Competitive Price
Monitoring
What is Competitive Price Monitoring?
Price monitoring, also known as competitive price monitoring, is critical for your business in this day and age. Pricing is one of the major factors taken into consideration when customers look into making a purchase of a product or service. This is even more crucial for first-time buyers as other factors such as loyalties and user experience do not play as big of a role yet.
Price monitoring is a service we provide that applies data mining techniques to collect competitor pricing data in a simple automated way. This data includes actionable insights into competitor pricing, promotional pricing, stock management, delivery and shipping costs and even the ability to conduct a product range analysis.
This provides you with a clear and easy-to-understand analysis of your current market position. Then we provide you with a wide range of analytical and maintenance tools to help you benchmark, categorize, and to review the data so you can reap all the benefits our price monitoring service can provide.
Why Competitive Price Monitoring Is Crucial?
Competitive price monitoring is indispensable for businesses striving to thrive in dynamic markets. By closely tracking competitors’ pricing strategies, companies gain invaluable insights into market trends, consumer behaviour, and their own positioning. This intelligence enables them to adjust their pricing strategies promptly, ensuring competitiveness without sacrificing profitability. Moreover, comprehensive price monitoring facilitates the identification of emerging market opportunities and potential threats, allowing businesses to adapt swiftly to changing market conditions. Ultimately, by harnessing the power of competitive price monitoring, organizations can optimize their pricing decisions, enhance customer satisfaction, and maintain a sustainable edge in fiercely competitive landscapes.
The Key Benefits Of Competitive Price Monitoring
- Market Insights: Understand market trends and consumer behaviour by analysing competitors’ pricing strategies.
- Competitive Positioning: Determine how your prices compare to competitors’ and adjust pricing strategies accordingly.
- Profit Optimization: Identify opportunities to adjust prices to maximize profits while remaining competitive.
- New Product Launches: Use pricing data to inform pricing strategies for new products or services entering the market.
- Risk Mitigation: Anticipate and respond to pricing changes from competitors to minimize potential threats to market share or profitability.
Optimise your pricing strategy with reliable, accurate data based on your chosen competitors so you can position yourself exactly where you want to be within your market.
In this example of the Competitor Prices History Dashboard chart, the general trend for the % lower red line is downward, which suggests the user is moving in the right direction, i.e. becoming more competitive.
It is almost impossible to keep up with every price change of your competitors. With daily captured prices, you can stay up to date and efficiently make amendments with a few clicks of a button.
The metric boxes highlight the key numbers for the day together with a 30-day trend-line. This can help you quickly identify product trends or areas that you should further look into.
Price sensitivity is sometimes an overlooked factor. Understand the price elasticity of the demand of your products by seeing how price changes influence your customers.
Improve your in-store experience by integrating our price monitoring service directly into your stores for quick and easy price management.
You can also use our price monitoring service to identify and improve your Pay Per Click Ad Spend by seeing what products or services price positions will benefit the best increase in conversions.
Also, of very high importance, maximise your profits, increase sales and grow your brand by always staying competitive.
Our Approach To Competitive Price Monitoring
Over time, the service capabilities and possibilities of what Competitive Price Monitoring can be utilised for continues to expand. This service we provide is no longer seen as just software helping businesses implement a more competitive pricing strategy. With advancements into how we manage and analyse this big data, and understanding the differences in businesses needs and objectives. We strive to provide a more bespoke “best fit” solution to ensure you are getting the most out of the service we provide. Therefore, we always recommend an initial conversation with us so we can develop a price intelligence strategy.
Check out our system in action!
Click the button to the right to request an online demo where we can go over your price intelligence requirements and demonstrate how the solution can benefit you!
