If you do not know, ask yourself these questions...

1. Do you know what your competition is charging?
Pricing is never black and white, each customer is different and each company structures their pricing
differently.  One company may be the least expensive for Propane Heating Rates and the most costly
when it comes to Cooking Rates, while another company may offer the lowest new customer rate.
Identifying your place in the market and knowing what your competition charges for each type of customer
is what helps you get a competitive advantage in the market place.

2. How often do they change their prices?
Some companies change their prices on a daily basis, others on a weekly basis or longer.  Knowing how often the competition
changes its prices allows you to plan your marketing strategies more effectively.  Is a competitor over charging in the winter and
keeping prices low in the summer?  Or does a competitor reduce their rates to bring on new customers, just to raise prices later?
You need to know!

3. When was the last time you changed prices?
Our clients have found that changing their prices as the market dictates is the best way to ensure steady profit and growth.  With a volatile market and people trying to save money anyway possible staying ahead of the curve is a prudent business decision.  We can survey the competition several times a week if need be to ensure that your price is the correct price.

4. How does your company compare?
Each of your customers are different and they look for different services and pricing from their provider.  Some prefer that the price be reflective of the days market condition, others prefer a company keep their prices as steady as possible, hoping it will even out in the end.  Which company are you?  Which customer would you prefer?

5. Are there opportunities to increase margins?
After their first survey some clients were surprised that they were charging far less or far more than their competition. They found that by raising or lowering their prices they could increase their margins, growth, and customer retention.

6. Where are you positioned in the market?
Even with a healthy profit margin and fair pricing, what you charge compared to your competition often reflects upon your business.  Many of our clients have found that being the cheapest in the area is not always a way to drive growth, and being the most expensive does not guarantee profit.  Our pricing surveys allow you to decide where your prices fall compared to the competition.

7. Has a new competitor entered the market?
The energy business is changing every day! Staying up to date on all your competition, whether brand new or well established is the best way to cut attrition and maintain profit.

8. Has your customer base increased?  Decreased?
Turnover is expected in this industry, but can you bring in new customers as fast as old ones leave?  Where are your lost customers going?  Could an added handful of customers mean the difference between success and failure?  An accurate pricing survey gives you the information you need to keep existing customers and attract new ones.  Know what your new customer offer should be!

9. Can your bottom line grow?
Whether it is increasing profit margins, increasing customer base, or increasing your market share, recognizing where your company can improve and having the tools to get the job done is important for any business. 

If you think a market survey can help your business or are interested in learning more click here.

Local Competition Market Price Survey: Market price surveys on propane, fuel oil, kerosene, diesel, and gasoline

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