Whether you run a business of your own or are a start-up, you must sooner or later update yourself with the fact that pricing is finally the ultimate game breaker in any business. It is the price which finally affects the buyer’s decision if two similar products are offered by different stores. You may be having a broad range of brands and categories in your store and might be finding it hard to figure out an efficient way to create your pricing structure in comparison to your competitors.
We have listed below some key steps which you can follow to reach your goal of devising a pricing strategy that can win you, customers:
- Find out the key products that fetch you the maximum revenue.
- List out your key competitors which have similar product category as yours.
- Now, find out your prices for your important brands and categories with respect to competition.
- Plan how you wish to see pricing for your brands and categories.
- Start daily tracking your pricing in comparison with the competition and evaluate the trends and patterns.
- Match your pricing with the competition keeping your price margins.
- Utilize price tracking as well as price automation technology to help you plan your pricing strategy without really having to do the hard work yourself.
- It is important to automate as well as integrate your data from price intelligence tool with the stock control, content management, PPC or PLA systems.
- Last but not the least, it is important to find a good pricing against the competition is not a one day job, but a consistent activity where the competitor prices are monitored regularly and an appropriate approach designed for effective price management.