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.