To conduct a competitive price analysis, follow these steps:
Identify competitors: List your direct and indirect competitors in the market.
Select products/services: Choose the products or services you want to compare with those of your competitors.
Gather pricing data: Collect pricing information for the selected products/services from competitors' websites, promotional materials, or web scraping tools.
Organise data: Create a spreadsheet or use specialized software to organise and compare the collected pricing data.
Analyse the data: Identify patterns, trends, and pricing strategies among your competitors. Take note of the highest, lowest, and average prices for the products/services being compared.
Evaluate your pricing strategy: Based on your findings, assess your current pricing strategy and consider if adjustments are needed to stay competitive and achieve your business objectives.