Offer competitive pricing to attract more sales
Marketplaces
Everyone loves a good deal! Offering competitive pricing can significantly boost your sales and customer base. While it might cut into your profit margin, it creates buzz and draws more customers to your brand.
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 … |
| Retention | Retention in marketing focuses on keeping existing customers engaged … |
| Sales | The marketing objective 'Sales' focuses on increasing revenue through… |
| Traffic | Increasing website traffic is a fundamental marketing objective focus… |
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 |
|---|---|
| Construction | The Construction sector is a cornerstone of global economic developme… |
| 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… |
| Manufacturing | Manufacturing is a vital sector in the global economy, involving the … |
| Real Estate | The Real Estate sector encompasses activities related to the developm… |
Strategy
| Name | Description |
|---|---|
| Customer Acquisition Strategies | Attracting new customers involves various tactics like ads, social me… |
| Customer Retention Strategies | Keeping customers loyal involves personalized communication, rewards,… |
| 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… |
| Value-Based Pricing Strategy | Setting prices based on the perceived value to the customer rather th… |
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
- Increases customer attraction due to lower prices. - Enhances competitive edge in the market by standing out. - Boosts sales volume by drawing in price-sensitive shoppers. - Encourages customer loyalty as people come back for more deals. - Facilitates market penetration by making your products accessible. - Aids inventory turnover by moving products faster. - Creates positive buzz that can improve brand visibility.
Cons
- Reduces profit margins due to lower prices. - May attract non-loyal customers who only care about low prices. - Can lead to price wars with competitors, reducing industry profitability. - Potentially undervalues the product in the eyes of the consumer. - Might require increased volume to make up for lost revenue. - Can strain resources if demand outstrips supply. - Risk of long-term sustainability as consistently low prices may not be feasible.