Pricing is one of the most important decisions a company has to make. It can impact many aspects like sales, market share, and consistency. Our prices need to be competitive for us to succeed in today’s marketplace. This is why each company should consider pricing strategies to increase sales and help businesses grow.

One of the most popular pricing strategies is competition-based pricing. However, it is an incredibly contentious topic. On the one hand, competitive pricing is a fantastic way to create customer loyalty and maximize earnings. However, there are many arguments against using competition as your pricing strategy. Which side of the fence are you on? There are both pros and cons of competition-based pricing that we will dive into in this article.

What Is Competition-Based Pricing?

Competition-based pricing is about using a strategy of price cutting against your competitors. It’s a popular strategy among low-cost vendors to try and compete with higher-priced competitors. However, many people have doubts about competition-based pricing because they believe it creates loyalty issues.

Today many companies use different pricing strategies. A very good resource can be found on softwarepricing.com, where you will see examples of innovative pricing strategies in software. The Software Pricing Partners company supports businesses to develop unique strategies to increase sales and minimize risks at each stage of the pricing process.

How Can Competition-Based Pricing Help Your Business?

Competition-based pricing can help increase sales but maybe not profit. People can buy your products or services if you have the lowest prices. But more likely to buy your product if they understand the value to the company and are generally willing to pay a premier if that value is high. Moreover, you should keep in mind that you will earn a lower profit margin after the price reduction is implemented.

Pros Of Competition Based Pricing

The biggest pro of competition-based pricing is that you become one of the cheapest solutions available in your market. After all, your competitors are doing this, and by matching their prices, you can reap huge benefits. In some cases, price competition can even help your business grow through increased sales from new customers.

It’s Fairly Simple

Competition-based pricing is a simple strategy to implement. If you are thinking about lowering your price, go ahead and do it. However, you should be aware of the consequences that can follow after this decision. That’s why you should have a goal in mind instead of blindly implementing competition-based pricing.

For example, if you want to attract more customers or gain more market share, then lowering your price will help with these goals. However, if your goal is to increase profit margins, then lowering prices may not be the best idea.

It’s Low Risk

Another important reason why competition-based pricing works is low-risk because the chances of not being profitable are low compared to other strategies. So if your competitors go live with this strategy, you will.

It Can Be Accurate

Competition-based pricing can be accurate, especially in saturated industries like software solutions. This market provides enough data to move pricing toward a methodology based on market price and market share.

Cons Of Competition Based Pricing

The biggest problem with competition-based pricing is typical, there is no actual need for it because each business has different costs and different markets.

It Leads To Missed Opportunities

Sometimes businesses don’t really need to use competition-based pricing. Instead, they can focus on building a better product or service and win customers by innovation. It can also be a cheaper solution than price wars.

Many Companies Copy

Why lower your prices if you know your competitors will do it as well? It makes no sense, especially if you have a strong brand. By reducing your price, you are just contributing to the problem by making price the most important factor for a customer’s buying decision instead of the quality of your product or service.

Short Term Thinking

A lot of companies often have short-term thinking, which makes them use competition-based pricing. But usually, this strategy is effective only in the short term. Longer-term views will allow you to be different from your competitors and grow without being involved in a price war.

Should Competitive-Based Pricing Be An Aspect Of Your Pricing Model? 

Companies in different industries use many pricing strategies. However, competition-based pricing is often mentioned among products or services in the same business. It’s a strategy that many companies use to gain more customers, increase sales, and still stay competitive.

If you have good margins and a strong brand image, you don’t need to consider lowering your price. In such cases, you can rely on promotions, running competitions, expanding your market, and other pricing strategies that are more appropriate for your particular situation.

The Bottom Line

All businesses have different needs and different opportunities. It is important to look at all the possible pricing strategies you can use for your business and stick with the one suitable for your company. For example, price based on your competitors is a better strategy if you want to increase sales and customer loyalty promptly.

In most cases, it’s not a bad idea to price according to how other companies charge for similar products or services. The problem is that customers often don’t know anyone else who uses identical products or services and may be unable to compare their products with those of other companies.

Travertine stone has to be on your list of possibilities to take into consideration if you value the opulent and distinctive appearance of natural stone. A sedimentary stone found in nature, travertine is related to marble and limestone.

This stone works well for counters, backsplashes, and shower walls but is most frequently used for flooring and paving. Travertine stone has certain maintenance issues while being a great option for achieving a relaxed and soothing look.

Flooring For The Kitchen, Bathroom, And Living Room

The variety of colour schemes and patterns that travertine flooring allows is one of its biggest benefits. Travertine comes in a wide range of hues, from beige and ivory to gold and deep reddish-brown. The stone’s subtle colour blending and natural veining make it simple to design the desired look and create one-of-a-kind designs.

Four Alternative Finishes Are Available:

Matte honed, tumbled, brushed, and polished. The most common option, the honed finish, is slick while maintaining a natural appearance. Textural interest is provided by the harsher brushed and tumbled finishes. Polished travertine has a glossy finish that blends in beautifully with modern décor schemes and resembles marble.

Travertine stone is challenging to keep sparkling, but its organic matte nature has a unique appeal. Any décor style benefits from the aged, weathered appearance of travertine that has been tumbled and brushed. These coatings suit rustic designs very well. Even better, with proper upkeep, the stone’s look won’t deteriorate significantly over time.

Because travertine tiles are available in such a wide variety of sizes, you may use massive slabs to create a streamlined and uncluttered look in vast areas, mosaic tiles to create colourful motifs or anything in between. Simple to Replace

Finding a tile with a similar appearance to install as a replacement for a damaged or discoloured travertine tile won’t be too difficult. Finding a tile that blends in is more difficult with porcelain tiles.

Travertine’s inherent troughs, pits, and holes are prone to deterioration, especially in areas with a lot of foot traffic. Even tiny divots have a tendency to grow over time. Fixing these holes on a consistent basis is not part of the routine maintenance that a travertine floor needs to remain in good condition.

Cost Was Relatively High

One disadvantage of choosing travertine for a substantial piece of flooring is the cost. Travertine stones are a more costly alternative to porcelain than many natural stone tiles made of man-made materials. A greater quality of travertine requires less filler material, which is typically concrete, in order to look beautiful. This results in an increase in both its worth and its cost.

Costs are further increased by the need for installation. Your floor may need to be modified before the tile is put in as stone tiles demand a firmer floor than porcelain tiles do. The thin-set, the glue used to fasten the tile, should come next. Travertine often needs a modified thin-set, which is more expensive since it has latex or polymers added to it.

Backgrounds And Counters

Travertine enables you to design stunning countertops and backsplashes that perfectly suit your tastes. However, maintenance will need some work. Due to its great porosity, travertine quickly absorbs any liquids that come into contact with it. A small juice or wine spill can leave a lasting mark. Even while sealant makes the stone more resistant to stains, it needs to be reapplied on a regular basis and, even then, it is not an entirely perfect solution. As soon as spills happen, clean them up for the best chance of keeping the stone stain-free.

When exposed to acids, travertine responds. This makes it susceptible to etching, which manifests as drab white spots. Even simple liquids like vinegar and orange juice can leave etch impressions on surfaces.

Poolside And The Bathroom

Despite being stronger and less likely to break, travertine is softer than many other stones and porcelain. Travertine is quite simple to cut because of this combination, which cuts down on the work and time needed for the installation project.

If you are seeking a natural stone that encourages you to express your creativity, travertine stone is the best choice.

Isn’t it amazing to know that Non-Fungible Tokens (NFT), the new black, have existed since 2014? Some choose to pronounce it as ‘en eff tee’ while others as neft. 

Let’s term it as super tech that has not only been super-efficient in solving the tech guru generation issues but has heightened and promoted work ownership (patents) Array Yu, chair of the Washington Technology Industry Association Cascadia Blockchain Council and managing director of Yellow Umbrella Ventures terms it as a platform that creates digital scarcity. 

It’s a part of the ethereal blockchain (a cryptocurrency like a bitcoin and a dogecoin) encoded with underlying software and marks which individuals and how they are trading in NFTs. So, technically it’s a real-time affair. NFT is unlimited; it can be practically anything digital from fine art drawings and abstracts, tacos, to music. The best part is that NFTs can’t be copied. 

As an artist, you can still retain your copyrights and production rights just like the physical art piece. With these, it has brought a wide array of job opportunities for software engineers, product managers, content creators e.t.c.  Incredible, right!

Benefits of NFTs

Some of the most successful products with NFTs include the Bored Ape Yacht Club (BAYC). NFT is beneficial to both the vendor (artist) and the purchaser. As an artist, you can showcase your art pieces that on a regular market may not yield much. It enables you to attain full benefit by getting paid on every sold piece at a calculated percentage. Every sale is accountable and maximum yields are realized. The products are also publicized and a broader market is attained. 

You can also store specific information in NFT metadata. This includes also signing your artwork by including it in the files. The famous digital artist Mike Winklemann (Beeple) fashioned a composite of 5,000 drawings to create the most famous NTF in 2021 (every day: The first 5,000 days) sold at Christie’s for a whopping $ 69.3 Million. Twitter co-founder, Jack Dorsey also sold his first tweet as an NFT for more than $2.9 million. As a purchaser, you can promote your favorite artists You also attain usage rights like posting the entire image collage online even as a profile picture with a blockchain backup for free. You also own the ‘bragging rights’ unlike an individual who only downloads or screenshots.

How to promote NFT on Instagram

Instagram has proven to be a great lead in promoting NFTs and brand awareness while also accruing revenues. It fosters the creation of value and builds trust. The presence of multiple channels can create more solidly rooted connections with investors and NFT collectors. It is prudent to mix a variety of strategies to create a niche and actively involve your audience.

1. Build a community

Concentrate on establishing a strong community to support your NFTs. Ensure that you have a strong backing up community as they will be your referral points implying an increase in revenues. Engage with them on social media platforms and redirect them to your website. When your clients locate customized content on your website, it’s a plus and you can use the tool to curate your NFTs that suit their preferences.

2. Use hashtag strategy

Rather than curating your digital art, back them up with creative hashtags and suitable details. Make use of keywords in the hashtags and in the descriptions. Also, include keywords on every caption you upload.

This course explains how to perfect instagram captions and hashtags. Take advantage of also exploring other promotional options to increase your sales. As you are creating your content, assess the responses and creatively look for ways to increase your reach based on your audience preferences.

3. Approach influencers

Watch the biggest creators and NFTs promoters. Select an influencer with a considerable follower base and specialize in it. Take advantage of building your authenticity and personality for your brand without hindering your budget. Align your promotional strategy and their reach to leverage their followers and attain more brand awareness, you can also hire a content contreator to publish content regularly.

Describing concepts on NFT trading to educate the public. You can as well post a story announcing the launching date of your content. You can also take advantage by utilizing the influencer’s image on your post and leverage the face value they have for your content. It’s remarkable how sometimes a single post from the right influencer can do wonders for your brand.  Assess your impressions and traffic created by checking the UTM links.

4. Paid advertising strategy

Most times the most successful campaigns are a mix of paid ads and organic reach. You can run your ads on various social media websites and channels. You can optimize your ads by remarketing strategies like email newsletters and reminders on your launching date. You can also collaborate with a partnered NFT marketing agency to promote your NFTs on Instagram. You can also hire crypto marketing professionals on Web3 job boards to grow your community.

5. Engage your audience

It’s not only about posting photos, engage your audience with different content in different formats. For example, you can create reels and IGTV videos with creative topics and trendy music to engage your audience. You can also interact with your audience by posting frequent stories and making them interactive. You can enhance it by making teasers and short trailers of your NFT’s launch. 

How does an NFT work?

Since NFTs exist in a blockchain, it is practically a distributed public ledger that records transactions. They are also minted from digital objects that represent both tangible and intangible objects like graphic art, GIFS, videos and sports highlights, collectibles, virtual avatars, video game skins, designer sneakers, and music.

Uses of NFTs

It shifts your culture of storing arts in galleries or auction centers to attain revenues. It also offers a unique opportunity to monetize your wares. NFTs enable direct vending thus, yields full benefits to artists. As an artist, you can also channel it into royalties thereby earning some percentages from each sale. It is a great benefit that originally was not yielding any future proceeds after the sale. The platform is also versatile and not only vends artistic pieces but includes other ventures as well. Charmin and Taco Bell brands have auctioned off theme NFT art to raise funds for charity. Charmin’s NFTP (Non-fungible toilet paper) and Taco Bell’s NFT sold within minutes and amassed the highest bid of 1.5 wrapped ether (WETH) amounting to $ 3,723.83. Nyan cat (2011-era GIF) sold for nearly $ 600,000 and the NBA shot earned $500 million in March while a single LeBron NFT highlight incurred more than $ 200,000.

How Instagram NFTS work

Adam Mosseri, head of Instagram described a group of collectors and creators who will display NFTS in their Instagram stories, messaging, and feeds termed as digital collectibles and will be displayed as tagged profile pictures and products. 

Upon tapping the tag, the creator’s name, NFT owner, and other details will be available. It will begin with a small group as a tester to learn from the user community, creators, and collectors. The small team will also help in incorporating the principle of distributed trust and power. From the initial feedback, they will be able to incorporate other functionality. 

NFTs minted on polygons and ethereal blockchains will be fostered. Flow and Solana will be incorporated later. From the third-party crypto wallets, Trust wallet, Rainbow, and Meta mask will be supported while Phantom, Coin base, and Dapper will also be incorporated later. Upon plugging their wallet, the user can prove ownership of NFT, display their profile, and tag the creator of the digital artwork. 

The collector can then post the digital work and a description of the piece can be included. The plans include letting individuals use augmented reality to display 3D NFTs on Instagram stories.  Mark Zuckerberg revealed it will be built using Spark AR.

What will be the costs?

You will not be charged for sharing or posting a digital collectible on Instagram

What about Safety

Instagram emphasized its key objective is to keep the platform safe and enjoyable for all users. As users, you are free to use your tools and keep your accounts safe. You can also report NFTs that break the user community guidelines. Renewable energy will also be purchased to ensure sustainability and reduce the impact of emissions linked with NFT displays.

Since the hacking on BAYC social media has been concerned about the idea of Meta joining the crew. Yuga Labs (BAYC creator) pinpointed the two-factor authentication was activated and security practices were imposed. The hackers promoted the fake distribution of NFTs and deceived users by clicking on malicious links giving leeway to thefts. The damage was estimated to be around $3 million and more than 90 NFTs were stolen including the Four Bored Apes and Six Mutant Apes. 

Hype on NFTS

Sophie Sturdevant (NFT artist) shared with Forbes her opinions on the importance of the NFTs partnership with Instagram. She remarked it will increase the visibility and adoption of NFTs. However, the dominant view is that it’s too early for mainstream adoption. From September 2021, the sales have declined by 92%. There has also been a decrease in NFT value such as the NFT tweet by Jack Dorsey a year later was less valued. Sina Estavi (the new purchaser) only managed to sell it at $ 14,000 from the initial $2.9 million.

How to build an NFT brand audience on Instagram

You can partner with influencers, use hashtags, assess your rivals, tell stories, showcase live events, hold contests and giveaways, provide social proof, share the creative process, including action-oriented CTAs, live stream events, and new releases, and promote new and upcoming releases, respond to comments and use analytics to guide on content strategy. An example of an influential hashtag by Flick’s content manager Mackenzie Taylor, Hashtag Academy Course is a high-converting page on their website:

Conclusion

NFTs have transformed the artists, purchasers, and collectors’ way of showcasing and attaining artistic pieces. More yields and publicity have also been attained. More opportunities have been created thanks to NFTs.

The hot water system is considered one of the most expensive purchases of a home. Whether you choose gas, electricity, wood, or any other fuel source, you won’t always want an efficient and long-lasting heating unit. It’s also beneficial if the framework is simple to assemble and requires little maintenance.

There are numerous advantages to investing in an electric boiler system. An electrothermal system uses electricity to generate heat, and it manages to pass through the house’s radiator network to heat the groundwater in every room. It will save you significant time and prevent you from wasting water while waiting for it to warm up.

What is a Hot water Supply System?

A Hot water System is heating elements, water treatment equipment, water heaters, pipes to transfer the water, and gadgets to monitor and control and control the temperature of the water comprises hot water supply systems.

Working On the System

A hot water system works by passing water from a copper tube, which is generally curved within a heat exchanger and heated by a battery-powered element or a gas burner. The water is heated and directed to the discharge port as it passes through.

Advantages Of A Hot Water System

There are numerous advantages to using gas-powered hot water systems, a few of which are listed below.

1. Installation Is Simple

·       Electrothermal hot water systems are simple to install and operate mostly at 100% efficiency. Most components can be implanted in fifteen minutes or less. Each space has its cooling system, ensuring that the water stays at a comfortable temperature throughout the day.

·       It uses very little power to maintain the water temperature constant. Electric heating systems can also be set to feature based on the room’s needs. Rooms that are rarely used can thus be kept at low heating or have the heat completely turned off. Rooms that are used rarely can thus be kept at a low thermal treatment or even have the heat completely turned off.

2. Repairing Is Simple

Electric hot water systems are quick and easy to repair due to the absence of moving parts. There are no pipelines or commotion. This is a significant advantage. If anything goes wrong with a gas boiler, then the repair would need a week or two. It’s not fun to be without hot water during the winter.

3. Electric Water Heaters Last Longer

A gas water heater typically lasts ten years, whereas an electric boiler can easily last more than 15 years. There is no need for a storage or header tank. It is because you would not find any kind of emission from the electric boiler. Therefore, it has no bad effect on the environment as well.

4. More Effective

These are very effective for quick heating of the water. It means less waiting period for baths, showers, or perhaps cleaning the dishes.

5. It Could Be Less Expensive

Electric water heaters are less expensive than other forms of water heaters. You will save a significant amount of cash on your purchase.

It is prudent to know the cost of power generation in your area. Electricity is less expensive in several areas. As a result, you have a compelling reason to purchase a rechargeable water heater rather than a gas one.

6. Electric Water Heaters Are More Durable

A hot water system is one of those appliances that go through a significant amount of usage. Undoubtedly, you want the structure you select that will last long enough to justify the investment. Several electric heaters will last a decade or more, whereas gas systems will only last about a decade. As we become more conscious of the environment, a battery-powered hot-water system generally keeps clean and emits no emissions. For most individuals, an electric water heater is the long-term responsible choice.

Ensure you also discuss the specific advantages of purchasing an electric hot water system with the sales representative. He will be capable of providing you with specific information about each brand. The salesman may also help you determine the size of the boiler you will require based mainly on the internal environment of your home ensuring that you get the best according to your needs. 

There’s no denying that life is a lot more expensive today and our bank accounts are certainly feeling the effects of the ever-increasing inflation. People are doing the best they can to stay in the green, even if that means selling their homes and moving closer to work in an effort to save money on gas or find a cheaper area to live in. 

Inflation is impacting the real estate market in some unique ways and HomeLight’s Top Agent Insights Summer 2022 report goes into great detail about it. Here’s a brief summary of what top agents say about inflation’s impact on buyers’ desire to move.

Renters are torn between renting or buying despite high-interest rates

You don’t need us to tell you that rent is increasing at a ridiculous rate – in many places, it’s risen more than 25%! People who once enjoyed the freedoms that renting allowed them are now worrying that they may not be able to afford rent anymore. However, if they decide to buy when prices are high and interest rates continue to rise, they may not be able to afford all the costs that go with being a homeowner. 

Property taxes are draining retiree’s retirement savings

Seniors have waited a long time to retire and they’ve saved their pennies so they could enjoy their retirement. They may have even paid off their homes so that would be one less large bill to worry about. What they couldn’t have foreseen was the ridiculous housing market and how high home values have risen over the past two years. The high prices that houses were selling for means property taxes have increased as well. It’s the high property taxes that are hitting seniors’ wallets the hardest. 

Buyers are looking for an energy-efficient home 

In an effort to save as much money as they can, buyers want energy-efficient houses because climate change is very real and temperatures are certainly going to fluctuate more than normal. 48% of agents say that even though energy-efficient features will increase a home’s cost by 25%, buyers are still eager to buy these properties over any others.

Solar power and green materials are great marketing points

If you want to draw more attention to your property, 41% of real estate agents say listings that highlight solar panels and energy-star certifications are getting a lot of traffic. With that in mind, why wouldn’t a seller advertise those features? They could recoup 45% of the cost for these upgrades when they sell.

Saving money with low-maintenance landscaping

Instead of paying for beautiful lawns with exotic plants, 22% of real estate agents say they’re seeing homeowners choose low-maintenance landscaping projects to spruce up their yard. That means they’re using masonry and native plants to achieve that drool-worthy curb appeal buyers are drawn to. 

Astroturf could become more popular if inflation continues

Do you want a really low-maintenance lawn? Then astroturf may be the perfect thing for you. 17% of agents say that the properties of artificial grass are gaining more attention than one would think. Do keep in mind that astroturf is going to appeal to a much smaller buyer pool or none at all, depending on where you live. But, that’s why you work with a real estate agent because they’ll give you advice regarding what’s popular in your market. 

It’s hard to say what we can expect if inflation continues to rise. Will it be like the 2008 recession? Will it be worse? Or will there be some miracle and we’ll avoid economic disaster? We’ll have to wait and see… 

Flat feet have a different structure compared to arched feet. The shoe inserts or insole also vary when a person has flat feet. So, for such variation, there are respective products available. It makes choosing the right shoe wear. For flat feet, it can be sometimes confusing to find the best of its kind. The best shoe inserts for flat feet can be found in the shoe features.

A main difference between the flat feet is the absence or slight presence of an arch in the feet. The lack of arch leads to exerting direct pressure on the bottom of the feet. It causes back pain, knee pain, and foot pain. They mostly suffer from the kind of inflammation even when they are walking. In such cases, the best shoe inserts for flat feet are specially developed keeping in mind the comfort and requirement of a flat foot.

Flexible Shoe Inserts For Flat Feet

There are no specific categorized insoles, but it is always effective to find the best shoe inserts for flat feet. The materials should be flexible as well as if a metatarsal pad is added to the insole. It helps to reduce the intense pressure on the feet.

Based on the factors, there are insoles available both online and offline. It should be bought keeping in mind the sizes and gender. Not only does it provides comfort and support to the flat feet. But, at the same time reduces the inflammation or pain of the plantar fascia area. 

When it comes to choosing the best shoe inserts for flat feet, you should cross-check if the inserts are flexible, and provide comfort to the wearer. 

Features To Consider Before Buying Shoe Inserts For Flat Feet

As many types of insoles are available in the market, it is essential to find out the best shoe inserts for flat feet. Some of the features that make the insoles suitable for shoes should be considered based on some features. 

Shoes That Need Insoles

Always wear the shoes that need inserts or insoles. As proper fitting of the insoles is essential, it can be for one of your shoes or all. Depending on the number and kind of shoes based on style and shape, the insoles should be selected. 

Consider The Foot Type

It is not difficult for arch feet to find their type, but for the selection of the best shoe inserts for flat feet, the requirements are not the same. The flexibility of the materials should also be kept in mind while choosing insoles for the feet.

What Are The Activities

Are you trying to find one for your regular wear or regular exercises? In both cases, the basic need varies. Based on the activities, you should choose the insoles. Runners type is designed differently from heel insert insoles.

Always Consult A Professional

For wearing the best shoe inserts for flat feet, it is essential to consult a professional. Consulting an expert helps in discovering the insole suitable for the type of feet. Also, they can provide suggestions of the kind of designs and comfort that will match the feet type.

Customized

After the assessment of the feet type, size, and the best-fit one should customize the kind of insoles. Customized flat feet designs will enable to provide support as well as ensure stability to the feet. 

Final Words

The best shoe inserts for flat feet cannot be specifically separated or categorized. But with customization and consultation finding the suitable one is possible. When choosing one for your needs, you should go with the insoles that meet your specific needs and requirement.