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Would you let a customer walk away for 40 cents?

IMG_0181Of course not. So copy this simple example and honor your competitor’s coupons.

A coupon holder is ready to buy, and you don’t want to lose them over a small discount. Especially if it’s one of your regulars who is being tempted by the competition.

Most of the time, your economics are the same as the competition’s and you can afford to match their deals.

And if not … you may have bigger problems.

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Comments

  1. Chris Ferdinandi December 2, 2011 at 9:33 am #

    I think this is a bit too oversimplified. Larger organizations with huge supply chain leverage can often afford to undercut smaller, local businesses and beat them on price. Often, they can even afford to run at a loss to push out competition. You can’t assume margins are the same company to company.

    Beyond that, though, is competing on price something a “word of mouth” worthy organization does? Far better, I think, to provide a great product with exception service and charge what it’s worth.

    That’s why Apple doesn’t sell it’s iPads at Kindle Fire prices. It’s why Mercedes doesn’t honor sales promotions from Kia. It’s why that 5-star restaurant isn’t selling food at McDonald’s prices.

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