Post by account_disabled on Dec 6, 2023 4:22:49 GMT
Competitive pricing The essence of this strategy is to learn about the prices and values offered by competitors and then adjust your offerings based on this information. In this case, prices can either be higher, lower, or at the same level as the competitors’. To use this strategy, go through the following steps: Step 1. Conduct a competitive pricing analysis. First, make a list of all your competitors. You will need a spreadsheet to do this.
Then gather information about what your C Level Executive List competitors are offering, for how much, and on what terms. Step 2. Identify your price positioning. Now think about how you compare to your competitors. What are you better at and what are you worse at? What do your customers value you for? How do you want to position yourself in the marketplace? As you answer these questions, determine if you want to offer prices similar to your competitors’ or if you want to be seen as a premium brand with high prices. Step 3. Respond to changes. This approach requires constant monitoring of the competition and responding to changes in their offerings. So set up a process that will help you keep your finger on the pulse. How often will you analyze the competition? When will you do it? Where will you record the results of your analysis?
You need to know the answers to these and other questions. Value-based pricing Instead of focusing on production costs or competitors’ prices, companies that base their price lists on value, analyze how much the customer is willing to pay for the provided solution. It is a perception-based strategy. To use this strategy, take the following steps: Step 1. Understand the customer value. Talk to your customers, do a survey, or conduct market research to find out what customers value your or similar solutions for.
Then gather information about what your C Level Executive List competitors are offering, for how much, and on what terms. Step 2. Identify your price positioning. Now think about how you compare to your competitors. What are you better at and what are you worse at? What do your customers value you for? How do you want to position yourself in the marketplace? As you answer these questions, determine if you want to offer prices similar to your competitors’ or if you want to be seen as a premium brand with high prices. Step 3. Respond to changes. This approach requires constant monitoring of the competition and responding to changes in their offerings. So set up a process that will help you keep your finger on the pulse. How often will you analyze the competition? When will you do it? Where will you record the results of your analysis?
You need to know the answers to these and other questions. Value-based pricing Instead of focusing on production costs or competitors’ prices, companies that base their price lists on value, analyze how much the customer is willing to pay for the provided solution. It is a perception-based strategy. To use this strategy, take the following steps: Step 1. Understand the customer value. Talk to your customers, do a survey, or conduct market research to find out what customers value your or similar solutions for.
