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I find it amazing how well cutting prices works to lure people into a store. The problem with the price cut war is eventually everyone gets in on it and those that don’t cut prices get cut out by the customers. This year retailers have cut prices quick and early to attract customers into their stores. I think overall this is a good thing because I don’t like paying $80 for shoes when I know they were made for about $5 somewhere outside of the USA. The next problem to the price cut war is convincing people they will still be getting a deal if they buy today and not tomorrow when the prices are even lower. I wonder what the door buster prizes will be this year at the major retail stores on Black Friday. This could potentially be a great year for deals. Here is what the Baltimore Sun has to say:
To lure shoppers, retailers are pushing holiday promotions earlier than ever; they’re already offering extended store hours and steep cuts on items such as toys. In recent years, holiday advertisements began to appear before the Halloween candy is sold out, but the big shopping season has crept even earlier this year as retailers grapple with the economic downturn.
Wal-Mart led the way for holiday bargains by slashing the price on toys well before Halloween. The world’s largest retailer also announced it will alert shoppers about holiday deals through text-messaging.
Other retailers have also launched sales and discounts traditionally pegged to the day after Thanksgiving, the typical start of the holiday season. Kmart began hosting “Black Friday Weekends” two weeks ago. Stores such as Kohl’s and JCPenney have extended hours to midnight on some days, another shopping tradition once reserved for after Thanksgiving.
Retailers also are appealing to consumers with marketing campaigns and other programs that promote ways to stretch a budget or save a few dollars.
That’s all we have to do! Convince the consumers that they can save money while spending it at our store and not the competitiors. Genius.
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Marketing Ideas #5 Cut Prices: This is the third day of a 30-day trial. Follow the link to Marketing Id.. http://tinyurl.com/6xhv4h
One thing that I would add to this. I think that the price chopping has a bigger influence consumers from a lower socioeconomic segment. As a retailer you can not win a price war. Smart consumers will understand the value added from a quality retailer and shoppers from a higher socioeconomic segment will exhibit higher levels of brand loyalty regardless of price. Retailers that offer high levels of quality, personal service have to run fewer “We’re Clearing Out The Store” sales.
BigPappas last blog post..Rupert Murdoch – Media Needs To Reinvent Up In Here
@BigPappa, that is a very good point. I find that value is always with purchasing even at much higher prices, like me ECCO shoes. I wouldn’t trade those shoes for anything while working.
You are an ECCO fan too! That’s all I buy. Casual and dress, they are the best shoes!
BigPappas last blog post..Rupert Murdoch – Media Needs To Reinvent Up In Here
@BigPappa, Yeah I love them. I could never justify buying a pair of shoes for more than $200. But now I know how worth it ECCO shoes really are. My friend convinced me to get them and I haven’t looked back since. Between those and my Herman Miller chair my back pain is mostly a thing of the past.
All the price cutting has actually forced me to be a better shopper. Most places will match a competitors price. So I get a chance to buy from where I want to. Some places have points programs and other incentives to buy from them(no payments/interest for so many months).
I think you really need to be an informed shopper as well. Research the products before hand. That way you will know a great deal when you see it.
Steve
Driveway Sealings last blog post..The Best Time To Seal Your Driveway
For me personally, I will pay more to purchase from a locally owned company even if they can not match price. I have always received better service from a locally owned company.
BigPappas last blog post..Rupert Murdoch – Media Needs To Reinvent Up In Here
Price is not often the only determining factor. It can be important, but if you run your business exclusively on offering the cheapest price, history shows that you will fail. Our translation business is competitively priced, but most of the time we win over our cheaper competitors due to the quality and service aspects of the purchasing decision.