Consumers to Benefit from Simplified B&Q Pricing Strategy
DIY retailer B&Q is currently giving their pricing strategy an overhaul to do away with their previously complex promotional structure in favour of a simpler system that they claim will "remove the need for shopping around".
The company will no longer offer cumulative price promotions such as 50% off with a further 15% off - rather, they will focus on emphasising their price promise to beat competitors' discounts, with the aim of giving consumers more confidence that they are getting the best prices.
Their new marketing strategy will focus on three areas; simple transparent prices, "fantastic" new ranges and expanding their help and advice programme.
B&Q's Marketing Director, Katherine Paterson, has explained that switching to a simpler pricing strategy will mean customers can spend more time in-store looking at products and having "good conversations" with B&Q staff to make the most suitable purchase decisions.
She commented: "The market is so complicated in terms of price and the pressure to calculate what something costs, but consumers need confidence in the price. We want it to be as simple and clear as possible... We want to tell customers that they can trust the fact that we will beat any comparable price so we're removing the need to shop around."