Infiniti Research, a leading market intelligence solutions provider, has announced the launch of their latest newsletter on pricing strategies for businesses. With the market becoming increasingly competitive, choosing the right pricing strategy isn’t easy as it used to be. Today, customers demand robust and timely services that cater to their needs. Also, with the rising use of the internet and smartphones, customers can now compare prices with just a click of a button. So, the pricing strategies that companies choose must be one that not only gives a good ROI but also gives a sense of ‘value for money’ to customers.
Changing economic and demographic characteristics are affecting the healthcare needs of patients worldwide. So, healthcare companies are under the pressure to create robust pricing strategies to attract customers, cover costs, and make profits.
Although there are a number of pricing strategies that healthcare companies can employ when setting the price for their products and services, it’s vital to have a value proposition that justifies those prices. This is where the real power of devising a competitive pricing strategy comes into play.
Adopting a competitive pricing strategy can help healthcare firms as it helps strengthen their brand value and save money in the long-run. By leveraging a competitive pricing strategy, healthcare firms can gain access to real-time price trends in the industry and competitors’ pricing models. There are certain factors that enable healthcare companies to competitively price their products and services. Our latest blog unveils these key factors and more.
To sustain a leading edge in today’s competitive marketplace, businesses must revamp their traditional pricing models and proactively respond to competitors’ plans and price changes. Gone are those days where businesses leveraged cost plus pricing strategies by solely relying on the cost of production and distribution. Today, businesses must take into consideration various factors such as competitors’ pricing models, the market value for the product, demand patterns, and price elasticity while setting the price for their products.
Our latest blog highlights four reasons why businesses must leverage new pricing strategies. If you are still confused about choosing the right pricing strategy for your business, Infiniti’s experienced market research experts can help.
Recent research shows that even minor variations in product pricing can lower or raise profit margins by more than 20-25%. So, while setting the price for a new product, businesses must formulate product pricing strategies that are favorable to all the parties involved. But, is it an easy task? Certainly not! To assure profitable sustenance, businesses must price products such that it covers the production cost, company overheads costs, and offers suitable profits.
By conducting qualitative and quantitative market intelligence study, our experts have figured out some of the key product pricing strategies that can be used while setting the price for a new product. Gather detailed insights into these pricing strategies in our latest blog.