You may have invented a product that can change the world, but if you get the pricing factor wrong then your marketing efforts are bound to be futile. Some people set prices based on market dynamics, especially the competition. It doesn\u2019t make economic sense to offer a superior quality product at a less-than-average rate. The best way to establish the right price is through proper understanding of the customer demographics. During high seasons, for example, most hotels in all known tourist destinations are usually fully booked even though the prices are more often than not at the peak. This is not by coincidence because holidaymakers don\u2019t mind spending during this time and will do anything to secure accommodation. Companies that offer comprehensive database cleaning ensure that they sell niche-specific data to the customers so that they can understand their prospects\u2019 or customers\u2019 characteristics as they package their product for the market.<\/p>\n
Comprehensive understanding of your product is very important in marketing. It is now much easier to carry out qualitative and quantitative market research online, but can be a daunting task if you are targeting a specific portion of the population. With the right residential data<\/a>\u00a0<\/strong>for example, you can find out information that relates to peoples lifestyles and economic status; you can understand the right product insights and design your marketing campaign to completely meet the needs of the prospects.<\/p>\n3. Product Placement<\/h2>\n