Crack the Secret Code to Profitable Pricing Strategies
The Importance of Market Research
Before setting prices, it's essential to conduct thorough market research. Understanding your target audience, competitors, and the overall market landscape allows you to position your products or services competitively. For instance, businesses that invest in market research can identify customer segments willing to pay a premium for added value, thereby maximizing profits. According to a report by Statista, companies that prioritize market research see a 20% increase in profitability1.