Price Matches

It looms on the wall, on a 9 foot tall sign. Our Price Match policy. There it is, plain as day, in English (Y en español para los de usted que puede leerlo.) However, just because it is our policy, do we abide by it? Does it really help the customer?

What is the first thing we do when a customer comes in to our humble box brandishing a competitor’s ad asking for a price match? We attempt to build a case against the price match. (Trust me, I’ve done it too). Let’s walk through the “Refused Price Match Greatest Hits:”

Not the same model? Not in stock at the competitor? Do we have a free widget with purchase? Is it from a warehouse club (they have those membership fees, you know)? Limited Quantities? That competitor is across town! We’ve got financing! Is it an internet price? It’s below cost! What about my NOP?

Enough. Time to cut it out.

For whatever reason, the customer is making an attempt to fulfill their needs at a Best Buy store.
Do we know what the customer needs? Have we politely asked them? Does the customer need the same model? Are they looking only for that model, or are they looking for a capability, an experience?

(Did you know that there is a whole heaping gob of information on competitor’s ads in ETK, under Ad Source and Promotions? Check it out…)

Even if we take a bit of a margin haircut on a particular transaction, what is the lifetime value of that customer? If we make the customer jump through big flaming hoops to get a price matched, the chances that they come back are going to be pretty slim.

The customer is giving us a chance instead of our competitor. We can make it a hassle. You can be put on infinite hold trying to call to see if someone has it in stock. (Trust me, I’ve done that one, too). But, if a customer with a competitor’s ad is in front of us, shouldn’t we try our best to take care of their needs instead of trying to find a reason why not?

It’s a little different when you have the whole story!