BLOG

4 Key Steps to Build Effective Pricing Strategies for Your Marketing Strategy

Oct 20, 2018

Devising various types of pricing strategies in marketing is one of the most significant challenges to face as a business owner. It requires analyzing several factors and putting together an accurate picture of what your product is worth, how much its production costs, and how much your customers will pay. Understanding how to plan a pricing strategy is one of the important parts of creating a successful business. It has a direct impact on your bottom line and revenues. Pricing strategy is the ultimate reflection of the value that you offer to your customers through your products and customer service. In this article, we have tried to help you out by formulating five steps towards developing value-based pricing strategies in marketing that will push your revenues in the desired direction.

For detailed insights on the different pricing strategies, speak to an analytics expert.

Types of Pricing Strategies in Marketing

Understand Your Customer Profile

A customer profile can help your business build a profile of your potential customers. This can help you filter your marketing activities and analyze the customers’ willingness to buy products or services at a given price. There are several types of pricing strategies, which, if you adopt, will help you customize and develop your product for the valuations of your customers.

Survey and Talk With Your Customers

Surveys are one of the best types of pricing strategies in marketing. In this step, you need to talk to the end-customers to understand how much they willing to pay for your products? Such data can help you price your products for upscale customers as well as frugal ones.

Continue reading to know more about different pricing strategies or book a free solution demo.

Analyze the Data and Set Prices

Once you have collected some qualitative as well as quantitative data, you can easily analyze the data sets and set value-based pricing points that appeal to the target segments. Additionally, you should also make sure that every customer visiting your pricing page should know which bucket they fall into across your list of offerings. Implementing such types of pricing strategies in marketing can help your business scale new heights.

Communicate Value to Your Customers

Not only is devising various types of pricing strategies in marketing important, but it is also important to communicate the same to your customers. You need to clearly communicate the pricing model and process of purchase to the customers to make the user journey simple. You need to make it as easy as possible for customers to estimate their costs and check the value they are receiving from your products and services.

Ready to Harness Game-Changing Insights?

Request a free solution pilot to know how we can help you derive intelligent, actionable insights from complex, unstructured data with minimum effort to drive competitive readiness, market excellence, and success.

Recent Blogs

Emerging Applications of Artificial Intelligence in Medicine

Emerging Applications of Artificial Intelligence in Medicine

The main aim of artificial intelligence in medicine is to mimic human cognitive actions which is directly or indirectly bringing pioneer changes in the field of healthcare. Artificial intelligence in healthcare simplifies the processes of healthcare organizations as...

read more
HR Technology Trends Redefining the Modern-Day Workforce

HR Technology Trends Redefining the Modern-Day Workforce

In 2020, we witnessed rapid changes in workplace structures and business processes amid the pandemic outbreak. Advanced HR analytics solutions proved their potential amid the uncertainties by playing a crucial role in helping businesses understand and engage with a...

read more

Industries

Our advanced analytics expertise spans across industries, sectors, and functions, which enables us to deliver robust, agile solutions to all our clients. These are our core competencies, formed through years of experience.

Insights

Our free resources shed light on our extensive expertise and equip you with information to accelerate decision-making, growth, and innovation.