Pricing: Where do you sit competitively speaking?
Do you check your competitors pricing?
Do you survey your customers to see where they view your pricing?
This is a topic many people don’t like looking at or checking into.
As things get tighter in our pocket books, trust me, your customers are checking around and they know exactly where you sit on pricing. Some may comment and others may not.
So, it is important to stay competitive during this turbulent time in our marketplace.
I am not saying to take a loss, that would be very unwise. But it is important to check and see what others are doing and know where you sit.
There are many other things that you can do other than change your pricing right off the bat. You can do a rebate or loyalty program, you can add additional perks – these may not cost you much in expense but may be very advantageous to your clients, you could combine some products or services and come up with more of a combination package.
Take time to look around and see what it out there. Have those tough but necessary conversations with your clients. They will be thankful that you did. It will further your relationship with them and you will gain a better understanding of where they are sitting – are they looking elsewhere, are they happy and not looking, etc.
Questions to Ponder:
Would the information you find out from surveying your clients be helpful?
Who would be best to find this information out in your company?
Do you have a competitive advantage?
What is it and are you utilizing it completely?
