Lesson 1: Deal Rats realize that getting the lowest price doesn't necessarily mean getting the best deal. The lowest price and the best deal are often times, two, totally different things.
There's no point in buying the least expensive item if the quality, features, and reliability are below your expectations. To come up with the best deal we have to consider value. Here's the formula I use to find value: Low Price plus High Quality, Features, and Reliability = Value.
An example of calculating value: In a recent Consumer Reports test on heart rate monitors priced from $35 to $110, their top pick was a $50 monitor by Timex. Another Consumer Reports "Best Buy" was only $40. Sure, you could spend over double the price ($80 to $100 or more) but, you wouldn't buy a monitor as good (according to Consumer Reports) as the inexpensive, top rated Timex.
So, the first step in finding a great deal is to select the top few choices with the best VALUE.
In this example, Consumer Reports has done most of the work for you. They've done the testing, analyzing, and general pricing. They have determined which items have the greatest value. To calculate the best deal, use this formula: Value minus the most Advantageous Discount (or in some cases, Multiple Discounts) = the Best Deal.
Your job (aka Step 2) as a Deal Rat, is to find the lowest possible price on each of the top 1 to 3 items with the best value.
To find the lowest possible price in your local marketplace (offline), you'll want to keep your eyes and ears open. Local TV and radio commercials may offer a time sensitive sale, discount, or special. Browse newspaper ads and local coupon books like the Entertainment Book too. Finally, check online sites like Wow Coupons which let you print retail coupons you can take to the store.
For online/Internet purchases, I like to use a price comparison tool like Google Product Search. Type in the item in question. When you see the results, click on Compare prices and you'll get a list of pricing complete with tax and shipping information. Remember, tax and shipping can make or break a good deal!
Your next step is to take the top 1 to 3 stores with the lowest price and enter them one at a time into the search box of a site like RetailMeNot. Browse through the coupon codes listed and try them in each site to see which store offers the lowest overall price and consequently, the best deal.
Professional Tip 1: Before I click Submit to finalize any order online, go to Google or Bing and do a search. Type the name of the store you're shopping at, and the words: Promotional Code, Discount Code, Coupon Code, or whatever their exact wording is. Sometimes this comes up with a code that is better than the one you were just about to use!
Professional Tip 2: Some online sites let you use more than one promotional code so always be sure to check and see what happens when you enter multiple discount codes.
deal·rat, n. Slang. A person in constant search of great deals.
Are YOU a deal rat?
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