B2B Pricing Strategy - How to set your pricing/rates

In marketing, part of a business’s marketing plan is determining their pricing strategy

Various factors need to be taken into consideration.

1.  Clearly identifying your target market.  If you are choosing to target medium to large companies, versus micro to small businesses, your rates may be adjusted accordingly.

2.  Having a product/service that is known and in demand in the marketplace.  If you have a product or service in the marketplace with high visibility and high demand, you can probably have a more profitable price/rate.

3.  Competition’s pricing.  Only after knowing who your target market is, can you identify your competitors.  What is their pricing for same or similar products/services?  Do they offer package rates?  Are they providing premiums for first time buyers/clients?

4.  Experience and/or quality of goods/services.  I think back to an inventor I met about a year ago.  She had a product that she thought was unique.  I did some research and found much higher quality versions of her product at the same or even lower prices than her product.  Do your research and be certain of what is out there in the marketplace. 

For assistance with competitive mystery shopper calls and/or consulting on pricing strategy for your business, please contact us for a complimentary phone consultation.

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