How to analyze competitor prices?

Hi everybody,

I've got a question about pricing analysis of competitors. Say that I have collected some data about the pricing of similar businesses:

Business #1:
Product A - $5
B - $10
C - $20

Business #2:
A - $2
B - $12
C - $18
D - $35

Business #3:
B - $15
C - $30
D - $45

etc. All these products are very close to being identical in quality, while the quantity is the same. My business sell them all as well.

What can I do with this data? The best thing I came up with was price average, but I believe I could get some more insights out of this.

Thanks for your input!

 

Well if you could analyze exactly how many sales each individual was doing you could definitely find a price point to achieve the most sales and profit. Additionally, if you have that information at your hand and every one is doing same amount of sales you know that you can increase your price point without losing out on sales. This information only gives you what the seller (you) thinks the service is worth. Unless you know how many people are buying its hard to tell how much the customer thinks it is worth. Also try to differentiate yourself from the competitors. Better quality website, more information, added bonuses, customer service, etc. Strive to be the best. Hard to give a definitive answer here with the lack of information on what you are selling.

Hope this gives you some ideas anyways