To have a better chance of gaining a competitive edge in a market
you need to understand competitor pricing and market share
Knowing the price of similar products or services
who and where they're targeted at and how much your competitors sell
will help you find your position in the market
So let's start with competitor pricing
There are easy ways to start researching it including:
Asking your existing customers what prices they pay your competitors
Looking at competitor websites
Examining competitor annual accounts and reports if published
and looking at both global and regional marketplaces
such as amazon or alibaba
It's also important to understand how they arrived at their prices
do they have a local business or do they import
what are their direct costs and profit margins
If you have this information you'll find it easier
to price your own products or services accurately
Competitor market share
Now let's look at their market share
Understanding this will help paint a picture
of whether there is space for you to easily enter
you can find information from the same places
you would find information on price
but additionally look at trade associations
market research or third-party consultancy work
your own sales team, distributors and agents
remember that sales and market share are not just about
undercutting competitors
if you understand the market you
can target the underserved sections of it
and you may have a chance to price at
a higher level based on a unique selling point