Reasonable Product

Stop looking at the prices of your competitors!

Setting prices based on competitors means you're letting them dictate your pricing strategy. Instead, why not ask your customers what they're willing to pay?

In this podcast, we look at the double-edged sword of pricing intelligence and why an obsession with competitors' prices can set you far from value-based pricing.

Forgetting about your competitors sounds scary, isn’t it? Yes it is, and by the way I’m not saying you should completely ignore competition. However, taking the right distance and “playing a different battle” is key in protecting your margins and customer base. The major pitfalls of looking at your competitors are:

• Lack of Superior Insight: They don’t necessarily know better than you.
• What's True for Your Competitors Isn't Necessarily True for You.
• Focusing on Price Over Value.
• Overlooking Customer Perceptions.
• Lack of Differentiation.

To transition from competitor-driven pricing to value-based pricing, you have some secret weapons that we analyze in detail in this article. This includes:

• Strong Customer Segmentation.
• Looking for “Competition Creeps” and Unmet Needs.
• Asking Your Customers (Yes, you can ask prices to your customers!)
• Leveraging Pricing as a Differentiator

Listen to the podcast now and stop getting obsessed with your competitors. Start being obsessed with your customers!

Have a look at the full article here

https://salvabocchetti.com/articles/stop-getting-obsessed-with-your-competitors-prices-start-being-obsessed-with-your-customers/

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