Do The Deals Ever End?
Dynamic Pricing: Think Priceline, Orbitz, Travelocity and hundreds of others that “re-condition” standard published prices based on excess inventory. The sites dynamically raise and lower prices based upon availability and consumer demand.
Geo-demographic Selling: With consumers willingly broadcasting their physical locations, brands and retailers can push the deal of the minute at the point of sale. The best at this use a CRM data mining system to feed highly relevant offers – based on age, product and service preferences, and household incomes – to a targeted audience. Imagine that it’s back-to-school time and 14-year-old Jenny is walking with mom past the GAP when an instant message pings Jenny’s phone to let her know the new Lady GaGa backpack is on sale at 40% off for the next ten minutes … and just 20 feet away from mom’s wallet.
Membership Has Its Privileges: Club retailers – Costco’s, Sam’s Club, BJ’s, etc. – have established thriving online niche communities. E-member sales are considered a “privilege” that consumers are willing to pay for either with an e-club card, through consistent purchases or by providing personal information.
Expect more e-instant pricing pandemonium as the model continues to capture and drive volume sales. Thesestrategies, though, aren’t just for the big boys. Your company can and must explore, harness and deploy its own creative and effective online, mobile and in-store (omni-channel) sales and marketing strategies, all designed to address competitive pricing pressures, launch new products, move excess inventory, expose your brand, drive sales and, of course, increase profits.
In this push-pull consumer-centric world, pricing matches and rematches are instant and constant. The deals seem to never endbecause consumers are conditioned to expect that they will find a better one at the next turn. And they eventually will, preferably from a smart independent retailer with professionally trained sales people that are not only sensitive to pricing demands but understand how to add the value, provide the customer service and create the full solutions in ways that the cloud can never replicate. That could be your store. You can make it happen.
Peter Weedfald is president of Gen One Ventures and author of Green Reign Leadership
Peter Weedfald is the Senior Vice President of Sales for Sharp Electronics Marketing Company of America. He has also served as President of Gen One Ventures, SVP, Chief Marketing Officer of Circuit City, SVP of Sales and Marketing in North America for Samsung, and SVP of global marketing and EEVP, GM & Chief Marketing Officer for ViewSonic.