Learn about competitors' pricing and the benefits of their products
Posted: Sun Dec 15, 2024 10:35 am
The cost is influenced by many factors, but the key role is played by the prices set by competitors in the business. To correctly evaluate your product, you will have to regularly monitor the price tags of similar products in your market segment. They must be adequate for the target consumer.
If an entrepreneur knows that his product is much better than others in the market niche, then he can reasonably raise prices. Moreover, his employees (in this case, sellers) should clearly explain to customers why the company's products are more expensive. But there is another, alternative solution. If the market lacks budget offers, you can slightly reduce the price tag on your products. This will attract people who are used to saving money.
An important step here is to study the italy number for whatsapp strengths of your competitors. It is worth considering how you can use them to your advantage. Perhaps your competitors offer customers a trial period for using the product or a significant discount as part of the “Bring a friend – get the product cheaper” promotion.
In reality, these options give excellent results, and you risk losing some of your customers. You need to come up with a more tempting offer than your competitors. It is advisable to create a USP that benefits both parties, unless, of course, it is not too expensive for the budget and the company itself.
Understand how competitors advertise their products
To quickly assess how much the competitor has invested in promotion and advertising, it is necessary to analyze its resource. Let's list several nuances that are worth considering. Does the competitor's website have:
public blog;
useful and interesting articles in magazines or books in digital format to advertise your product;
webinars and videos about the company or products;
infographic elements;
podcast channel;
thematic content (videos, articles);
"FAQ" section;
press releases;
instructions for using the product and advice on purchasing it;
case studies;
information about advertising campaigns that are conducted offline and online.
Research your competitors' content strategy
In this case, you need to pay attention to how many posts are published in the blog. The number can vary from several dozen to hundreds. Then you need to look at the frequency of publications in the online magazine and the presence of thematic studies in them. And if they are there, then find out how often they are posted. Thus, in a fairly lively blog of a competitor, it will be clear what methods he uses to attract potential buyers.
If an entrepreneur knows that his product is much better than others in the market niche, then he can reasonably raise prices. Moreover, his employees (in this case, sellers) should clearly explain to customers why the company's products are more expensive. But there is another, alternative solution. If the market lacks budget offers, you can slightly reduce the price tag on your products. This will attract people who are used to saving money.
An important step here is to study the italy number for whatsapp strengths of your competitors. It is worth considering how you can use them to your advantage. Perhaps your competitors offer customers a trial period for using the product or a significant discount as part of the “Bring a friend – get the product cheaper” promotion.
In reality, these options give excellent results, and you risk losing some of your customers. You need to come up with a more tempting offer than your competitors. It is advisable to create a USP that benefits both parties, unless, of course, it is not too expensive for the budget and the company itself.
Understand how competitors advertise their products
To quickly assess how much the competitor has invested in promotion and advertising, it is necessary to analyze its resource. Let's list several nuances that are worth considering. Does the competitor's website have:
public blog;
useful and interesting articles in magazines or books in digital format to advertise your product;
webinars and videos about the company or products;
infographic elements;
podcast channel;
thematic content (videos, articles);
"FAQ" section;
press releases;
instructions for using the product and advice on purchasing it;
case studies;
information about advertising campaigns that are conducted offline and online.
Research your competitors' content strategy
In this case, you need to pay attention to how many posts are published in the blog. The number can vary from several dozen to hundreds. Then you need to look at the frequency of publications in the online magazine and the presence of thematic studies in them. And if they are there, then find out how often they are posted. Thus, in a fairly lively blog of a competitor, it will be clear what methods he uses to attract potential buyers.