We all enjoy saving money. And nothing hurts a consumer more than when he or she finds out that they just made a bad-purchasing decision. As a consumer, you have the obligation and responsibility to consider how every penny you spend, is spent wisely.
Customer Due Diligence
You’re in a rush. Time is of the essence. But you simply must understand where your money is going. Use this basic checklist to help guide before making purchasing decisions. It will help to save you frustration, money and the thing we unwillingly value the most: time.
Research a product’s value and personal impact.
- Consumers will often forget this basic principle of spending. Visualize how a product will affect your life. You should always ask to yourself, “Do I need this product?” and “At what level will this product affect my personal needs?”
Search for customizable packages (example here).
- Fortunately, many ethical businesses will provide their customers with a little more financial flexibility. Bargaining purchases tend to tailor to personal needs for smaller spenders. However, you should select how and even if this packaging product variety can give you the most for your money.
Compare prices with competing businesses.
- Another consumer-savvy strategy is to research competing businesses’ pricing. This will help decipher whether or not you’re receiving a fair price. Many times, customers will price the value of a product based on the initial one they see. This can be catastrophic-consumer mistake that is easily avoidable. Begin thinking methodically. Each purchase you make should be well calculated and based on the market value consensus.
Listen to what others have to say
- Sometimes the smartest consumer strategy is simply listening to a product’s previous buyer. Building a third party trust is often times a businesses’ greatest obstacle because of the transparency it stems from. It also works because customer reviews aren’t statements geared to your wallets. These are words built on personal experience, which is why testimonials can either break or make many businesses. However, don’t assume every word to be authentically true. Many times businesses will go “undercover” and spread their good name based under the eyes of a false consumer identify.
READ terms and conditions before signing any document
- Your signature confirms well, everything. Remember, every word on a transactional document is a statement of the law. But you are the authority. It’s always worth spending the extra time to on reading terms and conditions than risk having irreversible decisions.
- Ah, the oldest trick in the book, but nevertheless effective today. This unethical, manipulative business strategy lures you in by advertising for an unavailable purchase, which sellers are deceitfully aware of—only to intuitively direct you to their actual site and/or product. A product with a much hire price tag. Bait and switch advertising are most commonly used in online advertisements within trustworthy third party sources.