Business Growth Ideas for CT Manufacturers – Part 3: Pricing
January 21, 2018
In this blog post, we look at the expansive pricing options available to buyers, evaluating the pricing of your product offering, and the importance of pricing that differentiates your business from the competition.
Buyers have more options than ever today. They have an unprecedented ability to search for vendors and to shop around these days. And at the same time, competing vendors never had it easier targeting buyers with tools like LinkedIn, email or software that tells them who is visiting their website. Are you sure your pricing is still competitive? Are you tracking your “win rate” on your RFQs? Are you winning less often than you used to? Maybe you are winning too often, telling you that your pricing may be too low.
Are you still priced based on a “cost plus” model or are you using a value-based pricing model? Has the market shifted or have competitors closed the gap on your product superiority position, leaving you in the precarious position of being higher priced and less differentiated than you were?
When was the last time you assessed the competitive landscape, gathered meaningful customer feedback in order to find out where your offering and pricing fits among the landscape of alternatives available to buyers. Competitive intelligence may be exactly what you need in order to get the answers you can trust.
High pricing could eventually jeopardize some of your business while setting prices to low may gain you customers but at the expense of little to no profit. A comprehensive review of your pricing models can keep your business one step ahead of the competition.
If you’re interested in learning how CONNSTEP can help you grow your business, simply complete the Contact Us form next to this blog and we’ll respond promptly.
In our next blog post, Part 4: People of our Business Growth series, we look at the changing dynamics of the workforce, the functional roles of your staff, and the importance of planning ahead for the expected retirement of your knowledgeable and critical performers.
Part 1: Products of our Business Growth series
Part 2: Markets of our Business Growth series
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