Sharing Daily Discoveries About Personal Finance And Business Topics

One Day After The Competitor

I noticed that there was this store that had a fairly large competitor which always had a sale on a specific date of the week. As a result, what they do is have their own sale the very next day where the intent is to see what its competitor is throwing out there so that they can beat their deals.

It seems like a good idea overall. But in reality it didn’t seem like it really affected the competitors that much from what I saw. Basically, customers still shopped at the stores of their preference as it is challenging to convince people to hold off on their purchases once they see a sale price. I think for things like groceries this is not a very good idea as regardless if people paid more money most people would be too lazy to return these types of items. Therefore, waiting an extra day just means a loss of sale.

Instead of trying to focus on taking a sale for specific items this is more of an opportunity to garner more attention for your business I’d say. Example, if someone offered various items for $50 and you just offered say a limited quantity of the same item for $20 the chances are higher that people will start talking about it. As a result, they will be more anticipated to hold off and see what you have to offer first. That is more effective than say offering the products at like $45 with the mindset that you are going to take all of the other business’s current sales.

Unless the two rivals are on a semi even playing field when it comes to a business presence then that would be a little different.

Comments to One Day After The Competitor

  • It may able you to analyze your business and remove the faults due to competitors,often customers have a perception about the product,to change this perception is difficult unless a new featured product may not introduce. 😛

    Live Currency Rates 4/22/2010 1:18 am

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