{"id":1606,"date":"2013-01-10T10:00:08","date_gmt":"2013-01-10T16:00:08","guid":{"rendered":"http:\/\/etereman.com\/remanu\/?p=1606"},"modified":"2013-01-10T10:00:08","modified_gmt":"2013-01-10T16:00:08","slug":"the-price-matching-trap","status":"publish","type":"post","link":"https:\/\/etereman.com\/remanu\/2013\/01\/10\/the-price-matching-trap\/","title":{"rendered":"The Price-Matching Trap"},"content":{"rendered":"

\"\"We\u2019ve all seen the commercials and heard the radio advertisements. \u201cWe will match any price! Just bring in your receipt.\u201d Being the lowest price is fine and dandy, but there is a risk involved in lowering the cost of your product based on your competition. I know what you\u2019re thinking, \u201cWhat risk? As long as my customers end up at my shop, I will continue to get the orders. I win!\u201d
\nAnd, you\u2019re right. By price matching, you will likely see a huge increase in volume. But is this the kind of business you are trying to earn? Let\u2019s run through a hypothetical situation:
\nEddie owns Big City Tires. He has the guaranteed lowest pricing in town. Each morning he has customers lined up outside his door, waiting to buy tires for their cars and trucks. He sells 500 tires per week with a profit of $35 per unit.<\/em>
\nJamie owns a small tire store down the street called Tire Depot. She doesn\u2019t sell anywhere near as many tires as Eddie, but through personalized customer service and relationship-based sales, she sells 100 tires per week with a profit of $205 per unit. Her customers are loyal to her and gladly pay the extra money for her advice.<\/em>
\nWhich tire store would you rather own? It is clear that Big City Tires dominates the market in the area, since they sell 5 times as many tires as Tire Depot. But is the goal of owning a business to sell as much as you possibly can, or to sell each unit for the highest possible profit? Jamie at Tire Depot actually spends less time processing orders and more time counting her money.
\nLesson: Not all business is necessarily the kind of business you need.<\/strong>
\nWhen you qualify customers, ask yourself these 3 questions:
\n1. Will this sale improve my company long term?
\n2. Is this transaction worth extra time and resources, or are am I simply breaking even?
\n3. Is the customer choosing my business for the right reasons, and will they refer future prospects because of it?
\nGet away from the price-matching trap and use your time wisely. Keep in mind that 80% of your business comes from the top 20% of your customers \u2013 so focus on building the accounts that are putting money in your pocket. The quality of your customers has a direct impact on the success of your business.<\/p>\n

\n

\"\" Have you fallen into the price-matching trap? Join the conversation with Anthony below or email him directly<\/a>. You can also read more from him<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"

We\u2019ve all seen the commercials and heard the radio advertisements. \u201cWe will match any price! Just bring in your receipt.\u201d Being the lowest price is fine and dandy, but there is a risk involved in lowering the cost of your product based on your competition. I know what you\u2019re thinking, \u201cWhat risk? As long as […]<\/p>\n","protected":false},"author":13,"featured_media":1607,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false},"categories":[7],"tags":[170,171,14],"acf":[],"yoast_head":"\nThe Price-Matching Trap - REMANU<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/etereman.com\/remanu\/2013\/01\/10\/the-price-matching-trap\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Price-Matching Trap - REMANU\" \/>\n<meta property=\"og:description\" content=\"We\u2019ve all seen the commercials and heard the radio advertisements. \u201cWe will match any price! 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