Offer price matching or price guarantees to build customer trust
In-Store
Offering price matching or price guarantees can help you build customer trust by ensuring they get the best deal. Because customers love getting the best price, this approach can drive traffic and increase sales. However, it can involve a financial commitment and requires keeping a close eye on competitor prices.
Tools
| Name | Description | Pricing | Ease of Use |
|---|---|---|---|
| Price Intelligently | Price Intelligently is a leading pricing optimization tool designed t… |
Paid Only
|
Moderate
|
| Price2Spy | Price2Spy is a robust price monitoring and comparison tool designed f… |
Paid Only
|
Moderate
|
| Prisync | Prisync is a dynamic pricing software that aids marketing professiona… |
Paid Only
|
Moderate
|
Objectives
| Name | Description |
|---|---|
| Customer Satisfaction | Customer Satisfaction as a marketing objective focuses on understandi… |
| Enhance Brand Reputation | Enhancing brand reputation involves cultivating a favorable perceptio… |
| Trust and Loyalty | Trust and loyalty are crucial marketing objectives that underpin long… |
Demographics
| Name | Description |
|---|---|
| Gen X | |
| Gen Z | Generation Z, born between 1997 and 2012, is a cohort characterized b… |
| High-Income Earners | High-Income Earners are characterized by their significant financial … |
| Low-Income Earners | **Professional Description for 'Low-Income Earners'** Low-income ear… |
| Middle-Income Earners | Middle-Income Earners represent a crucial segment of the consumer mar… |
Promotes
| Name | Description |
|---|---|
| Brand | Brand represents the unique identity of a business, encompassing its … |
| Physical Product | The Physical Product represents a tangible good that marketers have t… |
| Service | The 'Service' is an innovative solution tailored to address current c… |
Sectors
| Name | Description |
|---|---|
| Real Estate | The Real Estate sector encompasses activities related to the developm… |
| Retail | The Retail sector is a dynamic industry focused on the sale of goods … |
Strategy
| Name | Description |
|---|---|
| Customer Acquisition Strategies | Attracting new customers involves various tactics like ads, social me… |
| Customer Retention Strategies | Keeping customers loyal involves personalized communication, rewards,… |
| Loyalty and Rewards Strategies | Encouraging repeat business through loyalty programs and rewards can … |
| Pricing Strategies | Setting the right price involves balancing profitability and customer… |
Sub-strategy
| Name | Description |
|---|---|
| Brand Loyalty Strategy | Building a brand loyalty strategy focuses on keeping customers coming… |
| Reputation Management Strategy | Monitoring and influencing how your brand is perceived online and off… |
| Customer Loyalty Strategy | Encouraging repeat business through rewards, excellent service, and p… |
| Points-Based Loyalty Strategy | Rewarding customers with points for purchases and engagement, which c… |
| Tiered Loyalty Strategy | Rewarding customers based on different levels of loyalty, with higher… |
Technologies
| Name | Description |
|---|---|
| Ecommerce Platforms & Marketplaces |
Channel
| Name | Description |
|---|---|
| In-Store | In-Store marketing involves promoting products or services directly w… |
Sub-channel
| Name | Description |
|---|---|
| Catalogues | Catalogs are a tangible form of advertising sent directly to consumer… |
| Flyers | Flyers are an efficient and low-cost way to reach a local audience. Y… |
| In-Store Promotions | In-store promotions are a traditional way to boost sales and brand aw… |
| Point-of-Sale (POS) Displays | Point-of-Sale (POS) Displays catch customers' attention right at the … |
| Sampling Events | Sampling events are all about giving people a chance to try your prod… |
Quick Facts
Channel
In-Store
Advertising Type
Display
Company
Walmart
Difficulty Level
Intermediate
Estimated Cost
Medium
Time to Impact
Short (Weeks)
Tags
B2C
Pros
- Builds Trust: Helps in building strong customer trust by showing commitment to offering the best prices.
- Customer Loyalty: Encourages repeat purchases as customers are likely to return for the best prices.
- Competitive Edge: Gives a competitive advantage over businesses that don’t offer such guarantees.
- Increases Sales: Potentially boosts sales as customers don’t need to shop around for better deals.
- Reduces Abandoned Carts: Can decrease abandoned shopping carts when customers feel confident they are getting good deals.
- Positive Word-of-Mouth: Satisfied customers may recommend your business to others, enhancing your reputation.
- Market Position: Strengthens your position as a price leader in your industry.
Cons
- Financial Risk: May involve financial losses if the price matching involves significantly lower competitor prices.
- Operational Cost: Requires continuous monitoring of competitor prices, which can be labor-intensive.
- Market Perception: Might attract bargain hunters who are not loyal to your brand.
- Profit Margins: May reduce profit margins, particularly in highly competitive markets.
- Customer Abuse: Potential for customers to take advantage of price matching policies excessively.
- Complex Implementation: Can be complicated to implement and manage effectively, requiring clear policy guidelines.
- Pricing Wars: Could trigger pricing wars with competitors, leading to a race to the bottom.