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A well-defined pricing strategy can significantly impact the lifetime value (LTV) of a customer. It can help in attracting and retaining customers, maximizing profits, and improving market share. A competitive pricing strategy, for instance, can make a product or service more appealing to customers, thereby increasing their LTV. However, it's important to balance competitive pricing with the quality and value of the product or service to ensure long-term customer satisfaction and loyalty.
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The first pricing strategy to assess is competition-based pricing. On the Competitor comparison tab, we can check our phone's price against the competition with two competitive landscapes: a Competitor perceptual map and a Kotler's matrix. Fill out the competiton's price-point below, along with their perceived product quality and price level and estimate for annual units sold. Each product is now placed on the perceptual map, where bubble size indicates each competitor's market share, and Kotler's matrix, which defines each competitor's pricing strategy.
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Need to evaluate the best pricing strategy for a product? This Pricing Strategy spreadsheet includes the top pricing tools to evaluate cost, feature,...
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