Hello, I’m Jim
Glover, That Branding Guy, for Once a Day Marketing. Today is Recon
Thursday when we get you thinking about topics such as your competition.
Since we
have been discussing pricing strategies, I thought we would dive into what you
should be doing to ensure you are thoroughly familiar with your competitors’
pricing.
No matter which
pricing strategy you pursue, you have to know what your competition is doing
with respect to their pricing. Are they
pricing higher, the same or lower? What
is their positioning compared to yours?
What benefits do they offer their customers compared to the benefits of your
product? Once you have the background,
then you can determine the best pricing strategy for your business.
Sometimes you
are readily able to determine competition information. Sometimes it’s very challenging and you have
to be a detective. There are numerous
ways to spy on competitors. If they have
a retail presence you can be a secret shopper and look at their pricing. You can also leverage the web; their social
media efforts and advertisements and the promotions they run. You may even want to seek others in the
industry to provide insight around how your competition is pricing. The objective is to be as knowledgeable about
your competitors’ pricing as possible.
The goal of your
pricing strategy is to choose a price point that will excite your customers and
entice them to buy. If you do a better
job pricing then your competition you are going to gain a bit more market share
and more dollars in your bottom line.
That
concludes Recon Thursday. Be sure to stop by tomorrow for Digital Friday. We are unveiling the new LinkedIn Group
called Once a Day Marketing, which
is very exciting for us. To discuss an
online or face-to-face service engagement and enhance the marketing and
branding for your organization, contact James Glover: (505) 501-1330 or
onceadaymarketing@gmail.com. I’m Jim
Glover, That Branding Guy, for Once a Day Marketing and we’ll see you
next time.
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