international pricing strategies Archives - Business Intelligence

Tag: international pricing strategies

competitive pricing strategy

Adopting Competitive Pricing Strategy in Healthcare: What to Keep in Mind

For healthcare companies to attain a healthy profit margin and ensure quality outcomes, it is essential to connect their pricing strategy with the day-to-day operational concerns. With the rising healthcare market competition, healthcare companies must be cautious while creating and implementing their competitive pricing strategies as overlooking even small factors can cause them to lose out on their competitive advantage. Competitive pricing strategy in healthcare does not necessarily mean a race to the bottom in order to offer the lowest prices. In this blog, experts at Infiniti explain the key factors that enable healthcare organizations to create a robust competitive pricing strategy.

Whether you charge higher or lower prices than your competitors, you must have a value proposition that justifies those prices. Request a free proposal to know how we can help your business identify and set optimum prices for your products and services.

Building a robust competitive pricing strategy in  healthcare

competitive pricing strategyEstablish market identity

Many healthcare organizations are under the misconception that a competitive pricing strategy has got to do primarily with becoming a low-cost or low-price player. Although some low-acuity services such as imaging may require a low-cost option structure, healthcare systems may continue to provide care at historical rates for other services. Moreover, organizations must also seek to understand what their current market identity is and what they want it to be in the future.

Facing trouble with your current pricing strategy? Get in touch with our experts for more insights on how you can transform your existing pricing strategy.

Proactive process to maintain margins

Healthcare organizations need to proactively review prices in order to isolate and resolve any potential margin issues before risk to revenue or compliance occur. It is vital to emphasize on improving key service lines and identifying margin and compliance risks by payer and service lines. Healthcare organizations must also focus on educating their staff on key issues so that charge capture violations can be easily prevented.

Engage in meaningful interactions

Several organizations resort to the practice of using tools to establish their competitive pricing strategy. However, these tools often fail in terms of adjusting to price sensitivity in the market. Although tools prove to be beneficial in building a competitive pricing strategy, it is insufficient to create an overall competitive advantage in the market. While interacting with consumers online, healthcare companies have a unique opportunity to deepen consumer relationships. Providing value messaging, online scheduling, or a live chat option are ways to create meaningful interactions with customers. Furthermore, healthcare organizations can also create a seamless customer experience with flexible payment options as a part of their competitive pricing strategy.

Price transparency to create value

Giving patients a clear idea of what exactly they are being charged on is an effective competitive pricing strategy that can induce patient loyalty. Being transparent with prices can also help healthcare organizations to increase their customer base on a larger scale. Ensuring transparency is pricing is one of the best ways to communicate value to customers and increase consumer confidence towards the organization.

To learn more on the right competitive pricing strategy for your business

Top Pricing Strategies in Marketing You Cannot Miss Out On

Deciding how much to charge for a product or service requires more thought than merely calculating the costs and adding a mark-up.

Pricing strategies and methods often prove to be extremely complex and intense as it includes a number of calculations, research work, risk-taking ability, and understanding of the market and the consumers. The top management of the company considers a number of factors before pricing a product. This includes the ability of a consumer to pay for the products, the segment of the product, the action of the competitor, the conditions of the market, the production and the raw material cost or the cost of manufacturing, and the margin or the profit margins. An effective pricing strategy helps to identify competitive prices for a product or service. Adopting a competitive pricing strategy also depends on whether the company wants to achieve operational efficiency or product leadership. If the company’s value proposition is operational efficiency, then they need to follow a highly competition based pricing tactic. On the other hand, if the company’s value proposition is product leadership or customer intimacy, the offerings need to be priced on the higher end when compared to similar products in the market. This gives the customers a feeling of uniqueness and loyalty to the brand. This blog from Infiniti Research curates some of the top pricing strategies in marketing that our industry experts feel are most relevant in today’s business scenario.

(more…)

Close
Infiti Logo

Hello there!

Contact us to know more about our cost-effective custom market research offerings to support efficient market penetration, new product launch, and devise strategies to monitor and outperform your competitors.

Cookie Policy

The Site uses cookies to record users' preferences in relation to the functionality of accessibility. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice