You can find just about anything you need online, but it’s crucial to research before making a large purchase. If you make the wrong decision on a $20 item, you won’t lose much. However, when you’re spending hundreds or even thousands of dollars, the potential for loss is significant.
According to the data, 81% of people research online before making big purchases. By joining these ranks and thoroughly researching your options as well as the manufacturer’s reputation, you can make an informed decision that meets your needs and budget while avoiding risky purchases .
Research Isn’t Only About Saving Money
Many people start researching products because they want to find a good deal for a low price, but that’s only one small purpose of research. Prices are important when you’re on a budget, but no discount or deal is ever worth buying an inferior product. When you buy a product or piece of equipment that needs to be reliable, if it’s cheap, there’s a good chance it has a high failure rate. Almost nobody is out there selling the highest quality products at dirt cheap prices because quality components and material cost money. Super low prices should be an automatic red flag, and shouldn’t be the goal of your research quest.
Research Can Help You Understand Use Cases
There’s a good chance you’ve bought something in your lifetime that you didn’t know everything about, but it still worked great. Maybe you bought a new car and never took advantage of learning how to use all the electronic options. For instance, you don’t need to learn how to use the built-in XM radio just to drive your car. However, with some pieces of equipment, you do need to know how everything works in order to make the right choice so you don’t buy the wrong model or type.
Electrical transformers are a perfect example of this. Before purchasing a transformer for your building, you need to know the difference between oil-filled and dry-types, their specific applications, and the ideal use cases for each type. If you’ve researched enough to know you need a dry-type transformer, you’ll want to research the manufacturer to find out what specific materials they use for insulation as well as how they do their windings. These factors greatly affect performance and reliability, and if you choose an inferior transformer, you’re likely to experience premature failure. If you buy the wrong type – like installing an oil-filled transformer indoors – the consequences could be even worse.
Research Can Help You Spot Red Flags
Sometimes products are absolutely terrible. When this happens, the product and/or company tends to receive a high number of bad reviews. When you research, you’ll be able to instantly weed out options based on this factor alone. While you can’t know for sure if those bad reviews aren’t coming from a competitor, it’s not worth taking the risk.
No matter how many people you know recommend a product or piece of equipment to you, if it’s going to cost a decent amount of money, research for yourself. People tend to recommend things early on before they’ve had a chance to experience any problems. There’s also a chance that recommendations could be sponsored without your knowledge.
Research Can Tell You How Risky It Is To Purchase Used
There is a used market for everything, including expensive equipment, but that doesn’t mean it’s generally safe. There are some things you should never buy used, while other things are okay if you know how to test them.
Two of the biggest issues are the potential for wear and tear and outdated tech. For example, if you buy used networking equipment, and you don’t understand all the specs, you could end up spending thousands of dollars on endpoints you’ll need to replace in a year or two when you upgrade another component and it’s no longer compatible. When you research the risks of buying used networking equipment, you’ll come across information regarding compatibility issues in the future.
Research Can Help You Make The Decision To Lease Equipment
If you start researching something you need, you might find that it’s easier to lease it rather than buy the equipment. For example, you might be able to lease a piece of equipment and get guaranteed regular maintenance as well as necessary repairs and replacements for the duration of your lease. If you don’t want to manage the equipment, leasing would be a better deal.
Informed Decisions Make Better Investments
Thorough research can transform a large purchase from a risky expense into a wise investment. By taking the time to evaluate your purchases, you can find good deals on items that provide you with long-term value.
