“Guaranteed Lowest Price” Is Not A Believable Line

As a matter of fact, a Loyola University-Wall Street Journal survey found it among the least believed promotional phrases out there. And beyond that incredible fact is this: It is more often than not a losing strategy. 

It has been found that saving money is not as important as the act of buying that ‘special’ item. Consumers need emotional satisfaction, and that need exceeds the price need. 

Focusing on the value-added part of the equation better suits retailers. Knowledgeable employees, smiling service personnel, a well designed store, a pricing structure with integrity, and a guarantee that is straight forward can beat out ‘lowest price’ guarantees. 

Focus on value marketing, it goes far beyond cheap prices. After all, you are in business to make money. 

This is summarized from Larry Taylor’s Be An Orange. Good reading for all businessfolk. 

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