Product Selection
Investing time and energy in making smart consumer choices is especially important with major purchases – expensive items you will use for a long time, such as vehicles, computers, and insurance policies. Is it worth spending time thinking over smaller decisions? It can be, especially if the item is something you purchase every week!
Before you spend, check out the choices using four key steps:
Get information. You’ll need information about what features are important – depending what type of purchase you are making. For example, if you are buying a winter coat, important features might be: style, warmth, fit and comfort, durability, care (washable vs. dry clean), water and wind resistance. You also need information about the types of products that are available and how they measure up to your standards. Labels are an important source of information. Warranty documents are a source of information. Trying on a garment or trying out a stereo is a source of information. People you trust can be a source of information if they have experience with the product you are researching. Sales people are a source of information too, though it is important to remember that they will usually try to get you to buy from them. Remember that the most reliable sources of information:
- Don’t try to sell you something.
- Discuss both pros and cons.
- Won't tell you what to do – instead, theyll let you decide based on what is important to YOU.
Look at choices. It is important to examine several different alternatives before making any important purchase decision. One of the biggest mistakes consumers make is to simply choose the first decent option that comes along, rather than seeking out a variety of possibilities. Keep in mind the “Rule of Three,” and make a practice of checking out at least three options – whether it is three car insurance companies, three furniture stores, or three brands of lawn mowers. When considering choices, remember to also consider the options for where to buy, such as specialty shops, discount stores, catalog outlets, secondhand stores, or classified ads. When you consider your options broadly, you have a greater chance of finding the best answer for your need.
Make a decision. Review the positive and negative features of the options you have explored (quality, price, service, etc). It is unlikely that you will find one option that is perfect – with all positive features and no negative features. Therefore you will need to decide which features are most important to you. Knowing those priorities will guide you to making the decision that is best for you.
Think about results. This last step is often forgotten. Once the decision is made, there is one last thing to do: pay attention to how satisfied you are with the choice you made. If you are extremely satisfied, try to identify the reasons for your good results, so that you can get great results in the future. Likewise if you are not completely satisfied, figure out why. Learn from both your successes and failures, so that you can make great decisions in the future.
Good information is a key. Use these ISU Extension publications to help you make smart consumer decisions.
Note: Many of the publications linked on this site are pdf files. For more information about pdf files or to download a free copy of Adobe Reader, please consult the pdf help section.