Your first step should be to check whether your product offers better value than what’s being offered by your competitors. If you know yours is superior in some way, you can put your price up with some confidence. But in order to do this, you have to be sure of who your competition is and how they differ from you. Is your product offering better features? More in-depth information? Better quality of information? Is your product of a higher caliber to suit your target audience? These questions will guide you towards a price that will be tolerable for your customers. Always monitor new competitors entering your niche. The Internet is always brimming with opportunities, which means the barrier of entry is easier for new companies to join the race. You don’t want your own sales to suffer from a lack of knowledge about new products being released and what they’re offering. You can do this by subscribing to blogs for those competitors or creating a Google Alert to let you know what’s going on. Competition is healthy in any industry, but be sure you keep improving your own offer to stay ahead of them.
Don’t forget to keep a close eye on what your competitors are offering in terms of specials or promotions. This will let you know whether you need to offer your customers more quality or better value. When you monitor what your competition is doing, you get a clearer sense of their sales strategy. Your aim here is to get more exposure to your product, not your competitor’s. You don’t want your competition gaining an edge over you, so don’t ignore this tip and be sure you offer better value than they do.
In closing, this article should help you realize that paying attention to the small details can help you to figure out the right price for your product. There are a number of reasons why your product isn’t converting well, but the best way to make sure your efforts are paying is to focus on working on your pricing model so that your customers get the true value. Go ahead and test the tips that we discussed here, you’ll be surprised at the results.
