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What does customer service mean to you? Does it mean merely avoiding returns and customer complaints, or does it mean going well beyond what customers expect to make their interaction with you truly a memorable one? Truly great customer service that brings customers back requires conscious effort. Let’s look at a company whose reputation for […]
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Most customers have limited spending dollars which they must choose how to spend. With all the competition vying for every customer dollar, it is important to set yourself apart and show the customer why you deserve their business. This does not mean you have be the cheapest, rather, if customers perceive your service or product […]
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As retailers seek to combat the effects of showrooming, finding a way to monitor competitor prices is more important than ever, especially during the holiday shopping season. While consumers are more willing to spend in the weeks leading up to Christmas, a ComScore study revealed that price is still a major determining factor in consumer choices. Almost three-fourths of respondents state they bought a product online after viewing it in-store simply because the price was better. The goal this Christmas season is to show customers that your business provides the best value for their holiday shopping dollar. Here are three tips for making your store stand out in this year’s Christmas rush.
Don’t Underestimate Your Competition
If your business isn’t watching your competitors, they’re likely watching you. Through price monitoring software, companies now have the ability to know instantly when a competing business raises or lowers its prices. This means when you lower your prices, your direct competitor may drop theirs even lower, and then advertise it to win over customers.
Offer Perks
Bonuses like a free gift with every purchase or in-store wrapping can add value without forcing you to lose a profit by lowering prices. Instead of taking a cut in profit margins, consider promising a free gift with every purchase and make the gift something fun and interesting. Perks, like free gift wrap, can also make a big difference when holiday shopping.
Demonstrate a Commitment to Low Prices
Successful companies often regularly show a commitment to keeping prices low as part of their marketing. While consistent monitoring of competitor prices can help you keep that promise, you may find that promising to beat any prices by five percent or more is much more effective. Most competitors won’t take you up on it and those who do will see your commitment to the best prices as a customer service perk.
Although good customer service and convenience are important, customers are still looking for a great value. By consistently demonstrating a dedication to providing the best prices on the market, a business can show it takes that commitment seriously.
About PriceManager
Offering the most intuitive competitor price tracking software for Pricing and Margin Optimization, PriceManager offers insight into competitor pricing strategies, allowing businesses to maximize profits and increase sales and market share. Contact us to try PriceManager out for free demo and start your competitive pricing strategy today.