I recently received a direct mail piece from one of my favorite retailers with a massive ad in that proclaimed "We Beat Internet Prices." Now, I am a big fan of straightforward and robust value propositions, but these types of brand exclamations are antiquated and add little value to customers, mainly because they simply reward customers for being good bargain hunters. Instead of simply stating you beat your competitor’s prices, employing strategic pricing and customer engagement initiatives creates real distinct value to your customers by:
Showing them you can execute on your low price promise and not just talk about it. Employing a holistic pricing strategy meets your customer’s price expectations can indicate to your customers that you are truly ‘walking the walk’ when it comes to offering the lowest price.
Building your credibility. Understanding your customers’ needs and offering solutions that facilitate decisions and generate engagement builds credibility. Simply shouting that you match Internet prices does little to build credibility with your customers.
Helping them with real problems. Shoppers don’t need guidance on finding the lowest price -- they need to understand how your brand and solution help them compared to your competition.