Competitive and Pricing Intelligence
- Gain control over your reputation through instant updates on comments and reviews from website users.
- Optimize your product distribution and positioning power via detailed, real-time assessments of inventory and anticipating challenges with supply.
- Precise Competitor Pricing Data Helps Businesses Gain Better Market Share
In a free market, price-based competition is the norm. By pricing the products appropriately, businesses acquire more and more customers and thus increase their market share considerably. Let us delve deeper into how companies can achieve the same.
- Price monitoring is an important element of competitive intelligence. It involves the use of savvy tools and techniques to stay up-to-date with competitor prices.
- By using a data-as-a-service provider, companies can obtain critical pricing information irrespective of organization barriers.
- The service helps in assessing the lowest and the highest prices for products and services in the market by extracting relevant information from top websites like Amazon.
- Pricing information rendered by the service works in three different ways to increase your market share. Let us explore each of these ways in detail.
- Competitor pricing data takes care of the “price” factor in your marketing strategy. Every marketing plan focuses on the product, place, price and promotion (4Ps of marketing) in order to achieve maximum returns. A complete analysis of the competitor prices helps to formulate a more powerful marketing strategy and the result is a higher market share.
- Research says that the price of a product is the most important element in the buying decision of online shoppers. When you know how competitors have priced a particular product, you may tweak your own price to allure more and more customers. This again, leads to expansion your market base.
- Successful business strategies may not necessarily be price-based always! When you monitor competitor prices and realise that your business model does not allow you to offer the lowest price, you start to think about distinguishing yourself from the competition. For instance, Apple prices its products well above the average market rates and yet it holds a significant market share in the hand-held devices sector. The reason behind this is their ability to distinguish themselves through their uniqueness and quality. When you analyse your position in terms of price among competitors, you start looking along the best direction of business growth.
- Unauthorized discounting and flash sales diminish the power of brands significantly
Unauthorized discounting and flash sales are two popular trends prevailing in manufacturing and retail industry respectively. Let us explore each one in detail and find out how extraction of information through Data-as-a-service model can act as a solution to the issue.
- Unauthorized discounting
- As manufacturers expand their business, they develop trade relationships with multiple product distributors. They promote their products through different sales channels for greater reach. They hold agreements with these resellers in order to protect minimum advertised price (MAP).
- However, more than often one-off resellers cut into the competition through MAP violations (it is not uncommon to find a product with a minimum advertised price of $50 being sold at $30 or even lesser by another seller).
- Violation of MAP agreement must be deduced immediately and corrective actions must be taken to maintain brand identity and value.
- Web data collection tools scan through different sources to deduct such violations for the manufacturer.
- Upon receiving relevant information, violation of MAP must be ceased to protect seller margins and promote fair competition among all distribution channels.
- Flash Sales
- Almost every online retailer practices an annual custom of organizing flash sales thus offering incredible price cuts for all product categories.
- Keeping track of these low prices and unauthorized discounts provided by competitors is mandatory for retail players in the online market as well as in the conventional space.
- Web data extraction allows you to track seasonal price changes and short-term price changes in order to ensure that your brand is priced appropriately.
- When such price cuts are left uncared, your brand loses its exclusiveness and importance and your marketing strategy goes hay wire.
- Importance of data extraction services in brand management
- Web data extraction services allow businesses to monitor highly sensitive areas like social networks, customer forums and capture vital information about price perceptions of the brand.
- Businesses can refine their branding operations based on information obtained through the service.
- Apart from pricing information, every mention of the brand in recorded by data-as-a-service provider and it allows the business to take corrective action wherever necessary.
- Prices can be altered in a dynamic manner and exclusivity of the brand can be retained.
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