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“Best-guess” pricing is not a responsible way to manage your business.

These questions will help you determine your best pricing strategy:

  1. Are you monitoring your industry, market and competitors so that you are aware of the forces affecting customer demand for your products and services?
  2. Have you thought about whether the pricing strategy you are considering is compatible with your overall marketing mix (e.g., online, offline, social media etc.)?
  3. Do you know which of your products and services are best sellers and slow movers?
  4. Have you determined which of your products and services are elastic and inelastic?
  5. Have you studied your competitors’ comparable products and services for offerings and pricing and compared them to yours?
  6. Are you going to let yourself be influenced by changes in your competitors’ pricing and refund policies?
  7. Do you monitor your competitors’ marketing campaigns, launch strategies and advertising to keep pricing data updated?
  8. Do you order competitor products to examine the quality, depth and breadth of material you’re competing with?
  9. Is there a predictable pattern or time of year when your competitor has sales or runs specific promotions?