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.