How do your features and pricing model compare to those of your competitors?
This competitive evaluation tool can help you see how your pricing, features, and value stack up against your competitors. Use your results to make strategic decisions and maintain an edge in the marketplace.
List the features that help your business stand out from competitors. Then, assign a rating from 1 (lowest) through 10 (highest) to capture the value that you bring to your customers. Finally, add a price point you can use as a point of comparison against competitors, such as your hourly rate or average product price.
When you’re finished, hit "Next" to continue. Note that your answers will not be saved if you go back, so you may want to save your work in a separate document.
Example: Let’s say you run a childcare center. Customers love your low student-teacher ratio, flexible hours, and hands-on approach to learning. These value features are highly sought after, so you give yourself a value rating of 8. While pricing varies for full-time versus part-time enrollment, you use your average weekly price of $300 as a point of comparison against competitors.
List up to five of your biggest competitors and their top features. Assign a value rating from 1 (lowest) through 10 (highest) to each competitor, in addition to how much they charge for the products or services you want to compare. Click the blue "+" button to add a new competitor and the "-" button to delete the last competitor entered.
When you’re finished, hit "Next" to continue. Note that your answers will not be saved if you go back, so you may want to save your work in a separate document.
Example: As the owner of a childcare center, you list five of your closest competitors and their most valuable features, like music classes, great playground equipment, or bilingual staff members. You assign a high value rating to childcare centers that go above and beyond and a low rating to centers that meet only the minimum requirements. To compare prices effectively, you enter the average weekly price for each competitor, which matches the price point you used to evaluate your own business.
The chart and table show how your business's value and pricing compare to your closest competitors. You can use this information to adjust your business model and pricing in order to gain an edge in the market. Depending on your results, you might draw conclusions about changing your prices or adding new features.