Take the Lead and Stay in the Lead with Competitor Monitoring

Ever heard of the saying, “Keep your friends close, but keep your enemies closer”? That’s essentially what competitor monitoring is all about. Specifically, it involves obtaining relevant pricing data from your competitors and then using that data to optimize the prices of your products and services.

Staying on Top with Competitor Monitoring

Knowing all about your competitor’s prices is just the tip of the iceberg — having an updated database of relevant competitor pricing behaviors can mean the world. The majority of e-commerce vendors and retailers supply detailed information regarding their products and services online. While this is excellent for potential customers, it can likewise expose their pricing strategies to competitors. Enter competitor monitoring software and related services. With these, you can:

• Track your Competitors

Many competitor monitoring services are capable of tracking unlimited competitors depending on your preference. These services are fully automated and always updated.

• Go Head to Head with your Competitors

Know who your biggest competitors are and use the data to put yourself in the exact position you want to claim in the market. Study best-selling products with small or large price differences across various competitors.

Determine if your competitors actually respond to your price modifications, if they’re working on their product prices, and the percentage of your competitors’ daily pricing schemes. Likewise, you’ll be able to identify your products’ price sequences, whether presently or in the past.

• Maintain your Competitive Advantage

To stay on top and updated, you must choose a monitoring software and service that collects data regularly. Most services gather and update relevant data and sends out reports daily. These reports contain valuable information, including prices, additional product details, discount or sale prices, and inventory changes.

Use past and current data made available through a user-friendly web interface or online. Export them to your own system for easy access.

With the right information, you can take the lead. Use the tools at your disposal and, more importantly, make the necessary adjustments.