Price-match guarantees are promises retailers make to match the prices offered by competitors. The aim is to get you to shop with them, not the other guys.
When you think about it, these guarantees make sense from the retailer’s perspective. Companies would prefer to earn some margin by getting you to shop with them than none, even if relative profits are lower. However, mastering these price promises as a consumer can be challenging.
Fortunately, this post helps. We explore how price-match guarantees work and how to leverage them for success. Here’s what you need to know.
How Price Match Guarantees Work
Knowing the basics of price match guarantees is enormously valuable when leveraging this shopping tactic. A sound understanding of the rudiments helps you get the price reduction you want.
As a rule, you can only claim a price-match guarantee if:
- The competitor product is identical to the one offered by the retailer
- The product is in stock at the competitor’s outlet
- The product is available to the customer at their location. (It can’t be sold by an overseas company in a foreign currency that doesn’t ship internationally)
- The competitor’s price is current (It can be a quote from 2019 before the recent inflation episode)
- The product must not be a special sale or under a promotional offer
Please note that these are only general rules for price match guarantees. Retailers may deviate from them significantly on their respective policies, so always check with them. For example, some vendors will price-match January sale items at retailers in their local area to remain competitive, even if they are well below the MSRP, but others won’t. You just have to ask.
How To Master Price Match Guarantees
Mastering price match guarantees is the best way to avoid disappointment when shopping for bargains. Finding out you won’t get a discount because you’ve breached the rules is never a pleasant experience.
Check The Small Print
The first step to mastering price match guarantees is to check the fine print. Read through the various terms to see if your claim matches the requirements.
Pay close attention to things like competitor stock levels, whether the price includes coupons, and SKU numbers. The product must be available and identical for you to receive the discount.
Check The Known Competitors
The next step is to list the retailer’s known competitors and visit them. Knowing the local outlets lets you compare more products and find lower prices.
Unfortunately, this step requires some legwork unless catalogues are online. You have to work your way around competitor outlets, looking for the lowest price tags.
Gather Proof
After you know the prices of the products you want to buy, you must gather proof. You need to demonstrate to the retailer that their competitors’ prices are what you say they are.
The most straightforward approach is to print out the competitor’s product pages on their website. However, you can also:
- Take screenshots of the page and show them on your phone
- Take photos of price tags in-store
- Take pictures of public advertisements that quote prices
If the retailer still doesn’t believe you, you can give them their rival store’s contact details for confirmation.
Be Pleasant
When negotiating with retailers, be polite and considerate. Avoid marching in believing that getting the lowest price is your birthright.
Ask the store manager if a shop assistant isn’t helpful or can’t process the request. Call the company’s customer service if the in-store team can’t provide a satisfactory solution. Explain the situation and why any reasons to reject your bid for a discount are invalid.
Check The Expiration Dates On Guarantees
You also want to check the expiration dates on guarantees, showing how long you can wait to take advantage of a price match promise. Deadlines may apply at some retailers (such as when the January sales end).
Use Online Price Checkers
Using online price checkers is another tactic. These helpful services make price comparisons substantially more straightforward. Instead of trudging around all the stores, you can get all the information you need from a simple search.
Granted, you might not find the best prices online. However, doing a little internet investigation shows you the benchmark price for the product in question.
Understand The Difference Between Price Matching And Price Protection
The final step is understanding the difference between price matching and price protection. The former is available on products you haven’t bought yet, whereas the latter is a refund for the difference in price between a product you purchased already and an identical one at a competitor’s store.
Wrapping Up
Mastering price match guarantees brings considerable benefits, including helping you always get the lowest price. Once you understand the basics, you’re ready to take on the retailers and scoop up the top deals.
