Pricing Benchmarks: Where Do You Stand?

Let’s start off with the basic definition – what are pricing benchmarks? It’s the process of comparing your prices to the prices of the competition in a specific market segment. Why, one might ask, blissful in ignorance. The answer is very simple – because understanding your pricing and your position among your competition is of […]

Want A Thriving Business? Focus On Pricing Methods!

On its own, opting for a pricing method to follow your business strategy is equally difficult and important task. After all, it’s part art, part science. Deciding on the amount you want to charge your customers for your products is a huge step to setting your pricing strategy in the long run. There is no […]

Fear? Not If You Use Competitive Intelligence The Right Way!

Holding your ground in today’s business environment can be scary. The competition is huge, the technology is advancing and consumers are becoming more savvy and demanding. This all forms a highly competitive market whereas competitive advantage can be as easily lost as it was gained. Businesses “live” in a world where information is widely available […]

Is Your Pricing Enabling A Healthy Profit Margin?

When a business sets its pricing policy, it looks to both make and save money while ideally increasing profit margins. This is an ongoing process that demands constant commitment through regular evaluation. Getting the pricing wrong can hurt a business and diminish its profit margins. And we all know that a solid profit margin is […]

3 Competitive Pricing Secrets You Never Knew

As pricing goes, competitive pricing is one of four major ways (the other three being cost-based, value-based and demand-based) how businesses set and develop their pricing policy. Basically, with respect to competitors, a company sets its pricing based on either lower, higher or roughly the same as it’s competition. Competition can be either direct or […]

How Automation Fulfills Demand Based Pricing

Demand based pricing is one of the simplest ways to price your products in a way that maximizes their chances of actually selling. Rather than relying on industry trends, your own product history, or a gut instinct about what a product “should” sell for, demand-based pricing uses what customers think about your product as a […]

5 Powerful Psychological Pricing Strategies

If you think your small brand can’t compete with the big box stores, it’s time for a reality check. Consumers gleefully buy from businesses of every size. Even the smallest brands can gain a dedicated, cult-like following. To do so, you need more than just an amazing product and incredible customer service.