Understanding Your Competition’s Pricing Strategy With Competitive Intelligence

This is a picture of a Price ticket for the article How to find out my competitor's prices By Octopus Competitive Intelligence beat competitors, increase sales, solve problems, Competitor Analysis. How price competitive analysis is performed. This is a picture of a Price ticket for the article How to find out my competitor's prices? By Octopus Competitive Intelligence beat competitors, increase sales, solve problems, Competitor Analysis. How price competitive analysis is performed. Understanding your competition's pricing strategy with competitive intelligence. Perform a competitor analysis if you are a small business. How To Use Competitive Pricing Analysis To Connect With Your Customers

Understanding your competition’s pricing strategy with competitive intelligence

Understanding your competitors’ pricing strategy is one of the most effective ways to monitor and document their actions. Competitors do not operate in a vacuum; they directly impact your business. Understanding how competitors price their products and services can help you determine if they’re undercutting you or simply going after a different audience segment. This article discussed the of value of understanding your competition’s pricing strategy with competitive intelligence.

Competitive intelligence (CI) is an analytical process used to understand an organisation’s rivals, partners and suppliers. While CI isn’t new, it has advanced significantly over the past couple of decades. With Internet access becoming more accessible across the globe, businesses now have access to information that was previously limited to large corporations or government agencies with extensive resources. Read on to learn more about competitive intelligence and how it can help you better understand your competition’s pricing strategy.

Why is competitive intelligence important?

Competitive intelligence is a data-driven approach to monitoring and understanding an organisation’s rivals, partners and suppliers. By observing your competitor’s decisions and actions, you can learn how to navigate your business better. This approach allows you to better understand your competitors’ strengths and weaknesses, develop hypotheses about their decision-making processes and discover opportunities to gain a competitive edge. Competitive intelligence is important because new competitors are entering the marketplace every day, and it takes time to understand precisely how they operate. Using competitive intelligence as a strategic tool, you can get a leg up on the competition by understanding their strengths and weaknesses earlier than they know yours.

What is competitive intelligence?


Competitive intelligence is the finding & critical analysis of information to make sense of what’s happening & why. Predict what’s going to happen & give the options to control the outcome. The insight to create more certainty & competitive advantage.

How can you use competitive intelligence to understand your competition’s pricing strategy better?

competitive intelligence can help you understand the following:

Monitoring tools

Before you begin any analysis or make a move toward raising your prices, you should monitor the price movements of your direct and indirect competitors. Monitoring price changes is one of the most important competitive intelligence activities and can be done on a continual basis. Monitoring price changes can be done in several ways, including: 

  • Analysing price changes in trade publications 
  • Analysing price changes of suppliers 
  • Surveying your customers (and non-customers) to see if they’re sensitive to price changes

Understanding the basics: price positions, products and services

Price positions — the place where an item is placed in the market relative to competitive offerings. There are four main price positions: 

The budget price position, mid-price position, luxury price position, and premium price position. 

  • Budget price position: This is the most affordable option in the market. 
  • Mid-price position: This is the most common price position. – Luxury price position: This category exists within an otherwise mid-price market. 
  • Premium price position: This is the most expensive option in the market. 

Products and services 

Products and services — what a company sells and the benefits it promises to deliver. Understanding the products and services, your competitors are selling can help you understand their pricing strategy and how they position themselves in the marketplace.

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Finding out where prices are currently at

One of the best ways to understand how your competitors are currently pricing their offerings is to conduct price surveys. By surveying your competitors’ existing customers, you can learn how they currently price their products and services. You can also survey non-customers too. Or people who aren’t currently buying from any of your competitors to discover their price sensitivity, purchasing intentions and any concerns they may have.

Discovering how competitors intend to change their pricing strategies

By monitoring industry publications, you can learn when your competitors are planning on changing their pricing strategies. When this happens, you can identify if and how your competitors will affect you. This can help you anticipate pricing changes and adjust your pricing accordingly. And before your competitors have time to make any significant impact. If any of your competitors go out of business, you can also monitor the remaining players in the market. To see if they’re likely to raise their prices and by how much.

Understanding your competition’s pricing strategy with competitive intelligence

So to sum up, you can better understand your competition’s pricing strategy by monitoring industry publications to see if any of your competitors are making changes to their pricing. By monitoring how price changes affect your organisation and making adjustments accordingly, you can minimise the impact of price changes on your business. Additionally, you can use price surveys to understand how your competitors are currently pricing their products and services. By monitoring price changes and conducting price surveys, you can understand where prices are currently at and how competitors intend to change them.

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What is competitive intelligence?

Competitive intelligence is the finding & critical analysis of information to make sense of what’s happening & why. Predict what’s going to happen & give the options to control the outcome. The insight to create more certainty & competitive advantage.

This is a drawing of the Octopus Intelligence Logo By Octopus Competitive Intelligence, Due Diligence, Competitor Analysls, Market Analysis, Competitor Research and Strategic Business Development to beat your competitors, increase sales and reduce risk


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