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Enter competitive pricing. There are cases in which a business brings an entirely new product or service to the marketplace and is able to set prices as high as customers will tolerate. However, most companies are up against established rivals who compete on price. What you’ll learn: What is competitive pricing?
Evaluate channel efficiency: You’ll see which channels are effectively acquiring more customers and which ones are decreasing profitmargins. For example, each of your channels needs a pricing strategy. Consider the channels your customers are buying on, the reach of those channels, and the cost of maintaining them.
One of the easiest ways to keep tabs on your competitors is to watch their prices. Making regular price adjustments to match or undercut similar offerings in the same market is a common tactic used by companies of all types and sizes. It’s called competition based pricing. But this is not just about getting ahead.
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