competitor research

How to Create a Pricing Strategy

How to Create a Pricing Strategy

Setting a price for your offerings can be a fraught affair. Pitch them too high, and you can see your sales plummeting; too low, and you can lay waste to your potential profits. You want to achieve the price that, when multiplying your potential sales by your profit margins, yields the largest total possible. But what makes a price optimum depends on a number of different factors. Read on to find out more about what factors affect your pricing, how to plan and structure your pricing strategy – and why your pricing should constantly be reviewed as time goes on. What market factors should determine my prices? To establish what factors affect your pricing, you need to look around to the environment your business operates in. In the first instance, it makes sense to look at your competitors. W... »

How to Benchmark your Small Business

How to Benchmark your Small Business

Benchmarking is the act of comparing your business activities and processes to that of your competitors and rivals. While it can be one of the simplest ways to improve your own business, many small business owners overlook the process altogether. Whilst you may well think of yourself as an innovative, dynamic young business shaking up an aging industry, benchmarking can hold benefits for even the most pioneering of companies; industry practices exist for a reason, and you can often learn a lot from your competitors. This guide covers all you need to know about effective benchmarking as a business, from where to start to how to put the results into practice. What benchmarking opportunities exist for my business? Benchmarking is a broad term, and the potential comparisons you can make with o... »