Watch this video and listen to what several marketing experts have to say about consumers, competitor prices, marketing, customer service, and value. The advice, as true today as it was in 2009 includes: Focus on what makes somebody buy from you rather then anybody else; really get into the minds of the consumer; keep abreast of your competitors -- you have to know where your competition is succeeding in the marketplace; and, if a competitor is beating you, find out why and how you can be more competitive; it’s not always about price -- it’s about service... and quality... and value. Also:
-- Look at your customer base and look for the value that’s locked inside of it.
-- Show price sensitivity.
-- Dropping your price to be competitive is not an option.
Summary: 5 Tips For Businesses To Effectively Target Today's Consumers
1. Get into the mind of the consumer.
2. Keep abreast of the competition.
3. Be adaptable.
4. Ensure your offering meets changing consumer needs.
5. Consider online as a key channel.
Editor’s note: Keeping track of your competitors and their prices means using the best pricing intelligence -- and pricing intelligence tools available... to get the information you need... in a timely way... in order to make wise decisions... and compete effectively in the multi-channel marketplace.