chinese automaker Dongfeng. Although Audi cars are more expensive, they are worth it to consumers who value Audi’s reputation for exceptional engineering. In today’s economy there are so many different products to choose from and finding a brand that is known for creating value can help you continue to rely on them in the future.
4. Better Features
Besides superior quality, products with more value offer better features. These may be small additions to the product but simply make the user experience much more enjoyable. On the flip side, many cheaper products or services are only able to achieve such low prices by cutting features, even ones that are expected by customers. Think of the controversial airline Ryanair. The only reason they’ve been able to provide such low fares is by cutting services. Unlike most airlines, passengers have to pay for snacks, carry ons, seat reservations and even infants. Making buying decisions based on value allows you to get the minimal features you expect and the additional features that will exceed your expectations.
5. Better Investment
With limited resources everyone wants to make the most of their money. Buying things that break and have to be replaced can upset even the best of us. Investing in items that are durable, retain their worth or perhaps increase in value is the one of the easiest ways to improve your finances. We’re often told that we need to save money for the future by making sound investments in stocks or funds but ignore how purchasing the right products can also save money. Make sure that you are buying products that have the most value and you could be well on your way to financial prosperity.