A recent article by eMarketer stated “one-third of shoppers have either already used or would be interested in using Siri to compare prices at the shelf…” This means that shoppers will be doing their homework and the field will get more competitive for businesses. At the touch of a button, consumers will know the best price and if there is an available coupon that can be used with their purchase. Businesses need to determine their added value and capitalize on it.
What makes your business stand out among the competition? Does your company have good customer service or a no hassle return policy? Does your company stand behind your products and services? Does your company appreciate and reward loyal customers? These are questions that every business needs to answer. Consumers aren’t just looking for the price point. Think about it, there are many shoe stores online, but people like to shop at Zappos because of their selection, atmosphere and return policy. If a consumer doesn’t like the shoes, they can pack them up and send them back with free return shipping. A consumer may be more willing to buy shoes from Zappos, even if they aren’t the cheapest price, because they know they won’t get hassled if they want to return the shoes later on. Loyalty is also import to consumers. If a consumer knows they will be rewarding themselves to get points or credits for future purchases, they may be more likely to buy now. Nine West has a rewards program that gives customers a rewards pass coupon every time they spend a certain amount of money. But what if your business offers a service?
If your business offers a service, be competitive in price, but also make sure that the service is customer friendly from start to finish. It may be a surprise to some companies, but people don’t mind paying a little more if they know they will get good results and be treated civilly. For example, dry cleaning company A may be cheaper than dry cleaning company B. However dry cleaning company B may get more business because they offer same day cleaning.
Businesses should know their added value and promote it via advertising. Too many times businesses look at the competition and want to mirror what they are doing, but it’s better to find the unique element that sets your company apart from others and market it