How to Find Your Competitor Pricing
Find out how much your competitors are charging their customers for the same products or services using four different techniques.
Published February 28, 2022.
Regardless of whether you are selling a product or a service, if you want to compete in the market, you'll need to know your competitors. Knowing your competitors includes knowing what they are selling, how they are selling it, and of course, how much they are selling it for. Once you have all this information, you can properly benchmark your company against competitors.
There are three ways that you can find out what your competitors are charging your potential customers:
1. Software and Tracking Tools
There are a variety of tracking tools and software packages that you can use to track your competitors' pricing, such as OP's Pricing Optimization app.
This technique allows advanced AI software to scan market prices and assess your customer base to target specific customers with optimized prices in order to boost your sales.
2. Manual Price Monitoring
Manually follow your competitors online or sign up for their regular newsletters and email marketing campaigns. This process is more tedious and opens you up to human error, but it could be a good way to stay in touch with other competitor strategies as well.
3. Call Competitors for Pricing
Call into your competitors and ask them—as a potential customer—how much they are charging for the same products or services. You can even ask them for quotes using a personal email address. Otherwise, if you are brave, you can walk into their shop and ask them face-to-face.
Conclusion
Once you have all the information you need, you can put together a pricing strategy that will put you a cut above your competition. It is worth your while seeing pricing as a strategic tool rather than a guestimate as this will give you competitive context and advantage.
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