In this fast-changing market, price plays a very big role during the purchasing decision of your targeted audience, just a few bucks difference could be the reason they choose your competitors rather than you. But you can avoid these situations by strategic planning for your business to stay ahead in your market.
Well, competitive price tracking is one of the most effective technique in the market which can help you to grow and compete correctly in your marketplaces.
Let’s head to the article to learn more about competitive price tracking.
Competitive price tracking is the process of monitoring and analyzing the prices of your competitors’ products to make practical pricing decisions. This ensures that your offerings are neither overpriced (risking customer loss) nor underpriced (cutting into profits unnecessarily).
In other words we can say that in competitive price tracking we observe and analyze the prices in the market before deciding our own price, so neither they are higher than the market price which repels the potential client nor lower than market price which can affect the brand value in the market place.
Competitive price tracking includes lots of techniques, some of the are as follows :
To implement competitive price tracking effectively, businesses use a variety of techniques. Below are some of the most widely used and impactful methods:
Leading companies always keeps an eye on their competitors by visiting their websites on regular basis and understand their price strategies to make sure their competitors don’t outsmart them in anyway.
This is one of the most straightforward techniques which is used in competitive price tracking, where we visits the competitors websites for closely monitoring their competitors activities.
Tracking competitors websites provide useful insight about how your competitors are changing prices, during which season their prices are high and low and how which of their products are mostly in demand, this technique leads you to understand the market condition and customer behavior in your market place.
Monitoring marketplaces is not what you are thinking, its not about wandering around the markets for hours and hours to understand the supply and demand of the products with their prices. The marketplace for today means ecommerce giants like Amazon, eBay, Walmart, etc. These websites can said to be a market hub in present era when countless sellers are selling their products.
Monitoring these websites not only helps you to understand your size of competition, it also helps you understand the broader market shifts. In simple words we can figure it out that towards what side of the bar is most of the sellers leaning to, so you can decide you side and act upon it.
One of the most important technique is scraping product listing to collect data on what products are in demand and at what prices to understand the customers data and demands, even it is also possible through scraping product listing to understand the responses of customers about new products.
This kind of analysis is important when you are planning to launch new product and expand your business with same or different niches, for example same products or complementary products.
Product Auto-Match is one of most efficient tools for understanding the size of your competition in every niche.
In this fast changing era, manual tracking just can’t be possible if you wanted to stay competitive. That’s where AI and Machine Learning comes into picture.
There are different AI powered tool to track you business competitors as well as they can provide you accurate and human error free data for further analysis. AI powered are fast, accurate and easy to use even for the small business start-up so they don’t relay on your intuition while understanding your market condition.
Wanting to avail more these AI powered tool? Click here
Competitive price tracking tool is not a luxury in this aggressive competition, it became a necessity as these days market strategies are based on data that assumptions. So relaying on the AI tools is the best option for the fast and accurate information which can lead to lead generations as well as correct market analysis or planning the strategies of business.
Want to know more about competitive price tracking? Check out our detailed guide on Competitive Price Tracking
