Originally published March 12, 2015 , updated on May 30, 2023
Pricing is a powerful part of any business marketing strategy. The pricing structure of your services and/or products, and how it relates to your competitors & pricing strategies and the expectations of customers, are all significant when creating an image for the company and establishing a specific customer base.
An analysis of your pricing strategy can reveal that companies have a range of options in their pricing toolkit that they can use to enhance their marketing activities.
So, How Do You Perform a Pricing Analysis?
To start off with you should head to google and search for a particular item or service. You can get an idea of how they are priced and how they perform. Also, you can contact the manufacturer for a suggested RRP. You could even get quotes on the same item from competitor brands or manufacturers.
Seek advice from industry experts to get a sense of what other businesses have paid for the same item.
Of course, your advertising and promo strategies will be successful at spreading the word about your products and services. But, ultimately, your pricing strategy (combined with product/service quality) will determine whether you can turn new customers into repeat customers!
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