The competition within

Observation: I’ve written about consumers who do wireless price-checks on several prior occasions (see this example, “Smart phone as shopping tools,” from March, 2011), and it seems like that trend is growing.  A recent release from BIG Research indicates that more than 40% of consumers who own a smartphone have done a price-check before going ahead with a purchase, and then decided to move along and purchase from another physical location.  Click here to see the full release.

Implications:   Just because a consumer is in the store doesn’t mean they’re “in the bag.”  It might be time to review the entire customer experience of arriving, considering, and purchasing the product or service you sell.  What kinds of in-store courtesies or experiences might elevate their visit to a point where comparisons become difficult (or even impossible)?  What kinds of incentives might make them jump to purchase… faster than you can Google from your handheld device?  The competition isn't just across town; it is increasingly found in the pocket or purse of your customer.

Mike Anderson, for the Elm Street Economics consumer trends blog. A service of The Center for Sales Strategy, Inc.