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Page 62 FEBRUARY 2018 | RETAILERS FORUM MAGAZINE

forumworkshop

FORUM WORKSHOP

continued...

If your competitor hasn't changed and isn't

demonstrating momentum, you have an opportunity

to take away a lot of their clients.

You see it happen everyday. Look at Toyota and

Lexus and what has happened to the other luxury

car competitors who didn't change, repackage, or

move with the market. They are trying

to regain what may be lost forever. Sony did it

in electronics,

Disney in entertainment,

and Embassy

Suites caught

the lodging industry

sleeping.

They built

the better mousetrap and created a magnificent,

momentum-building campaign to capture

market share. Look within your product or service category and look ahead at what you

can do to outpackage your competitors. Remember,

consumer perception counts as much

as reality when going after market share.

SMARTER PRICING

Packaging and pricing need to work in synergy.

How is your competition attracting callers or

customers? How does this compare to your

offer? You can take market share by simply

having the perceived better offer. Your price

may be the same (or even more); what matters

is how it is expressed. With very few exceptions,

people respond to the best perceived

price. Value is important in the relationship, but

price is what motivates change in behavior in

today's marketplace.�

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