How is the competition pricing their products / services? <back>
Finding out how the competition prices their products or services may seem like a daunting task if you do not know where to look for the information. When starting this type of project, consider talking with other business owners in your industry. If your business is local, you can call up the owners of a similar business outside of your local area. Someone outside of your local area is less likely to view you as competition and more likely to share information on pricing. For example, if you are starting a business in Massachusetts, a business owner in Connecticut or Rhode Island, may be willing to offer some insight on pricing since you are not competing with him or her for business.
The Occupational Outlook Handbook / US Department of Labor Bureau of Labor Statistics ( www.bls.gov/oco/ ) is a nationally recognized source of career information. You can use this handbook to get specific information on job responsibilities, working conditions, training / education needed, earnings, and the job outlook in a wide range of occupations.
Some networking associations list their members on their web sites. This is a good way to see what businesses similar to yours are listed. Once you identify these businesses, you can then go to their web sites and get information that may even include pricing. Networking with people in the business, managers, peers, and your target market can also yield valuable information on pricing.
If you are a consultant, you can look at surveys on salaries and professions or go to the library and look at salary publications.
Industry Trade shows are a also a great way to engage in conversations about competitive services and also see demonstrations of other products in your industry. Be sure to chat with various company representatives about pricing and gather as much literature as possible on specific products or services.
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