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Pricing Strategy – What Works Radio Virginia

Pricing Strategy

Category: Administration

Pricing is one of the classic “4 Ps” of marketing (product, price, place, promotion). It’s one of the key elements of every B2C strategy.

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-termFor 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.

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