Whose Coupons Do You Honor At Your Business?
Have you ever thought about honoring other businesses coupons?
When your business starts honoring coupons from competing businesses, or at least agrees to match their prices, you will gain two distinct advantages.
First, make sure that you let your customers, ciients and prospects know that you will accept your competitor’s coupons for the same product. Make sure that you let them know about your matching policy in all of your market¬ing efforts. Stress that you will not knowingly be under-sold! You will find that this get clients to return to your business more frequently.
“Competition is a painful thing,
but it produces great results.”
- Jerry Flint
Secondly, accept competitive coupons to find out exactly how your competitors are marketing. You will be able to see what specials they are offering and the other promotional techniques they use, even including their “stealth marketing” direct-mail efforts.
You can take this a step further by offering to match or beat any advertised price that your customer finds for the same item. The price might be in a newspaper or magazine ad, in a flyer, in a sales letter, or in some other marketing piece. In order for the customer to qualify for the “meet-or-beat” price, state that s/he must bring in the entire competing promotion.
In today’s competitive business climate, the ability to keep up with the competition is crucial to your success. If you can keep track of what the competition is doing, then you also will gain some understanding of the efficiency of the media that they use. Tailor all of this to your advantage.
Do you accept your competitor’s coupons? If not, when are you going to start?