Price research provides insights not only into the optimal price but also into other aspects such as:
Understanding consumer behavior: Price research provides insights into consumer behavior, such as their preference for a specific price level, their willingness to purchase, and their sensitivity to price changes.
Competitive advantage: Price research allows you to gain insights to achieve a competitive advantage. A price change can make consumers choose your product over the competition.
Exploring new markets: Price research also offers the opportunity to explore new markets for your product and identify new target audiences. This helps determine whether you can develop or adapt your products for a new target group.
Increasing market share: Price research allows you to validate a new pricing strategy, which can contribute to increasing your market share