There are several marketing strategies you as an independent retailer can use to your advantage when it comes to pricing. Read about three below:
Establish a Price Image
First, take a step back and look at the big picture. What brand image do you want for your operation when it comes to pricing?
Determine what your market needs and determine how you can fulfill that need.
There may be some categories where you can offer specialty services or unique items that can command higher prices, and other categories or items where you need to be more competitive with the low-price leaders in the market.
Surveys, social media, contests and focus groups can all help you figure out how your customer perceives your price image.
Tell Your Customers
Tools such as shelf bouncers, interior banners and bandrails, tri-mobiles and static cling decals help create retail excitement and demonstrate to your customers that you have competitive prices.
Implement Price Matching
It’s important to create written guidelines for your price-matching guarantee and post it around the store to remind your customers and employees that you do price-match.
If implementing a price matching policy, keep online retailers’ pricing in mind in addition to your brick-and-mortar competition. Most often, online ads don’t include the price of shipping, which a customer would be required to pay on top of the listed price. One way to handle situations like this is to say that you’d be happy to honor the price with the shipping price included. Just be sure to explain your reasoning.