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Framing Pricing Strategy!


 

Pricing is your secret weapon to skyrocket growth and profit!🚀

But pricing data is often incomplete and tough to gather.🤔


Here’s the good news:


You don’t need all the information to start creating a winning strategy.


You need to FRAME it right!


💡Here’s how to do it using min-max benchmarks:


From the DEMAND side:


🟡Past price trends, like average or percentiles

🟡Market reports on selling prices

🟡ROI insights

🟡Research on willingness to pay


From the SUPPLY side:


🟢Competitor pricing

🟢Minimum selling price (cost + min profit)

🟢Partner/distributor margins


From the MARKET:


🔵Inflation rates

🔵Currency fluctuations

🔵Income growth trends


⚡Think of it as an “instant” Van Westendorp research! Even with a handful of data, you can still set smart Min-Max price ranges!⚡

EXAMPLE:


Market leader charges $10.

A safe competitive distance might be 30%, so your max price is $7.

Meanwhile, your cost + min margin = $5.


Voilà! You’ve just framed your price range between $5 and $7.


Is your pricing process done? Nope!


But you’ve narrowed down options and reduced complexity to make decision-making faster.


From here, you need a more detailed analysis, possibly including market research and AI tools. But you've made the first simple step without a hustle! You've had a quick Pricing win!






 

Interested in learning more about AI-Powered Price Optimization and Strategic Forecasting?



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