This pricing strategy is done based on the added or perceived value of your products or services. Pricing takes into account consumer perception and the interest of the product in the market . To implement a value-based pricing strategy, you must follow these steps.
Study your target
The foundation of a good value-based pricing strategy is the study of your market. Indeed, it is essential to know the customer’s needs and to provide something that meets them. Therefore, consumer feedback is your best database .
Keep an eye on your competitors
You absolutely must know the price of similar products to yours on the market. If the value created and marketing of a product is not sufficient, the consumer will choose the least expensive one offered on the market. Examining the competition specific database by industry will also allow you to determine what could make your offer unique .
Determine the value of differentiation
Once the research phase is over, you need to come up with the quantitative value of your product’s distinctive features. Start by assigning an amount that reflects the value of its key features in the market. Add them up, the total sum will be the price of your product.
Cost-Based Pricing Strategies
A cost-based pricing strategy is generally used to obtain a higher percentage of output . There are two main methods for this.
The increased cost price
This strategy involves آیا باید یک SDR یا یک آژانس خروجی استخدام کنید؟ increasing the cost of production by a percentage to obtain the final price.
For example, to arrive at a cost-plus price, a sandwich shop will add up the total cost of its ingredients and labor. Then, it can set the price so as to obtain the expected profit margin .
However, this approach does not take into account external factors such as competition and market demand . If your markup percentage is too high, you risk missing out on sales. If it is too low, you will miss out on good opportunities to make a profit.
The equilibrium price
The equilibrium price is set in proportion to production . Companies usually use this method to determine how many units to sell to cover the cost of manufacturing and generate profits.
Competition-based pricing strategies
A competitive pricing strategy involves setting the cost of a product or service relative to the market rate. By analyzing competitor america email list data, you will know how to be more competitive.
Any pricing that includes external factors must take competition into consideration. This strategy encompasses several pricing techniques .
Penetration price
This strategy consists of setting a price much lower than those of the competition in order to gain market share, and subsequently increase it.
The skimming price
Here, the price is much higher than those of the competition in order to target an audience with high purchasing power . This price then decreases over time, depending on the evolution of the market .
