One of the easiest ways to keep tabs on your competitors is to watch their prices. Making regular price adjustments to match or undercut similar offerings in the same market is a common tactic used by companies of all types and sizes. It’s called competition-based pricing.
But this is not just about getting ahead. It’s about meeting consumer expectations. Let’s take a closer look at how you can use this pricing strategy to attract customers.
What you’ll learn:
Pros of competition-based pricing
Cons of competition-based pricing
5 steps to build a competition-based afghanistan phone number list pricing strategy
What competition-based pricing looks like in practice
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What is competition-based pricing?
Competition-based pricing is a practice where a business sets its prices at or below the prices of its competitors. Removing the primary focus from production costs and consumer demand, this pricing strategy centers largely on the competition.