Offer competitive pricing to attract more buyers

Marketplaces

Offering competitive pricing is a straightforward way to attract more buyers by making your products or services more appealing price-wise compared to competitors. It’s easy to implement and directly impacts sales, but profit margins might be squeezed.

Tools

Name Description Pricing Ease of Use
Competera Competera is a sophisticated pricing platform designed to optimize re…
Paid Only
Moderate
Price Intelligently Price Intelligently is a leading pricing optimization tool designed t…
Paid Only
Moderate
Price2Spy Price2Spy is a robust price monitoring and comparison tool designed f…
Paid Only
Moderate
Prisync Prisync is a dynamic pricing software that aids marketing professiona…
Paid Only
Moderate

Objectives

Name Description
Customer Acquisition Customer Acquisition is the process of attracting and converting new …
Customer Satisfaction Customer Satisfaction as a marketing objective focuses on understandi…
Sales The marketing objective 'Sales' focuses on increasing revenue through…
Traffic Increasing website traffic is a fundamental marketing objective focus…
Trust and Loyalty Trust and loyalty are crucial marketing objectives that underpin long…

Demographics

Name Description
Entrepreneurs Entrepreneurs are typically characterized by their innovation, risk-t…
Ethnic Minorities Ethnic minorities are a diverse demographic group characterized by a …
Gen Z Generation Z, born between 1997 and 2012, is a cohort characterized b…
Low-Income Earners **Professional Description for 'Low-Income Earners'** Low-income ear…
Middle-Income Earners Middle-Income Earners represent a crucial segment of the consumer mar…
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Promotes

Name Description
App The 'App' is a cutting-edge digital platform crafted to enhance user …
Digital Product A Digital Product refers to an intangible asset distributed in digita…
Mobile App The mobile app is a dynamic digital tool that marketers utilize to ef…
Physical Product The Physical Product represents a tangible good that marketers have t…
SaaS Software as a Service (SaaS) is a cloud-based service where instead o…
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Sectors

Name Description
Communication The Communication sector encompasses a broad array of services and te…
Financial Services The Financial Services sector is a vital part of the global economy, …
Food and Beverage The Food and Beverage sector is a vital part of the global economy, e…
Hospitality and Leisure The Hospitality and Leisure sector encompasses hotels, restaurants, t…
Information Technology The Information Technology (IT) sector is integral to the global econ…
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Strategy

Name Description
Customer Acquisition Strategies Attracting new customers involves various tactics like ads, social me…
Pricing Strategies Setting the right price involves balancing profitability and customer…
Sales Strategies Boosting sales involves understanding customer needs, effective commu…

Sub-strategy

Name Description
Market Penetration Strategy Increasing market share for existing products through tactics like co…
Competitive Pricing Strategy Setting prices based on what competitors charge to attract customers …
Discount and Promotional Pricing Strategy Offering temporary price reductions to boost sales and attract custom…

Technologies

Channel

Name Description
Marketplaces Marketplaces are online platforms where you can sell a wide range of …

Sub-channel

Name Description
Amazon Amazon is a go-to for businesses aiming to boost sales and brand awar…
Etsy Etsy is a great place for creative entrepreneurs to sell unique, hand…
Walmart Marketplace Walmart Marketplace gives sellers a giant platform to reach millions …
eBay eBay is a popular online marketplace where businesses and individuals…

Quick Facts

Channel

Marketplaces

Advertising Type

Display

Difficulty Level

Intermediate

Estimated Cost

Medium

Time to Impact

Short (Weeks)

Tags

B2B
B2C
Paid

Pros

  • Direct impact on sales as consumers are highly sensitive to price changes and discounts.
  • Simple to implement strategy that doesn’t require significant changes in business operations.
  • Increases customer acquisition by drawing in price-sensitive new customers.
  • Encourages volume purchasing as customers might buy more products due to lower prices.
  • Mitigates inventory surplus by pushing the sale of products that are overstocked.
  • Can enhance brand reputation if perceived as providing good value.
  • Flexibility in application across various channels and business types.

Cons

  • Reduced profit margins as lower prices mean lower revenue per unit sold.
  • Possibility of price wars as competitors might also lower their prices, leading to a race to the bottom.
  • Perceived as lower quality by some consumers who equate price with quality.
  • Temporary solution that doesn’t address underlying brand or product value issues.
  • Customer dissatisfaction if prices are raised after a discount period.
  • Can dilute brand value if used excessively, making it hard to increase prices later.
  • Short term gains that might not lead to long-term customer loyalty.