At Reload, we are able to tailor your business’s product and pricing strategies with the aim of developing quality price structures to attract new business and keep existing customers. The key areas to address with product and pricing strategies can be found below.
New Product Development
It is critical in new product development that a product and pricing strategy is in place to ensure the product starts well in the marketplace. At Reload, we conduct an extensive competitor analysis to identify your competitive advantage and optimal method to move into the market to give you the best chance of success.
It is important for a business to have clear product and pricing strategies in place which are aligned with their target market, their position in the market, as well as their business objectives. At Reload, we provide guidance on ensuring that all structures and strategies are aligned and working towards the same clear objectives.
We may address any number of the following items:
- How will the product be packaged for the market
- What price to charge for the product or service
- How the product and pricing strategy will fit into your marketing plan
- What competitors in the market are doing
- What demographic will the product and its price attract
- What does the price say about the products value
- Financial planning and forecasting for the product
Product and pricing strategies not only focus on pre-existing and new product businesses but also business diversification. Diversification is a strategy used to increase sales volume from new products in new markets. It can also be expanding into new segments of an industry that your business is already in, or investing into a promising business outside of the scope of your existing business. Diversification allows your business to tap into additional revenue streams and opportunities within your realm of influence.
The talented team at Reload can also assist in the guidance and involvement of diversification plans for your business. As part of diversification planning, we will explore with you opportunities for your business and look at the feasibility of these opportunities. We will assist in putting together appropriate plans and strategies to give your business the best opportunity to create additional revenue streams.
Do you have some concerns about the pricing of your product or service? The price you charge your customers reflects your brand, your position in the market, your future cash flow for the business and ultimately your viability in the market. If you are looking for some guidance on how to price your product and whether the price will be sustainable, we can help you put the necessary planning in place.
There are a number of commonly used pricing models in the market, all of which can be successful depending on the type of product you have and the market you are in. We will take you through the key pricing models that are suited to your market and provide recommendations. We will also provide financial forecasting such as a break even analysis and profit projections to understand the benchmarks required to see your product succeed in your specific market.