Analyzing Your Competitors’ Prices
Before you ever launch your new product, consumers have expectations about what your price should be. Those expectations come from what your competitors charge for their products. You need to know those expectations.
You Do So Have Competitors!
I’m always surprised at the number of entrepreneurs who believe their product is so different they don’t have competitors. Every product sold today has competitors.
Proof that everyone has competitors:
The marketers who launched the Segway motorized scooter a few years back probably had more reason than most to believe they didn’t have competitors. But they did. Their competitors are anything anyone buys that will make going short distances easier and faster.
Segway competitors listed in order of price consumers pay:
- Golf cart for in-town use
How to “Pick” Your Competitors
Sometimes you can get customers to accept a higher price for your product by “picking” your competitors.
For example, business ...