Your buyer’s willingness to pay is equal to the competitor’s price plus positive differentiation value minus negative differentiation value. In other words, whatever your competitor is charging plus how much the buyer values what you do better, minus how much the buyer values what your competitor does better. You may not know how much your competitor discounts, but if you can find their list price it can be helpful. If your competitor sells to the government, their prices are likely on the GSA price list. If you use a sales channel or other types of subcontractors who also partner with your competitors, they likely have the information you seek. Often, they will learn how much the competitor is charging. Ask sales where the information came from. If the information came from a buyer’s procurement agent, they are likely telling you your competitor’s price is lower than it really is. Consider creating your own competitor price database. Log who gave it to you and the original source of the information. Over time, you may create a clear picture of your competitor’s prices and maybe even their pricing strategy.
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