Tuesday, October 22, 2019

Beware the Bargain Hunter

March 2, 2010 by admin  
Filed under Pricing

I’m a bargain shopper. You’re a bargain shopper. Many of us shop for the price tag, but that is all we shop for. Its all we know. Its how we’re brought up. We don’t shop at a specific business and will hop around to find the best price. We have no loyalties to the establishment. And we certainly don’t refer anyone to a specific place as a result of it. When we invest in something that has value and is meaningful to us, we are willing to set aside the price tag. In fact, it’s not unusual that we may be willing to spend a little bit more if we are convinced that what we are looking for has more value.

Sometimes that “little bit more” can be a few hundred more.

Let me give you a personal example.

For years I wanted a flat screen TV. When they first came out I thought they were a monstrosity standing on the showroom floor, but dang if they wouldn’t make for wonderful movie and TV watching. They were literally priced in the thousands.

Years later I was finally ready to buy one. I researched and researched and researched some more, both online and off, comparing the data with one brand to the next and learning all the lingo. When I finally nailed it down to a Samsung, I bought one. Turns out upon arrival, the TV frame was cracked. It didn’t affect the TV itself, and boy was it a beautiful unit, but I had to send it back in the event something would go wrong later as a result of that crack.

I called Amazon, whose customer service was amazing as well as the ability to get through to a live person without pushing a myriad of buttons. I wanted to exchange it but they did not have the same model in stock. I told them to schedule a pick up for the one in my home (everything paid for by them and no cost to me) while I decided what I would get. After further research, I could have bought the same exact TV for less money ($30 difference) from a different business. However, because I knew I had impeccable customer service from Amazon, I not only bought through them again, but I did not want to wait for the same model TV to arrive in their warehouse and spent an additional $300 on the next model up, which also had fantastic reviews.

The additional investment was not even a debate since it guaranteed my risk-free investment with Amazon and their customer satisfaction guarantee. There was no hesitation on my end. I knew from past experience that Amazon would honor their commitment to the customer. I ordered the new TV, and the customer service rep further made my life easier by scheduling the pick-up of the broken TV and drop-off of the new TV on the same day so I wouldn’t be inconvenienced and burdened with having to stay home and wait for it 2 separate days. I not only was a happy customer, but one who would sing their praises to others.

I never expected or planned to drop another $300, and yet I did.

Make sure you and your studio get the better rating so people will want to invest with you, not just purchase you because of your price tag.

Bottom LineRun for the hills when you see the bargain hunter headed your way. Avoid them like the plague. You cannot build a lasting business with price tag customers. If they come in based on price, they will leave based on price. Find the clients who respect and value what you do. They will come to you because you are worth it….in your eyes and theirs.

Time Commitment: List 5 businesses you frequent and would never consider going anywhere else. Then write down as many reasons as you can think of as to why you are a loyal customer. How can you incorporate these same ideals into your studio?

Photographer: Simon Howden Courtesy of: www.freedigitalphotos.net

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