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Give your customers the satisfaction of knowing they are getting the best price with a price match policy. Take a look at how to put a price match policy together and where to find a free template to give you a head start.
A retailer uses a price match policy to promise to match a competitor's current price for the same item. Some retailers will go even further by promising to beat the price. Other merchants will pay customers the difference if the item can be found for a lower cost within two weeks of purchasing it.
Price match policies are not intended to force businesses into selling products below cost price or to operate at a loss, but can help maintain a good relationship between business and customers. A price match policy will explain the terms and conditions behind a price match policy so that consumers know how it works and how to take advantage of it.
Price match policies can be used if:
Best price guarantees are very similar in nature to price match policies but have a few different characteristics.
A best price guarantee promises a business has the best prices in the market. They will find and study competitors and lower their prices, making them the lowest in the market. The purpose of the best price guarantee protects the customer after purchase, ensuring they are getting the lowest cost product.
A price matching policy won't guarantee that a company is offering the lowest price. It will however, promise the customer that if they find a better price elsewhere, they can match it. Price matching policies generally don't extend after the initial purchase. Price match policies will only match a price, they won't beat it or add any discount.
An effective price match policy ensures that a business doesn't lose a customer to a competitor with lower prices. Price matching can be thought of as a safety net for the sales funnel.
A lawyer is not essential for writing a price match policy. However, if you don't have experience writing policies, it may be useful to have someone who works in the legal profession to look over it. This may stop any misunderstandings or legal issues from cropping up in the future.
When writing a price match policy, you must make sure the scope of the policy is limited. Common restrictions include:
You'll notice that most large companies have very detailed price match policies and restrictions with very specific use of language.
If you're not sure where to start when you're drafting up your price match policy, you'll find loads of information online including samples and templates. Here are where to find some.
Do insurance companies need a price match policy?
It's common for insurance companies to adjust their price to match a quote from another insurer. Insurance companies know that in the time of price comparison websites, being able to match a quote will entice new customers and keep old ones loyal.
Who has the best price match policy?
There are many great retailers with effective price match policies including eBay, Emirates, Dan Murphy's and more. You can read our indepth price match guarantee guide for more examples.
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