Pricing Strategy Service
Pricing Strategy – Another critical aspect of your business is your pricing. If you don’t believe us, then please read this article.
A lot of businesses out there are not successful purely because of bad pricing decisions or the lack of a good pricing strategy. If profitability is NOT the most important tenet of your business, then the business is sure to struggle and a lot of the time even perish! Our Pricing Strategy:
Our Pricing Strategy:
- Reflects the value you provide versus your competitors
- Considers what the market will truly pay for your offering
- Enables you to reach your revenue and market share goals
- Maximizes your profits
To create a robust pricing strategy that will help your brand differentiate itself in the marketplace, we use the following methods and techniques:
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We start with a thorough analysis of your pricing basis. Here we will review a wide variety of direct and indirect competitors to gauge where your price falls. This includes:
Analyzing Competitors’ Pricing and Value Propositions
Here we will factor in your operational cost structure by understanding your cost of goods sold and your price floor so that we can arrive at a possible final price structure. This includes:
Determining Cost of Goods Sold
Setting Price Floor
If you’re thinking about a price change and are concerned about how your customers may react, we will help you generate an estimate of their price sensitivity. This includes:
Gathering Price Sensitivity Data
Determining Price Elasticity
Selecting Optimal Price
Response To Market Price Changes
Reacting to a competitor lowering prices or a general trend in the market of lowering prices by lowering your own pricing is a natural reaction but not always the correct move. This includes:
Analyze Competitor Price Change
Determine The Best Response
When your price, value proposition and competitive positioning are aligned, you’re in the best situation to maximize revenue and profits. This includes:
Aligning Value Proposition to Market Share Goals
Defining Pricing Strategy
FINAL DELIVERABLE: This section becomes a Pricing Strategy document outlining all the above sections with clear actionable items, suggestions, guidelines and text/content for direct use.