Price intelligence: What You Always Need
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Have you ever get stuck in a situation as a startup that you don’t know how to set a price for your product because of competitors around you with their difference in price. At time when you are in this kind of situation, finding the right price can be very tricky. All you will need to apply is price intelligence which can help you balance between too low and low high and even give more value you your products. But first what is price intelligence all about.
This is an act where you will have to make data research which at times include you gathering information about your competitors market price, tracking and also analyzing it so as to know the how or get better understanding of how the market situation is and so as to give you more knowledge on how to make better price decision. One mistake most entrepreneurs always do is that they compete at times without reasoning, when your competitor low the price of goods, that doesn’t mean you should also reduce yours lower than him, No it isn’t a proper thing to do, fine, you are scared he will attract more customers because his price is lower than yours, No, that is where price intelligence need to come to place.
This will give you the access to know how you will act and overcome the situation. This give you idea on how to come up with some solution lie pricing strategy or create some temporary discount offer which can help you boost your sales, attract more potential buyers and even increase your business reputation. One thing most people don’t know is that placing wrong prices on a product will always have massive consequences and destroy your business reputation.
There are various ways to create price intelligence strategy but all based on three things which are important which are your goals, your competitors and also your target audience. Also know this, don’t copy your competitors or do what they are doing, always stick to your plan and aims. Knowing the three important things will give you the proper insight on how to place your price without having any effect on you or your audience and will also give you balance between too low or too high prices.
