Competitor price monitoring
All companies, regardless of their industry, should be aware of what is happening with the prices set by their direct competitors.
Without this information, the development of an accurate pricing strategy, and consequently, achieving successful sales, becomes impossible.
Why use competitor price monitoring software?
Monitoring competitors’ prices has become such a challenging task that attempting to do it manually is nearly futile. This is where software that automates all processes comes to the rescue! The price monitoring service provided by PricingCraft allows you to automate price collection, track price changes, and gather additional information for comprehensive pricing analysis.
Who uses a price monitoring service?
If you are engaged in the sale of goods, then price monitoring is exactly the solution you need. Regardless of your company’s size, and whether you are a manufacturer, retailer, or online store, your path to successful sales will be much smoother with the automation of price monitoring tasks.
Price monitoring
for retailers
If you sell goods or services, competitor price monitoring software can assist you in gaining a better understanding of the market, thereby enhancing your revenue through price optimization. With help of our software, you can assess the competitiveness of your products or services. PricingCraft offers a range of features specifically designed for retailers, including the following:
- Competitor price monitoring;
- Customizable, comprehensive reports;
- Price history tracking;
- Promotion tracking.
Price monitoring
for manufacturers
If you produce goods, it is crucial to understand how your products are positioned in the market. Our software provides you with the necessary insights to track if sellers are adhering to the agreed-upon prices, observe competitors’ reactions to market changes, and identify which competitors’ products are priced closest to yours. PricingCraft offers the following features tailored for manufacturers:
- Monitoring compliance with the MRC (minimum retail prices);
- Determining the extent of dumping and other relevant metrics;
- Tracking prices across different regions;
- Configurable price monitoring schedule.
How to get started
1. Identify your competitors
If you already have an established business, you likely know your main competitors. However, it’s worthwhile to continuously seek out potential new ones. Here’s how:
• Explore your industry through search engines, service catalogs, and news websites;
• Leverage social media platforms by searching for keywords relevant to your business;
• Engage with your customers, as they may have experience with your competitors.
• Study aggregators that provide reviews.
2. Choose the products to monitor
While your product catalog may significantly overlap with your competitors’, it doesn’t mean you need to monitor all their products. Determine which ones are most important to you. For instance, you can utilize ABC analysis for this purpose.
3. Set the frequency of price monitoring
Next, decide how frequently you plan to monitor your competitors’ prices. This should be influenced by factors such as your industry, current market trends, and the behaviors of your competitors.
4. Collect links to your products
To begin tracking prices, you’ll need to choose a link to the product page on your competitors’ website for each of your products and upload it to our system. You can handle this task yourself or reach out to us for assistance. Once this step is completed, you’re ready to collect data.
5. Manage prices
After accomplishing all the previous steps, you will start receiving reports for data analysis. You can then proceed to adjust your prices independently or make use of our dynamic pricing solutions to optimize your pricing strategy.