Launching an online product or including e-commerce in your selling methods requires knowing the unique pricing trends in this platform. Knowing how to price your product right makes your brand competitive, thus maintaining its profit edge. When you have no idea how to price an innovative product or you want to gain insight on your product category, including competitor pricing and other factors, subscription-based price-monitoring service providers can fill those gaps.
Well-Researched Pricing Information
With qualified market researchers, subscribers will have access to data and information that are systematically and objectively presented. Like in offline researchers that go to actual places, including remote markets, these researchers make the best of their communication skills to gather, verify, and obtain permission for accessing confidential information.
Up-to-date and relevant pricing information is also available to subscribers, given the constant monitoring of active researchers. Such information prompts subscribers of certain changes in industry pricing and could help in predicting competitors' pricing behavior.
Access to Qualitative Market Insights
Researchers conduct online surveys that can provide insights on qualitative attributes such as product value. Participants can supply information on the perceived value of a product based on the answers they provide. This can be used in identifying the perceived value of your brand and monitoring competitor prices.
According to the book Market-Driven Management: Strategic and Operational Marketing by Jean-Jacques Lambin and Isabelle Schuilling, "This pricing procedure is particularly useful when price sensitivity is strongly influenced by qualitative attributes like brand image effect."
Surveys can also provide useful information on target consumers' perceived benefits of new products. Determining the price of a new product based on its maker's intended benefits can be one-sided. It also poses a challenge, especially if it's the first one in the market. How do you quantify the benefits of a new product if there's no product available for comparison?
With the subscription basis that these service providers use, clients can be assured of the exclusivity of the information. When looking for one, know its market niche and the scope of information it provides.