How do you analyze competitors' pricing?

Asked 3 years ago

Hi guys I've looked at the prices my competitors are selling at, and I didn't know what to do next. I'm following an online guide on what to do next, but I'm not sure how to analyze my competitors' pricing. What should I be taking note of?

Competitors Pricing strategy Analyze pricing Competitive pricing

Paul Baxter

Sunday, February 20, 2022

You should follow these steps to analyze your competitor's pricing strategies:
Thoroughly research the market to identify your true and potential competitors.
Sort out your competitors and categorize them into different groups to better understand.
Explore their product and marketing strategy by visiting their online store/website.
Dig deeper into their pricing strategy while monitoring any fluctuation in the prices.
Analyzing customer reviews of your competitors specifically related to product pricing will give you a way ahead.
Last but not least, do a SWOT analysis which will give you an in-depth picture of your competitor's whole business.