5 Things Successful Retailers Do To Keep A Price Advantage

Screen Shot 2013-07-30 at 8.48.43 AMRetailers who promote a price value advantage,  take these 5  steps to succeed:

1)   Diligently review competitive prices to ensure that you are not caught unaware of price reductions in the market.  Advertising a price match without realizing a deep discount can tank your store’s profitability.

2)   Train all associates on how to efficiently conduct a reduced price transaction.  To keep customers happy, make sure that a reduced price transaction will be performed smoothly.  Waiting for a manager to press a price override key or teach a cashier how to conduct the transaction will be frustrating no matter how much money the shopper saves.

3)   Fully educate your store associates on your policy and how to effectively and politely communicate it to your customers.  Expect your associates to be as gracious to the shopper who requests a price match or a special discount as one paying full price.

4)   Repeat and reinforce your pricing messages to your customers to make it memorable. You may see the message and think it is obvious, but your customers may see it two times a year.

5)   Deliver your secondary message to your customers at every occasion.  Do not rely on low prices to build loyalty. Always connect your low prices with friendly service, same day delivery, in stock assortment or great selection to help customers remember why they should return to your store.

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