Marketing Idea #9: Match Competitors’ Prices

marketing ideas match competitor prices

Offer to match your competition’s prices. Bargain shoppers thrive on being able to bring in your competition’s ads to have you beat the prices. There are a few things that work to your advantage here:

  • Your regular patrons will be less likely to be swayed away from you because of price.
  • The hunt for the lowest price is a process that engages the public and draws attention.
  • You never have to worry about keeping a tab on the competition’s price strategy (but you do have to worry about being able to maintain the same price strategy).

Caution: Make sure your margins allow for price wars. There is something to be said for positioning yourself as the premium product or service in the marketplace. For instance, Ruler or Sage brand archetypes may not want to battle at the low end of the pricing scale since those brands lend more to a moderate to high pricing strategy. In contrast, the Jester or Regular Guy/Girl brand archetypes would be better suited for this tactic, due to their broader mass appeal.

Marketing Idea #47: Host a Competition

Marketing Ideas Host a Competition

Host and promote a competition. You can call it “The Great ____________ Race.” Set up a small number of teams, each with a small number of participants. One team wins upon accomplishing the appropriate task you set before them. The entry fee may be the cost (or reduced cost) of your service. The grand prize can be more of your product or service, or you may find a sponsor to provide the prize(s) in exchange for promotion through the event.

Variation: Donate your product or service to a charitable cause in the winner’s name.

Marketing Idea #75: Mystery Shoppers

Marketing Ideas Mystery Shopper

Mystery shop your competition. Mystery shopping is shopping with your competition, under the cover of anonymity, with the intent of seeing how they perform. Consider this marketplace espionage. While much less direct than simply introducing yourself and swapping stories about successes and follies, this still gives you vital information about what they’re doing, how they’re doing it, and how you may better leverage your own efforts.

Better: Pay someone to mystery shop you. Look for the good, the bad, and the ugly. Act on what you discover.

Variation: While there are professional mystery-shopping organizations widely available, there is another way. Seek out strategic partners within your network, and arrange to have them shop you. Tutor them on the facets of the customer experience you would like to know most about. This may even be a reciprocal effort, where you shop them in return.

Tip: You must remain open to criticism if you’re going to have yourself shopped. Being closed-minded to the results may render them useless and leave you in the dark.