LONDON--(BUSINESS WIRE)--Infiniti Research, a world-renowned market intelligence solutions provider, has announced the completion of their latest list blog on the top five pricing strategies to consider this year.
One of the critical business decisions that organizations must make is the pricing. A lot of brainstorming, thought, and calculations go into the pricing decisions. Pricing is not a one-time process for any business. With every passing year, the market trends and customer demands keep changing. Major organizations outperform their peers by defending, quantifying, and monetizing their value in the market and persuasively monitoring their actual pricing methods across customers, channels, and countries at regular intervals. Infiniti has identified the top five pricing strategies to consider this year.
“If firms fail to keep track of the changes and adapt their pricing strategies accordingly, the chances are that their total profitability will go for a toss,” says an industry expert from Infiniti.
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Top pricing strategies to consider this year:
- Dynamic pricing: The dynamic pricing method was introduced and widely accepted in the tourism and travel industry. But, slowly, other organizations across various industries have started to follow suit. This pricing method can help exploit the willingness to pay and introduce more effective price differentiation models. For example, Uber for taxi rides practices pricing strategies built on the demand and supply for cabs during a specific day.
- Digital pricing: Digitalization is moving towards new business models and new revenue and value-enhancing opportunities. The companies who can describe the right pricing methods to gain willingness-to-pay competently are more likely to prosper in the future. One of the most critical effects of digitization is the increasing price transparency. It leads to a growth in price elasticity, which makes the market more striking for price-aggressive sellers to decrease prices. So, it also makes it harder for premium sellers to uphold and raise prices successfully.
- Behavioral pricing: Often customers’ choice of a product is determined by what is termed as behavioral pricing. However, behavioral pricing is not a new phenomenon; it is predicted to be one of the top pricing strategies for 2018. Behavioral pricing methods can maximize willingness-to-pay by distinguishing pricing based on customer value perception. Also, they can simplify portfolios and use price laddering to guide customers to more valuable products.
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Infiniti Research is a global market intelligence company offering strategic insights to help look beyond market disruptions, study competitive activity, and develop intelligent business strategies. Listed below are the top five pricing strategies to consider this year.
View the complete list of the top five pricing strategies to consider
About Infiniti Research
Established in 2003, Infiniti Research is a leading market intelligence company providing smart solutions to address your business challenges. Infiniti Research studies markets in more than 100 countries to help analyze competitive activity, see beyond market disruptions, and develop intelligent business strategies.
With 15+ years of experience and offices across three continents, Infiniti Research has been instrumental in providing a complete range of competitive intelligence, strategy, and research services for over 550 companies across the globe.