In any business, keeping track of your competitors is very important. This is because finding a successful competitor can help you to develop a blueprint for what works in your industry, while identifying the failures of your competitors ensures that you can avoid these mistakes. The prices charged by your competitors can show you what consumers are willing to pay for the goods and services that you have to offer, so that you do not end up pricing yourself out of your desired market.
Keep a List
When conducting your competitive pricing intelligence, take note of every competitor that you have identified. You can keep this information on a spreadsheet, which makes it easy to keep track of the prices that your competitors are offering. You should also include information like dates of the prices, whether it was a special sale, and anything else that seems relevant to your business. Then, at the end of the month, you can look at the trends and develop your own marketing plan based on this pricing.
Schedule Your Research
It can be difficult to keep track of pricing, especially if you are involved in a competitive industry. As a result, you should schedule time each month to complete this task, so that you are not forced to fit it in randomly. Treat your competitive pricing intelligence gathering like any other task related to your business that you would have to complete each month. Once this becomes part of your routine, it will be much easier for you to keep track of what your competition is doing.
Sign Up for Offers
Many of your competitors probably offer their customers special deals through social media and you can use this information to your advantage. Follow your direct competitors on Twitter, Facebook, and any other social media platform where they are active. Then, whenever your competitors have a sale in the works, you can match their prices. Since many customers wait for sales to make their purchases, having access to these deals and being able to offer similar pricing gives you a great advantage in your industry.
Pricemanager helps business to track their competitors’ online pricing around the clock without breaking the bank. For more information on the services offered, visit their website.
