Establishing guidelines on pricing and discounts can empower staff to offer better prices.
Brands should price their products appropriately and overcome challenges associated with pricing to thrive. Conduct a comparative analysis to evaluate the pricing of rival brands, as well as how consumers perceive the brand's products, to price them appropriately.
Be transparent about how the products and services are priced and don’t compete on price solely to boost profit margins. Understand the cost structure, CLTV, develop alternative revenue streams for products and services, and improve customer experiences to price efficiently.
Improve product and service accessibility across locations, channels, and devices, and provide special offers to undercut competitors and near-substitutes. Offer most products through ecommerce, improve in-store experiences, use retail to grow locally, provide a diverse range of products and services to overcome pricing challenges.
[7 minute read]