Competitive Pricing Advantages
Price is the first thing that a consumer notices about a product and is one of the most important factors that affect their purchasing decisions. This makes effective pricing an essential criterion for long-term business success. Mainly because it’s the only way an organization can determine and set the optimal price for their products while keeping up with the global competition.
Competitive pricing is one of the methods using which an organization can select strategic price points to take the best advantage of a service or product-based market relative to the global competition. Businesses that adopt a competitive pricing strategy can either set prices that are below the competition, in par with the market competition or slightly above it to differentiate their offerings from that of their peers.
Did you know? The price of your products play a key role in the purchase decision of your customers.
Here are a few advantages of developing the right competitive pricing strategy:
- Maximize profit margins
- Avoid revenue loss
- Combine with other pricing strategies to make it more efficient
- Ensure long-term business success
- Keep customers happy
Client’s Background
The client- a leading player in the US medical device market.
The Challenge
A leading medical device industry player was concerned that it was losing ground a new market entrant in the region. To gain the leading edge in the medical device market they had to respond faster to their competitor’s initiatives. But to do so, they required a detailed understanding of their competitor’s strengths and vulnerabilities. This prompted them to collaborate with Infiniti Research to track their competitor’s actions and develop a robust competitive pricing strategy.
Our approach
An in-depth competitive pricing analysis and competitor research were conducted to help the medical device market player develop a competitive pricing strategy. Infiniti’s
competitive pricing analysis experts leveraged competitive intelligence and conducted interviews with leading market leaders to understand their pricing strategies. This gave rise to competitor analysis profiles to perform a comparative analysis of the global competitors. The key insights obtained as a result went on to help the medical device industry client to track their competitor’s strategies and campaigns.
Business Impact
Early warnings of the competitor’s regional campaigns and pricing strategies helped the medical device manufacturer to optimize their campaigns and pricing strategies to outsmart the global competition. A competitive pricing strategy played a key role in offering early warnings about their competitors’ strategies and aided the development of effective solutions to stay ahead of the curve. Moreover, with the help of our competitive pricing solutions the client successfully surpassed the global competition and increased their sales win rate by 50%, capturing a top spot in the global medical device market.
Looking at developing a competitive pricing strategy? That’s exactly what we do. Get in touch Today!
