5 Keys to Understanding Value for Money

19 November, 2020
When you make a purchase, you shouldn’t limit yourself to buying the cheapest item. It’s good to find out if the price is right for the quality of the product and what you’ll get from it. In this article, learn all about value for money!

Before people make a purchase, they usually analyze different points: appearance, shape, material, use, functionality, etc. However, sometimes, they neglect other important issues. This is why we’ve decided to explain five keys to help you understand value for money.

A product’s performance is probably one of the fundamental criteria to take into account. In other words, when it comes to buying a decorative element or an appliance, you want to make sure it’s of good quality.

What happens when an object isn’t up to par and doesn’t give the desired result? You may feel cheated and, therefore, disappointed. You spent money that you could have invested somewhere else.

1. What’s value for money?

Stainless steel appliances.

When it comes to making a purchase, you want to ensure the product is of quality. However, you also want it to be affordable. Although this doesn’t have to stop you from buying a good product, it often does.

The market offers many different options. Nevertheless, as a general rule, low-priced items aren’t usually comparable to the most expensive in terms of materials, performance, and appearance. Maybe the product doesn’t work well, the external appearance deteriorates easily, or that other imperfections appear.

But there’s an interesting option: finding quality products at competitive prices. You don’t have to make a big investment every time you go shopping. The important thing is that you first investigate the stores and websites and compare prices.

It’s a good idea to know what the market’s like and the possibilities it can offer you.

2. Understand the nature of the product

One of the biggest mistakes people make is not knowing enough about a product. If you want to buy a sofa, a table, or any other decorative item, you have to know what it’s made of and if it offers good performance.

  1. The most important thing is to read labels or information manuals. There, you’ll find useful information, washing recommendations, how you should use the product, etc.
  2. You can consult the manufacturing features with a retail clerk. Also, you can look them up yourself online. On the web, you’ll find user opinions that can provide you with decisive information.
  3. The product will be of quality or not depending on its materials. In other words, if the materials are of bad quality, you shouldn’t rush to make the purchase. It’s best to clear up any doubts before you buy.

3. Quality doesn’t always equal price

A couple doing online shopping.

Often, people think that they’ll get better results by buying the best brands in the most expensive stores. There’s no doubt that everything that gives you confidence and is a guarantee of quality is a good move.

But spending more money isn’t necessarily synonymous with effectiveness. In fact, a cheap product may be of excellent quality. Yes, it can happen!

When a product works well and you paid a good price for it, you’ll feel satisfied with your purchase.

4. How to know if you’re being duped

You may make compulsive purchases and get duped without even realizing it. Sometimes, you pay more than you should for a product. In other words, it doesn’t deserve the stipulated price, either because it’s low-end or because it doesn’t meet a series of minimum requirements.

Therefore, we recommend being demanding, looking in more stores, visiting online forums, and not making the mistake of visiting untrustworthy stores. The most important thing is for you to learn to differentiate qualities and what’s worth buying.

5. When there’s value for money

You’ll discover if there’s value for money after a while, basically when you verify the product’s robustness, durability, efficiency, strengths, and weaknesses.

At first glance, you may not see all these. For this reason, it’s good to be informed, enlighten yourself with different models, read, and find out if the price is competitive for the object you’re buying.

 

  • Grande Esteban, Ildefonso; Ruiz de Maya, Salvador: Comportamientos de compra del consumidor, Madrid, ESIC, 2006.