Once a Day Marketing™ featured video blog: Pricing Your Competition
Hello, I’m Jim Glover, That Branding Guy, for Once a Day Marketing™. Today is Recon Thursday and we are talking about checking in on your competition's pricing.
Pricing is a major part of the 7Ps of Marketing and there many pricing strategies available to you to penetrate a market, introduce a new product or entice customers to purchase more of your product. Today you can't price in a vacuum. Consumers have the ability to instantly shop price on the Internet, therefore, you have to know the prices your competition is offering.
The good news is that you might be able to find a lot of product pricing information online. However, if you are a consultant or service provider you may have to be a little more creative to find out what prices prevail in the market for your industry.
The better you understanding pricing, the more prepared you will be to position your product against your competition. And remember, the more you can differentiate and brand your product the less significant pricing becomes (within reason).
Once a Day Marketing™ positions brands to become #1 in the minds of target customers. Visit our website at www.onceadaymarketing.com. You may also contact James Glover at (505) 501-1330 or email glover@onceadaymarketing.com
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