You're struggling to set your product pricing. How can you learn from competitors to boost profitability?

📌HERE'S THE THING: Competitor analysis isn't a one-time task but an ongoing process of monitoring and adapting to market changes. It allows you to anticipate competitive moves, identify emerging trends, and capitalize on new opportunities swiftly.

I think a great place to start is identify competitors to benchmark against. - Analyze competitors' websites, product pages, and pricing pages to identify price discrepancies. - Identify gaps in the market and opportunities for price differentiation. - Stay up-to-date on regulatory changes and industry-wide price adjustments.

To start, conducting a thorough competitor analysis is crucial. Identify direct competitors offering similar products or targeting the same customer segments. Examine their pricing structures, discounts, and bundling options to understand their value proposition. Determine if they position themselves as a premium brand or compete on cost. This insight helps you strategically position your product within the market, ensuring competitive pricing and clear differentiation.

Product pricing models hold valuable clues to market value perception and growth opportunities. Revealing these strategies can help identify market gaps and supply-demand dynamics, ultimately aiding in understanding what resonates with your product value and audience. It's crucial to uncover potential pricing pitfalls before encountering them. Finally, fuel product growth by identifying differentiation opportunities for a competitive edge. Take cues from companies like Figma and Canva, who excelled at implementing the freemium model to rapidly expand their user bases, then introduced premium features for power users willing to pay. First, build habits through your pricing model, and then adapt to theirs.

💡IMPORTANT: Understanding the rationale behind competitors' pricing models equips you to anticipate market shifts and refine your own approach dynamically. This proactive stance not only strengthens your market position but also fosters agility in responding to evolving consumer preferences and competitive pressures.

Actually I feel less important to learn pricing involved in feature. Since feature with clinical benefit will have high impact. Even if it’s low price it will not attract customer if they don’t have clinical value while using in workflow.

Unlock the secret to pricing power with a feature-based approach. Create a comprehensive matrix comparing your product's features with competitors' to objectively justify price differentials. This data-driven method pinpoints your product's strengths and weaknesses, informing precise pricing decisions. But here's a better approach: consider ignoring competitor pricing entirely. Set prices based solely on your product's value and target customer willingness to pay. This approach may reveal untapped pricing potential your competitors have overlooked.

Market positioning will be based on product features and specifications along with pricing. Target customer for all pricing will be available in medical device market. When we Access the market positioning chart of different companies. can compare that with others.

Customer especially doctors using medical device see value for money they pay with below perception: 1.How faster they can complete their workflow. 2.Image quality and Doppler sensitivity for their routine scans. 3.Advanced features in machine that has clinical impact.