Everyone loves to save money, but there is a time and a place when it comes to choosing a lower cost product and there is a time and a place when it comes to choosing a higher cost option. A great example of this situation is when it comes to buying new tires. As tempting as it might be to buy the cheaper brand, everyone knows investing in the premium brand of tires saves you money in the long run. Cheap tires can cause unnecessary wear on your car, whereas a set of premium tires are beneficial to numerous areas of your car like the brakes, the suspension and safety. There are certain situations when it is necessary to spend more money on a product to save yourself money in the long run.
The same practicality of investing in premium brands can be seen across all industries.
How many of you have searched a website that aggregates hotel sites to find the "same room" at a lower cost? I admit I have. But did I actually get what I thought I was bargaining for? Nope – not even close. In fact, the room available was advertised on the web as the same as the hotel site, but for much more. Upon arrival, the “available room" was no longer available. What was available was a room with a view of the loading dock and dumpster in the back corner of the lowest floor.
Sometimes lower cost is an indicator of something bigger – or lesser, depending on how you look at it.Read More