Uncovers customer preferences
Market research allows you to understand customer preferences and needs, which in turn helps you make informed decisions about the product features and pricing. By knowing what customers want and are willing to pay for, you can tailor your product offerings to meet their needs, resulting in increased customer satisfaction and sales.
Helps set competitive prices
One of the key benefits of market research is that it helps you understand what your competitors are charging for similar products. With this information, you can set prices that are competitive while still making a profit. By staying ahead of the competition, you can ensure that your product is priced in a way that appeals to customers and remains competitive in the market.