The Weighted Value of Waiting

We needed a tradesperson at my home recently. And like most of us have experienced, I made some calls and resigned myself to waiting for around 10 days. Then a friend of mine said, “I know a guy, and he can come tomorrow.” At first I thought, “Great!” — then I asked, “So what’s wrong with him?”

Of course, the answer was most likely nothing. But it did get me thinking “why is he so readily available?” — and I’m sure we’ve all had thoughts like this. When it comes to buying things, we are all sadly familiar with the phrase “buyer’s remorse.” And according to several reports, this feeling has increased quite sharply during the pandemic. A recent Zillow survey found that 75% of Americans who bought a home since the pandemic began have buyer’s remorse.

One key tip to avoid buyer’s remorse is this: If you’re on the fence about buying something, it’s better to resist the urge. Studies show that people are less likely to experience regret if they fail to buy something than they would if they bought it.

The best things come to those who wait

We all have brands that we know we would wait for. Now, I don’t want to put industrial B2B compressors in the same category as a sports car or a new piece of apparel, but during the past two years, we have all had to be a bit more patient.

Many advertisements say they have what we need — “Over 100 vehicles available on the lot,” for example. And I am sure this fact is true, but do they have the car we really want, with all the features and options that will make a difference in our lives and increase the product’s longevity, along with the value it will deliver for us? Maybe or maybe not, right?

The key here is that these are the features that really make a product perfect for you — so don’t just settle for the base offering. Otherwise, the buyer’s remorse we discussed earlier might rear its ugly head. Fun fact for you: According to a survey, the one thing you will always find in stock in a supermarket, even when there is no water, milk, eggs, etc., is a broom — an old technology that has stood the test of time but is hardly flying off the shelves.

Conclusion

There is no doubt that the last two years have taught us a lot. The pandemic has shown us how the supply chain can be affected quite quickly, from the manufacturing of goods to the ability of shipping companies to deliver based on capacity issues. However, with the right team and planning great things are possible. Not to boast, but to pay a compliment to our service department — the customer loyalty score for our service plan customers was higher than ever in 2021, and we want to thank all of our customers for their feedback. The value in planning for service and in transparency on costs and availability has never been more important, and this applies across all aspects of business.

Remember that over 80% of a compressor’s lifetime cost is in energy. It would be hard to find a greater example of buyer’s remorse than with a compressor that does not fit your needs. This means that customers and suppliers/manufacturers cannot afford to ignore contingency planning for all scenarios. And one last thing: Never neglect service and the need for preventive maintenance. If you do, it will catch up with you eventually — maybe in the form of a rushed purchase!