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9 Ways to Test Your Pricing Strategy

image - SMARTSTART Pricing

Do not overestimate the competition or underestimate yourself.

  1. Are you monitoring your industry, market and competitors so that you are aware of the forces affective 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 products and services are elastic and inelastic?
  5. Have you studied competitors’ comparable products for offerings and pricing and compared them to yours?
  6. Are you 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?

These activities are essential to your decision making and future planning. The more you know, the faster you grow!

More next time. Until then, remember to LOVE YOUR WORK, whatever it may be.

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