Stomp Discount Scams from High Time Pressure

Earn the appreciation of shoppers under high time pressure: Help them overcome the lure of rigged discounts from other retailers.
     Researchers at University of Memphis, Wayne State University, and India’s IFHE explored the effects of time pressure on shopper’s perceptions of the value of a purchase if given an inaccurately high reference price. Merchandise which is functionally equivalent might carry different model numbers or come in different configurations at your competitors. This complicates comparison shopping for the consumer. Your customer may come to you believing your competitor is offering a good promotional discount when that belief arises from what is, in truth, an exaggerated advertised reference price.
     The researchers found that even when there is no time pressure, shoppers are too often suckered. The shoppers in the study rated the value of a deal about 25% better when the reference price was, in the opinion of a retailer, exaggerated rather than plausible. But the difference was 48% when the shopper was under high time pressure.
     It’s a challenge to ask a customer who is rushed to slow down and accurately compare your deal with that of the misleading competitor. Still, when you succeed, the result is customer gratitude.
     Assess how much time pressure a shopper appears to be experiencing. Do they look rushed or say they’re in a rush? Are they shopping for items associated with being in a rush, such as over-the-counter medicine for a child? Are they shopping at times associated with making quick purchases, such as flowers at 5 PM on Valentine’s Day? If you conclude that the shopper is under high time pressure, move briskly to complete the sale.
     With the customer who’s under high time pressure, next assess if they are in a positive or negative mood. The parent shopping for children’s medicine is probably feeling bad. The Valentine’s Day bouquet bon vivant is likely to be in a positive mood.
     When a shopper is in a positive mood, their decision making is more flexible than when they’re in a negative mood, and they’re more likely to persevere in the shopping process. Decide on your recommended purchase alternative and talk about how the positives outweigh the negatives. But when the shopper is in a negative mood, quickly decide on your recommended purchase and then talk about how it is the least bad alternative. Be ready to answer questions about the negatives of each alternative.

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Attend to Negatives When High Time Pressure 
Reflect on Reference Prices in B2B Selling