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Profitizing price matching

Status: Tell Us More
by on ‎07-07-2014 09:22 PM

The price match policy is already naturally setup to maintain customer loyalty to BB even at the cost of profit. But making a minor permanent change on the backend could actually turn price matches into something truly special for both Best Buy and the loyal BestBuy customers.

 

 

If a customer price matches a $150 item down to $100 then BB should auto issue a coupon which then rewards the customer for spending the $50 saved on a future purchase. The rewards scale should decrease the longer it takes for the customer to spend the $50 & the customer would have to spend at least the $50 to recieve any rewards. They should also get a larger reward base upon how much more than $50 they spend.

 

 

The customer should have 30 days to spend the saved amount before the coupon expires. So if they spend the $50 in the 1st 48 hours they get a bonus 5x mybb pts 6x if spending more then $50. Then 4x for the rest of the 1st week, 3x for the 2nd week, 2x for the 3rd & finally 1x for the final week.

A cycle like this well promoted will give BB the edge in keep customers spending their money at BB.
Status: Tell Us More
Interesting concept. I'm not sure this would work or not, but I would like to hear from others on this idea. Remember to vote for an idea if you like it.
Comments
by Valued Contributor
on ‎07-08-2014 07:40 AM

I'm not I understand what you are saying 100%

 

Are you saying instead of giving the price match a coupon is generated for that difference which gives extra points if used in so many days on a  seperate product?

by Senior Social Media Specialist Senior Social Media Specialist
on ‎07-08-2014 10:56 AM
Status changed to: Tell Us More
Interesting concept. I'm not sure this would work or not, but I would like to hear from others on this idea. Remember to vote for an idea if you like it.
by
on ‎07-08-2014 10:39 PM
@ AW, if you match a $150 item to $100 you`re saving the $50 on the spot right then. But the system would auto-generate the coupon offering extra incentive to spend the $50 on something else. So in this scenario making a a second purchase for $50 would make it $50 x 5 in terms of mybb certs or 250 mybb pts aka $5.

Kinda of a game showie way of making you still spend the savings, you just saved $50 but if you spend that $50 you`ll get another extra $5 or more for later.
by Valued Contributor
on ‎07-09-2014 06:36 AM

Ah gotcha now Smiley Happy It's a nice idea but I don't know if BestBuy would even consider it. From what I gather they are really  cutting back on certain items so this may be a back burner idea. 

by
on ‎07-10-2014 08:10 PM
Considering doing the price match itself is already a loss I figured the cost of a coupon to recoup the lost revenue from the price match combine with a potential full price impluse buy would be worth it. I guess people would see saving the $50 in the same way as a $50 BB giftcard. So if they purchased a $200 item w/5x pts using $50 saved from the $150 purchase to get it they`d think of it as $150 vs the actual $200. In the end BB sold a $200 & $150 item for $300 but the $200 purchase was never a sure thing w/o the price match coupon.

To me ensuring repeat customer sales pays off in the short term & long term b'/c most customers aren`t going to restrain themselves from overbuying if the enticement offers never stop.
by LebronJames
on ‎07-28-2014 05:34 PM
I believe Walmart is implementing this very program. Where they give you the difference in rewards credit and allow you to buy more products with your price matched savings.
by
on ‎07-28-2014 07:39 PM
Really wow Walmart`s got a winner then
by DimitriGatsiopoulos
on ‎09-29-2014 06:32 PM

I hear you but I envison this.....

 

  • Price match $150 item to $100
  • In turn you pay the $150 but are given a $50 BB gift card to make up the differecne. (Instead of a coupon) Downside is with a gift card you don't get any rewards points unless they give out a special Price Match BB Card loaded with the $50.
  • You do not have a time limit to use it.
  • You do not get any extra points.
  • The hope is someone will take that $50 card and purchase something else sooner than they would have. Hopefully something that costs more than $50. Say an external HDD or instead of buying the $80 gaming headset they spring for the $120 headset.
  • That way the saved money is garaunteed to come back to BB.

 

I don't think putting a time limit on it is a good idea. It would in turn off customers who didn't know about the limit. It could hurt business. I also don't feel that it is worth implementing. I would use it and you would but most people want that $50 saving instantly right now. They don't want to be forced to spend that money at the store. It's great for BB because the money is coming back to them and they insure a future purchase but from the customers point of view they want it now.

by DimitriGatsiopoulos
on ‎09-29-2014 06:53 PM

Also I wanted to add that back in the day.... no sure wich store it was..... I price matched and they would mail to you a "rebate" for the difference. Not sure if it was Comp USA (yeah it was that long ago) or BB. I price matched between the 2 for a new monitor. They didn't have the one I wanted in stock so the manager who was helping me let me choose a different monitor from the same manufacturer. He added the price match difference to that monitor. When he told me the rebate would be mailed to and was for in-store credit I refused to do it. He ended up just taking the savings off on the spot.

 

As my memory is coming back, it was CompUSA I got the monitor from. So in the end I did not like getting rebates for in-store credit. The instant gratification worked for me.

 

Just keep in mind that Gift cards are more instant than snail mail. It all depends on the approach and how the customer feels about the deal and having to spend that money at BB that they just saved.

by
on ‎10-07-2014 02:48 AM
The instant savings of $50 is a must otherwise customers will just buy elsewhere cheaper. Giving too much time to use a coupon is also bad since impulse purchases are hurt, coupons can be lost of longer periods of time and locking in the sale while the customer is already in the store generally results into customer overspending. Will power is what good retailers prey on that is people who don`t have enuf of it.
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