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Setting the Price of Your Service – Part 3: What About the Competition?

January 21, 2013

In Setting the Price of Your Service – Part 1: Floor Price and Setting the Price of Your Service – Part 2: Ceiling Price you gathered information to assist you in determining the minimum and maximum price you can charge. Now let’s take a look at the competition. To start:

  • Identify 2-3 of your top competitors
  • For each competitor determine what type of pricing strategy they utilize
    • Penetration Pricing
    • Predatory Pricing
    • Image, value or quality pricing
    • Opportunistic pricing
    • Going Rate Pricing
    • Other
  • What is their going rate for a like service
  • What impact can their price have on your price?

Now that we have this gather the next post will look at what your price will be.

Wishing you productivity and Prosperity,


Kim

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4 Comments leave one →
  1. January 22, 2013 9:38 pm

    Kim, great tips around pricing! Thanks, Maggie

  2. January 22, 2013 10:58 pm

    When my eyes are not forcing me to shut down I will look back at your other posts. Pricing has definitely not been the easiest part of starting my own business but I am working on it.

Trackbacks

  1. Setting the Price of Your Service – Part 4: My Service Cost « K. Gaskins Consulting's Blog
  2. Challenge Complete! « K. Gaskins Consulting's Blog

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