LONDON--(BUSINESS WIRE)--Infiniti Research, a world-renowned market intelligence solutions provider, has announced the completion of their latest article on the advantages of competitive pricing.
The principle of competitive pricing depends heavily on the fact that the competitors have already worked on their pricing thoroughly. In any market, multiple companies sell the same or similar products, and according to the traditional economic theory, the price of these products should be at an equilibrium. Therefore, by charging the same price as its competitors, a new company can avoid the trial and error costs of the price-setting process. Even though it is a decent idea to keep one’s product’s price lower than that of the competitors, it is never a good idea to keep a huge difference. Competitive pricing analysis helps in responding effectively and efficiently to the competitors’ strategy.
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The competitive pricing method is simple and effective because competitors’ prices are often openly presented, and it is, therefore, easy to duplicate them. When products are alike or highly similar, it is generally simpler to copy competitors’ prices than to implement a different pricing strategy.
“Although it is a good idea to keep your own product’s price lower than the competitor’s, it is never a good idea to keep the difference huge,” says a competitive pricing expert from Infiniti.
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Advantages of competitive pricing
- Better positioning of the business: Competitive pricing analysis lets the business control the competition by avoiding loss of customers and market shares. This is one of the most important advantages of competitive pricing since it allows you to respond to every move of your competitors. Additionally, this can help in the better positioning of your business. To know more about our portfolio of competitive pricing solutions, Request a proposal.
- Stable customer base: Pricing is one of the most significant factors behind purchasing decisions for online shoppers. According to the new e-commerce trends, online shoppers at least visit three websites before making their final decision. This shows that for online shoppers, price comparisons and pricing are critical factors. So, competitive pricing analysis helps you keep your customer base happy and lets your business grow by managing and benchmarking pricing.
- Maximize profits: Dynamic pricing is a sophisticated approach and ranks on top of the competitive pricing analysis methods list. Regular information on competitors’ pricing strategy can be attained with the help of dynamic pricing. This further helps in boosting market participation and increases profits as well. This is one of the most valuable competitive pricing advantages that can take business growth to the next level. To know more about the advantages of competitive pricing, Get more info.
Infiniti Research is a global market intelligence company offering strategic insights to help look beyond market disruptions, study competitive activity, and develop intelligent business strategies. Listed below are the advantages of competitive pricing.
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About Infiniti Research
Established in 2003, Infiniti Research is a leading market intelligence company providing smart solutions to address your business challenges. Infiniti Research studies markets in more than 100 countries to help analyze competitive activity, see beyond market disruptions, and develop intelligent business strategies. To know more, visit: https://www.infinitiresearch.com/about-us