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eAcademy posted an update
4 weeks ago (edited)
Pricing Your Product with a Competition-Based Model 🙌
In today’s fast-paced market, pricing can be a key differentiator for your business. But how do you ensure you’re charging the right amount?
Dr. Stephen Mulholland offers valuable insights in this week’s tip:
1️⃣ Understand Your Costs: Begin with a deep analysis of your business expenses, including salaries, overhead, and the cost of goods sold. Don’t forget to consider your desired profit margins.
2️⃣ Conduct a Competitive Analysis: Research your competitors by searching for similar products on google in your local market. Look at what others charge, how they position themselves, and the services they offer. This helps you understand where you fit in the competitive landscape.
3️⃣ Create a Pricing Matrix: Once you’ve collected competitor pricing data, align it with your own business model. If you’re offering a luxury product, you may position yourself at a premium. Alternatively, a hybrid approach may land you in the middle.
4️⃣ Adjust Based on Your Value Proposition: Consider how your product’s and your business values differentiate you in the market. This will guide your final pricing decision.
By combining a competitive pricing matrix with your cost analysis, you can arrive at a smart, market-driven price for your product.
👉 If you’re ready to take your business to the next level, we’re offering 25% OFF all our Master Classes and 25% OFF on Software & Marketing Services. This is your chance to get expert insights and tools that will propel your business forward.
➡️ Book a demo to claim:
https://meetings.hubspot.com/bfx-sales?uuid=8686a647-41b6-478f-b8da-44b1ab20bb01