Using Competitive Pricing to Boost Business Profits | Infiniti Research Explains How the Right Competitive Pricing Strategy Can Help Your Business
LONDON--(BUSINESS WIRE)--Nov 18, 2019--
A well-known market intelligence company, Infiniti Research, has announced the completion of its latest article on competitive pricing. This blog provides comprehensive insights on:
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Competitive pricing advantages (Graphic: Business Wire)
“ Although it is a promising idea for companies to keep their own product’s price lower than that of their competitors, it is never a good idea to keep the difference huge,” says a pricing strategy expert at Infiniti Research.
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You may also like to read some of our recent articles on competitive pricing:
Competitive pricing advantages
Better positioning of the business
Competitive pricing analysis allows the business to regulate the competition by preventing the loss of customers and market share to the competitors. This is one of the most significant competitive pricing advantages, which enables you to respond to every move of your competitors.
Stable customer base
For online shoppers, pricing is one of the most crucial factors influencing their purchasing decisions. According to the pricing facts of e-commerce, online shoppers visit at least three websites before arriving at a final decision. This clearly shows that for online shoppers, pricing and price comparisons are important factors of purchase. Competitive pricing analysis promises to help you keep your customer base stable and lets your business grow by regulating and benchmarking pricing.
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Dynamic pricing is a sophisticated approach and stands at the top of the competitive pricing analysis methods. With the help of dynamic pricing, frequent information on competitors’ pricing strategy can be obtained. This further helps to compete better in the market and maximize profits.
Improved price positioning
Competitive pricing analysis helps monitor the competition and makes changes to the prices accordingly. This analysis can be best done by automating the software since it provides an opportunity to increase the price of the product while monitoring the competitor’s strategy. This can help in improving profit margins.
Read more about this and much more on Infiniti’s latest blog - Competitive Pricing: A Strategy to Maximize Business Profits and Achieve Growth.
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
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CONTACT: Infiniti Research
US: +1 844 778 0600
UK: +44 203 893 3400
INDUSTRY KEYWORD: MARKETING COMMUNICATIONS
SOURCE: Infiniti Research
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PUB: 11/18/2019 11:01 AM/DISC: 11/18/2019 11:01 AM