I was at the mall on Sunday and walked past a nutrition supplements store. (You know, the kind that sell Omega-whatever or Ginseng-something-or-other). Prominently displayed in their window was a sign that said:
“We’ll beat any competitor’s price by a dollar!”
This seems absurd to me — a frigging buck! They have products in the store that retail for anywhere between $2 and $200. Sure, on the smaller-priced items, that dollar might mean something. But on the larger priced items it becomes a ridiculous offer.
How many people are going to see something at one store, get in their car and drive to the other store to save a dollar? Maybe they’re hoping for people who get flyers in the mail to bring in a competitor’s flyer… but $1.00 isn’t a compelling enough offer. It might get people who were going to go into the store anyway but it won’t bring in people who weren’t going to come in.
If you’re going to have a price guarantee, give it some teeth. Don’t just offer to match prices, and don’t offer something insulting like $1.00 off. Make it substantial and you’ll get people into your store who weren’t going to come in anyway. Make it substantial and you’ll have people remembering it and telling their friends and actively looking for things to buy from your store.
[Image credit: gopal1035]