Weekly Round-up: A Storyboard on the Benefits of Competitive Pricing Strategies
LONDON: Infiniti, a leading market intelligence solution provider, has announced the release of their new storyboard on competitive pricing strategies and on how it has helped organizations benchmark their brand against the competition by analyzing industry averages and competitor KPIs. Recent research shows that minor variations in product pricing can lower or raise profit margins by [...]READ MORE >>
LONDON: Infiniti, a leading market intelligence solution provider, has announced the release of their new storyboard on competitive pricing strategies and on how it has helped organizations benchmark their brand against the competition by analyzing industry averages and competitor KPIs.
Recent research shows that minor variations in product pricing can lower or raise profit margins by more than 20-25%. Hence, businesses must keep an eye on their competitors’ pricing strategies while setting prices for their products to get the much-needed competitive edge in the market. But do you think comparing and setting prices is an easy task? Certainly not! To assure profitable sustenance of the business, decision makers must set the price such that it covers the production cost, company overheads costs, and offers suitable profits.
Infiniti’s competitive pricing strategies have helped companies in regulating the competition by reducing the loss of customers to the competitors. Given our experience in formulating competitive pricing strategies for global companies, we’ve collated some of our recent success stories on competitive pricing strategies and have also highlighted ways in which our solutions have helped companies become market leaders.
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#1: Smart pricing strategies to dominate ecommerce competition: Did you know – having a keen eye on your rivals’ previous pricing and discount strategies will yield big profits? This is why most businesses turn to competitive pricing strategies! Similarly, with rising ecommerce competition, a retail company was looking out to capture a top spot in the market space by analyzing their competitors’ pricing strategies. The competitive pricing solutions offered by Infiniti Research helped the client respond to price changes by competitors and prevent the loss of market share, which subsequently helped them differentiate their brand and enhance customer satisfaction.
#2: Competitive pricing analysis to boost business revenue for an automaker: As the automotive industry is one of the most rapidly growing sectors over the last few years, they face a tough challenge in maximizing profits while maintaining competitive prices. Competitive pricing is the ideal solution to this challenge since it takes into account the competitors’ pricing strategies, changes in supply and demand, and recommends the optimal pricing structure. This success story from Infiniti Research demonstrates how implementing competitive pricing strategy has significantly boosted the overall revenues and profitability for the automaker.
#3: Paints and coatings industry competitive pricing analysis: We live in an era of risk and uncertainty. Globalization, technological advancements, and greater transparency have combined to upend the business environment. Hence, even big corporate giants leverage competitive pricing strategy when they want to enter a new market. A paints and coating company also went through the same dilemma. This not only affected their profit margin but also provided scope for other players in the industry to expand. Our competitive pricing strategies helped them monitor the pricing strategies of their competitors and subsequently increased sales, business stability, and brand recognition.
#4: Infiniti Research reveals the advantages of competitive pricing strategies: Has the demand for your product or service dropped because your competitors have cut down the prices for similar product or service? If yes, it’s high time that you leverage competitive pricing strategies. In this blog, our experts have listed out several competitive pricing advantages that can pave the path for profit maximization and growth for your business.
#5: Looking to maximize profits? You may be marketing great products or services, but are you sure whether the prices set are right? Or, are you charging enough to cover costs and attain profitability? All these questions might be putting you in a dilemma. So, to help you out, the experts at Infiniti Research have outlined how competitive pricing strategies will resolve these challenges and maximize profits.
With Infiniti’s competitive pricing strategies, unlock your business’ true potential and embrace new models and ideas.
#6: Competitive pricing enables a surgical instruments manufacturer to stop pricing slide: This success story reveals how a surgical instruments manufacturer was able to track, compare, and analyze the pricing models for surgical instruments, thereby, determining the best possible selling price for the products. This further explains how competitive pricing strategy helped the client devise smart pricing strategies to attract more buyers.
#7: Increasing visibility across niche market segments: Being a business owner, you can never be completely sure whether a particular pricing decision can yield profit or loss to the company. In such situations, successful businesses prefer to use competitive pricing strategy. Similarly, pipes and fitting equipment manufacturer consulted Infiniti to acquire an early and sustainable competitive advantage before pricing their products. Infiniti’s competitive pricing strategies helped them make changes to the existing product strategies and improve visibility across niche market segments.
#8: Top pricing strategies in marketing to beat your competitors: Customers won’t purchase goods that are priced too high. However, your company won’t succeed in covering the entire costs involved if they price goods too low . Hence, to outpace these challenges, here are some of the strategies that businesses implement when setting prices on their products and services.
#9: Enhancing bottom line results and competitiveness with the aid of a competitive pricing strategy: Owing to the intense competition from FMCG companies all over the globe, a multibillion-dollar FMCG industry player realized the need to make better pricing decisions to stay ahead of the curve. Our solutions enabled the client to differentiate their brand by setting unique prices for their products.
#10: Gaining a competitive advantage over other competitors: Infiniti’s competitive pricing strategy helped a fast food industry client differentiate their products in the market. Read this success story to know how our solutions enabled the client to devise a responsive business strategy and ensure better consistency for the products being offered.
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