Yet for many B2B marketers, the pricing strategy in their marketing planis challenging to write; many aren’t even involved in creating their pricing strategy.
There are many factors to consider when developing your pricing strategy, both short- and long-term. For example, your pricing needs to:
- Reflect the value you provide versus your competitors
- Match what the market will truly pay for your offering
- Support your brand
- Enable you to reach your revenue and market share goals
- Maximize your profits
When you offer a truly unique product or service with little direct competition, it can be challenging to establish your price. Define a strong strategy and competitive analysis so you can view:
- What your prospects might pay for other solutions to their problems
- Where your price should fall in relation to theirs
When your price, value proposition and positioning are aligned, you’re in the best situation to maximize revenue and profits.