Should I Base My Prices on the Competition

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Pricing versus the competition may seem like the best and sometimes easiest thing to do in some businesses. In other businesses, where there's less price transparency, it may feel like you're missing out on a key piece of price setting information because you have no idea what the competition charges.

Of course the competition is an important pricing consideration for many but what does it mean for your business? Can you only know what price to offer when you know the competition?

It begs the question, should I based my prices on the competition?

In this episode, we break this down and talk about when and how to use the competition when it comes to price setting in your business.

Podcast Highlights

- 0:00 Introductions
- 1:23 What's Your Strategy?
- 3:08 Small business specificities
- 4:59 Rules of Thumb
- 7:24 When not to
- 8:50 How to use it
- 10:11 Wrapping it up

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Get started improving your business. Sometimes it’s difficult to know where to begin. I suggest you Download the the self assessment Pricing Scorecard (www.thepricinglady.com/pricing-scorecard). Get a view of what’s working and what’s not working when it comes to pricing in your business. Figure out where to start making improvements.

Get in touch with Janene. If you’ve got a question that needs answering, a challenge you’re facing or you have suggestions for future topics or guests, let me know. Contact Janene (https://thepricinglady.com/contact/)

Transform your business and life. My business is about helping you build a better business. One that’s profitable and where you can confidently charge for the value you deliver. Let’s see how we can work together. Book a complimentary Discovery Call today! (www.thepricinglady.com/book-a-call)