Remove competition-based-pricing
article thumbnail

The Salesperson's Guide to Competition-Based Pricing

Hubspot Sales

Did you know, on average, a 1% price increase translates into an 8.7% It's hard to believe the smallest percent increase or decrease in price can make a significant impact on profit margins. This statistic highlights the importance pricing can have on your company's bottom line. It's worth considering competition-based pricing.

Retail 112
article thumbnail

Should My Company Lower its Prices in a Competitive Market?

Holden Advisors

Spoiler alert: Lowering prices on a high-value product in a competitive market will rarely drive long-term growth. Here’s what to do with your competitive pricing strategy instead. You’re eventually going to ask yourself, should we lower the price to adapt to new market dynamics? That’s the reward.

Marketing 195
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Trending Sources

article thumbnail

A Four-Step Pricing Strategy for Startups that Works Every Time

Holden Advisors

Pricing strategies are often the last thing entrepreneurs tackle before launching new businesses. Price too high and you lose potential customers. To point you in the right direction, here’s a quick step-by-step product pricing strategy to help entrepreneurs get it right. Step 2: Choose the competition.

article thumbnail

Data-driven Pricing Can Increase Your Profit

Holden Advisors

At Holden Advisors, we believe a value-based approach is the best way to set a fair price for your products and services. But data-driven pricing, when done right, will lift your profit margins in the short term. I am a firm believer in value-based pricing. Inventory turnover reports.

article thumbnail

How to double your price and retain your customers

Holden Advisors

Is it possible to double your price and not lose any customers? The client had marginally raised their price in the past, and our analysis showed something peculiar – negative elasticity. As price went up, so did volume. Competitive research further supported the analysis, as most of the competition had a higher price.

article thumbnail

10 Ways to Help Your Sales Team Use a Value-Based Selling Approach

Brooks Group

This is when a value-based selling approach—the ability to add value to your product or service—is critical. Without the intangible value conferred by the label, the choice would come down to personal preference and price. In the absence of value-added components, the sale of virtually any offering depends on the bottom line.

article thumbnail

How to close the sales cycle with sales battle cards

PandaDoc

Top sales leaders use sales battle cards to build their businesses. Sales leaders who want to maximize the effectiveness of their sales process and keep up with their competitors use sales battle cards to identify customer pain points and gain valuable market insights. What are sales battle cards?