January 2013
Intermediate to advanced
186 pages
4h 19m
English
book
Setting Profitable Prices: A Step-by-Step Guide to Pricing Strategy--Without Hiring a Consultant, + Website
by Marlene Jensen
Content preview from Setting Profitable Prices: A Step-by-Step Guide to Pricing Strategy--Without Hiring a Consultant, + Website
In-a-Rush Tip
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Chapter 3
Analyzing Your Competitors’ Prices
In-a-Rush TipDo not skip this critical chapter or the worksheet for it. But if you are in a rush, you can narrow your focus to your three or four primary competitors and your primary products.
Warning: By limiting yourself to fewer competitors, you will miss out on uncovering some add-on opportunities for extra profits for your product/service.
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:
- Skateboard
- Rollerblades
- Bike
- Motorbike
- Motorcycle
- Golf cart for in-town use
- Car
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 ...
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O’Reilly covers everything we've got, with content to help us build a world-class technology community, upgrade the capabilities and competencies of our teams, and improve overall team performance as well as their engagement.Julian F.
I wanted to learn C and C++, but it didn't click for me until I picked up an O'Reilly book. When I went on the O’Reilly platform, I was astonished to find all the books there, plus live events and sandboxes so you could play around with the technology.Addison B.
I’ve been on the O’Reilly platform for more than eight years. I use a couple of learning platforms, but I'm on O'Reilly more than anybody else. When you're there, you start learning. I'm never disappointed.Amir M.
I'm always learning. So when I got on to O'Reilly, I was like a kid in a candy store. There are playlists. There are answers. There's on-demand training. It's worth its weight in gold, in terms of what it allows me to do.