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Hello there, I’m Jim Glover, That Branding Guy, for Once a Day Marketing. Today is Recon
Thursday where we get you thinking about things like your competition.
Since we have been talking the last two days about pricing strategies I thought I would
just dive into a little bit about what are you doing to make sure you know what your
competitors’ pricing is all about.
Over the last two days I have shared with you eight different pricing strategies even
one called competition pricing. The reality is no matter what pricing strategy you pursue
you have to know what your competition is doing with respect to their pricing. Are they
pricing higher, the same or lower? What is their positioning compared to yours? What
are the benefits that they give to their customers as compared to the benefit they get from your
product? Once you know all of that then you can figure out the best pricing strategy that
works for you.
Sometimes it’s very easy to find out what your competition is doing and sometimes it’s
very challenging. You need to be the detective; we talked about James Bonding your completion.
Some of the things might be secret shopper, you can actually go into the store if they
have a retail presence and look at their pricing. You may be able to find this information on
the web; you might be able to find it through their social media efforts. You can look at
all the advertisements and the promotions that they are running. Sometimes you can even
talk to other people in the industry and they may have some insight on what your competition
is doing and you can glean some good competitive pricing information from them as well. The
main thing is to just seek it out and to be as knowledgeable about your competitors’
pricing as possible.
You are trying to create a price that’s going to entice and excite your customers
to buy your product. If you do a better job at pricing then your competition you are going
to gobble up a little bit more market share and you are going to end up with more dollars
in your bottom line.
That concludes Recon Thursday. Be sure to stop by tomorrow for Digital Friday. I am
going to be unveiling our new LinkedIn Group called Once a Day Marketing, very exciting
for us. If you need branding support, please contact me to discuss an online or face to
face service engagement. That information can be found at the end of this video. I am
Jim Glover, That Branding Guy, for Once a Day Marketing and we will see you next time.