Data Points - that's what you need

Data points? What are you talking about?

Who needs data when they're trying to negotiate a good price on something?

I do, and you do too.

Always seek information when you're trying to make a decision. It comes in handy during negotiations. More information is better.

You can’t make good decisions about large purchases based on limited or sketchy information.

Ask things like:

• Who makes this product and what other products do they make?
• What kind of warranty does it have?
• Are these good selling products?
• Do you offer any sales incentives?
• What about financing?
• What kind of routine maintenance is required?
• What have you seen in terms of failures and other problems with performance?

Sometimes simply asking a very open ended request for information will work well. How about, "Tell me what you know about this." You're looking for bits of information that will be key to making a good decision.

Here is a story that illustrates how gathering "data points" can be a very useful bargaining tip. It was my approach to buying some land. You'll note in this story the most important tip centers on information - data - so don't underestimate its value when you're trying to make a purchase.

Keep asking questions and thinking about the potential sale until you have enough data to make a good decision. Consider unusual avenues to obtain good data.

Once when considering purchasing a large piece of land, I wrote to the neighbors and asked for an interview. I sat down and talked with them about the area, availability of water and placement of fences, among other things. It was very enlightening.

When I combined data from them with other sources of information, I decided against the sale, and to this day I'm glad that I did.

Done with Data Points, back to Frugal Shopping