Competitive pricing can be advantageous. But it’s not always favorable to set your pricing in response to others. If you choose to use a competition-based pricing model, it shouldn’t come at the expense of your brand identity. Above all, don’t undermine your reputation or product quality for the sake of having the lowest price. Customers want a good value and price, so you should consider more than just your competition when choosing what to charge. Reflect on what makes your offering distinct and valuable. These are its unique selling points and should be considered in your pricing strategy.
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5 steps to build a competition-based pricing strategy
Building a successful competition based pricing strategy requires careful afghanistan phone number list consideration and strategic planning. Consider these steps:
1. Conduct market analysis
Conduct a thorough analysis of your competitors, including their pricing models, market share, and target audience. You can use market research surveys, competitor analysis software, and industry reports to glean knowledge.
Tip: Regularly visit competitor websites, subscribe to industry newsletters, and use price monitoring tools to stay updated on pricing changes and trends.