Monitoring & Measuring Pricing Strategies
Good news! When it comes to pricing strategy, you don’t need to spend hours each week revisiting this topic. Review your pricing strategy on a quarterly or semi-annual basis. Even if your pricing remains the same, this exercise can generate some great ideas on marketing messages and how you’re differentiating yourself in the market.
How much work is involved, and how should it be prioritized?
Price Triangulation combines some basics of strategy, competition and pricing philosophy into a process a mid-sized company doesn’t need to spend a fortune on. Any mid-marketer can accomplish this analysis and gain control of pricing.
Plan half a day of focused time to perform this exercise. Once you have it in place, quarterly or semi-annual reviews can be accomplished in a few hours.
