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… |
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… |
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… |
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
Name | Description |
---|---|
Ecommerce Platforms & Marketplaces |
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.