HowTo Price Match Successfully
When you purchase a lot of technical components like me, it is critical to get the best bang for your buck. One of the tactics that I use is the price matching guarantee.
If you are unfamiliar with the price matching guarantee, it goes something like this:
Retailer A will sell an item, lets call it a WiggleDo. The WiggleDo goes for $100. And they gave a price matching guarantee that states they will beat all other retail prices by 10%.
Now, Retailer B is selling the WiggleDo for $90. You can go to Retailer A and get the WiggleDo for less that $90.
But, it is never that easy. Just yesterday, I went to get a price match at a common retailer and instead of gladly giving me my price match as indicated in their policy, I was told that I was not eligible for the price match. I needed to really push the manager who was on yesterday until I got my price match. This prompted me to write this post to arm you with as much information as possible so that you are successful in your price match.
Just so everyone knows, I price matched on a PowerLine HD Network Starter Kit (DHP-301). I found it online at DirectCanada for $114.59 plus $9.99 next day shipping (total of $124.58). Staples was selling the same product for $149.99. Once they applied my discount (competitor’s price minus 10% of the difference), I got the unit for $122.04. I ended up saving $27.95 plus taxes.
Tip 1: Do Your Homework
One of the biggest mistakes that people make is going in thinking that they will just hand over the product. You are going to be challenged every step of the way so you had better be prepared to make your case.
Tip 2: Know Their Policy Better Than They Do
This is where they tried to get me yesterday. I went in and told them that I needed a price adjustment. I was promptly told that they no longer price match with online retailers. I asked to speak with a manager and he indicated the same thing, that they only price match for authorized retailers and that the online retailer that I was price matching against was not authorized. I asked him to provide me with either a list of authorized retailers that they would price match against or the documentation that showed the criteria for determining an authorized retailer.
After some time, he came back and gave me the price match. I later discovered that while he was away, he was busy reading the policy. It appears that he did not even know the policy and that he was just accustomed to bullying his way out of the situation.
So, the moral of the story is this: know the policy of the company that you are going to be requesting the discount from like the back of your hand and ensure that you are truly within the policy and deserve the discount.
Here are the price match policies of some common retail stores for your convenience (If you know of any others, add them to the comments and I’ll add them in):
- Staples - Canada, US
- Best Buy - Canada, US
- Futureshop - Canada
- Office Depot - Canada, US
- Circuit City - US
Tip 3: Have Your Documentation Ready
Whenever I find myself in a price match situation, I come it with all of the documentation ready. This includes:
- A printout of the product if found online, a copy of the sales flier if found in an advertisement, or a photo of the product and the price if found in a store (a camera phone is very handy for this)
- A print out of the store price matching policy
in casewhen you are challenged
Tip 4: Make It Easy For Them
A store will be less likely to give you a price reduction if they have to do all of the work. You can make things easier for them by:
- Highlighting important information on your documentation such as make & model number, price, shipping price, website address, store location, store name, phone number, date of advertisement, etc.
- Get the product off the shelf and indicate to the sales person that you are looking for a price adjustment as soon as possible so that they can page their manager right away
Tip 5: Be Polite But Firm
Most of you have heard the old saying, “You will attract more flies with honey than vinegar!” You will get nowhere if you come across arrogant, angry, or demanding. Remember, this is a win-win situation. You are getting a deal on a product, they are getting free research on that product.
But, do not back down just because the manager is gruff or rude. This is their policy that they voluntarily implemented. They do not have the right to take it out on you.
Tip 6: Do Your Math
When you are studying the price match policy, make sure that you know exactly how to calculate your reduced price. By doing the math ahead of time, you will remove the chance that there will be a math mistake that is not in your favor.
To help do the math, I have created an Excel spreadsheet that does most of the work for you. This sheet assumes a typical 110% guarantee calculation that is typical of places like Staples and Best Buy and also takes into consideration next day shipping which is often required by many retailers when calculating price matching.
You can download the worksheet here.
Tip 7: Have A Backup
Sometimes, you do make a mistake. You could have your math wrong or you may misunderstand their policy. If this is the case, have another price ready to take advantage of. The more options you have, the greater the chance that you will get a discount.
Tip 8: Maximize Your Discount
It may seem a bit backward at first, but you want to go to the store that has the highest price. This will generate the greatest discount and give you the lowest price in the end. Use the Price Matching Worksheet to help you determine this location.
Tip 9: Keep Shopping After You Have Bought a Product
A lot of retailers will give you money back, even after you have purchased a product. Keep “shopping” for your product until the price match policy is no longer in effect.
Price Canada has a great tool that will monitor a product for you and then send you an e-mail if it finds a lower price.
Miscellaneous Other Helpful Hints
- Go when it is busy. Sales people and managers are less likely to argue with you if there are a long line-up of people waiting to spend money or (better yet) walking out.
- Don’t rush. I know that this is an uncomfortable situation for most people but if you rush, you will make mistakes.
- Don’t let the manager walk away. This is a common tactic. If they do walk away, get another manager.
Price Comparison Websites
Here is a list of price comparison websites that I have run into. If you know of others, please leave them in the comments so that I can update the list.
- Price Canada
- ShopBot (Canada)
- PriceGrabber (Canada or US)
- PriceProtectr (US)
Some Gotchas That Can Break The Deal
- Limit quantities sold to an individual. If you want to get three of a product, you will probably have to go back three times and talk to three different managers because they will limit you to only a single quantity of the item.
- “Limited quantities”, “while supplies last”, “clearance”, “close-outs”, “bankruptcies” or special events should send up alarm bells. Be prepared for them to not match on these items (but don’t let it stop you from trying)
- Typos. This just makes sense. If a competitor incorrectly types 10¢ inctead of $10, don’t expect the competition to match it.
- Calculate in next day shipping for online items. This can often add as much as $20 to an item. Once you take this into consideration, it may not be worth it.
- Make sure it is in stock. If the product is not in stock at the competitor’s store, they will not price match.
- Make sure it is in local currency. This is less of an issue now with the Canadian and American dollar so close but there have been a number of times I got pretty excited only to realize it was in US, not Canadian dollars.
- Is it worth your time? I have to admit that I’m often in it just for the fun of it. You need to make sure that the savings are worth the time you put into it.
Your Turn
Let everyone in the comments know about the wonderful deal you made through a price match and don’t hesitate to name names as others may want to get in on the action. Also, help me to expand my list of price matching companies and their policies. And more price comparison websites are also welcome.
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