When purchasing a product of any kind, whether it be a new home for your family or a vacation for you and your significant other to a tropical destination, price certainly plays an important part of the decision making process.
Instead of dissecting the cost, we must look further into the value.
However, seldom is price the most important aspect of making any purchase. If it were, we’d all still be using the bulky-blue Nokia cellphone (to be honest, I think my technically un-savvy Uncle still uses his, but I digress). That said, there are certainly more important and pressing considerations to endure when making a decision on the purchase of a product, especially in the concrete waterproofing business.
- PERFORMANCE. In the long run, this is the most important factor determining a purchase. A product you purchase must be able to work in the manner intended. In fact, it is a far better choice to purchase a product guaranteed to perform, rather than spend less money for a product that will not get the job done; that’s just throwing your money away, and who wants to do that? In most cases, superior performance will offset a higher purchase price by providing other benefits, such as resiliency, reliability, and durability, just to name a few.
- TIME. The saying, ‘time is money’, rings true in a number of capacities, especially when you’re purchasing a product. For instance, pertaining to the concrete waterproofing business, old-style waterproofing installation can put a project behind schedule, which will see site costs soar, project financing erupt and delay possible revenue from your project.Before solely considering the list price of a product, you must also factor in the time it takes to deliver and install, along with the amount of money that time encompasses.
- WARRANTY. How many times have you purchased your child, significant other, or even yourself a little gift only to have it fall apart and become unusable shortly thereafter? If ticket price is the absolute, there really isn’t much recourse, except to buy another one, wasting more money in the process. This is why you must not understate the quality manufacturer who provides great service and technical support. Companies that offer superior warranties are doing so as a pledge to stand behind their product.If something does go wrong with a product, you want to be sure you have chosen a manufacturer with an excellent history of warranty service and has been in business as long as their warranty period. A low-cost manufacturer is unlikely to be around when you really need them.
A great warranty can save you valuable dollars in the long run.
- SERVICE & SUPPORT. Good service and support is often essential in deciding to make a purchase. For instance, in the concrete waterproofing industry, there is a major difference between making concrete less permeable and completely waterproofing a structure. These structures are complex, requiring a high degree of skill, knowledge and experience. A low-price manufacturer will find them out matched in this area.
- TRUST. In essence, purchasing a product from a manufacturer, such as that in the concrete waterproofing industry, one is entering into a relationship. A business relationship, but a relationship nonetheless. In any case, trust is a key component, evidenced by the fact that sometimes people will make a purchasing decision based on trust alone. You must trust that the product you purchase will perform in the manner claimed by the manufacturer, and trust they have the knowledge and experience to ensure a waterproof structure.
The price attached to a product is only one aspect to investigate on your path to purchase. The five considerations above should way heavier than the ticket price of a product because that’s where the value lies.
Though he may not have been in the concrete waterproofing business in any way, Warren Buffet said it best when referring to price. "Long ago, Ben Graham taught me that 'Price is what you pay; value is what you get.”
