Businesses have to make a right pricing strategy in order to stay competitive and take full advantage of their revenue and market share. An effective pricing strategy is based on pricing research which supports you in analyzing the variations in consumer behavior in response to price fluctuations and can also support in realizing consumer’s willingness to pay in order to regulate an optimal price for your new product. There are innumerable pricing analytics models and tools such as Conjoint Analysis, Gabor-Granger Analysis, Van Westernport Price Sensitivity Monitor and Brand Price Trade-Off (BPTO) technique which can be utilized to formulate a pricing strategy which guarantees profitability and growth in your business. Our market research reports will convey your insights to competitor’s product and pricing analysis which will support you in benchmarking your strategy with your competitor. Competitive intelligence will benefit you understand best practice in business which will enable you to approve suitable pricing strategy.
Competitive pricing analysis enables the business to normalize the competition by safeguarding the loss of customers and market share to the competitors. By making the prices the similar as your competitors or even cheaper, consumers will be less persuaded to move from your brand or choose your competitors products/services over yours, thus permitting you to maintain your market share. Competitor price monitoring permits you to respond to every move your competitors make, which can further benefit in the improved positioning of your business.
The strategy of competitive pricing does not always mean that one should be cutting their prices, or be pricing at the bottommost point in the market. Sometimes, pricing in the middle of the range, comparative to competitors, works just as efficiently and does not progressively impact your bottom line. Another aspect to consider is whether your product or service is price elastic; this means that the price change will have a proficient impact on requirement as consumers are more price sensitive. This knowledge can deliver you better scenario into whether you should augment or diminish your prices to stay competitive while competing in a price war.
A Pricing Analytics Models and Tools can be made more proficient if it is amalgamated with countless other strategies of pricing. If one wants to control any profitability through this type of strategy, contributing in a price comparison tool is important. Utilizing the price tracking tools will deliver you with efficient admittance to intelligence that your competitors would find difficult to collect manually.
Competitive pricing strategy can be amalgamated with some other pricing strategies to make it even more proficient. For example, to control the profitability through competitive pricing strategy, online retailers should always keep their costs in mind, and usage the mixed approach, where cost-based pricing may choose on the target profit margins according to the competitor pricing.
In addition, dynamic pricing stands at the finest of the competitive pricing analysis approaches. With the assistance of dynamic pricing, information on competitors’ pricing strategy can be regularly obtained. This further advances your ability to contest in the market and also augments the profit. This is one of the most sophisticated and beneficial competitive pricing methods, which can be used as a triggering aspect to update your own prices, and can take business growth to the next level.
Key Topic Covered in the Post: –
Pricing Analysis for Competitive Pricing Strategy
Competitive Pricing Strategies for Retailers
Effective Pricing Strategies for Business
Pricing Strategies for New Products
Competitors Product and Pricing Analysis
Pricing Analytics Models and Tools
Pricing Strategies for New Products
How to Create an Effective Pricing Strategy?
Pricing Strategy for Your Product or Service
Pricing Methods and Strategies in Marketing
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Pricing Strategies for New Products
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Ken Research
Ankur Gupta, Head Marketing & Communications
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