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Almost all your customers will research ‘pricing’ before purchasing. Remember that now, with the search and price comparison engines, customers are much better informed than before. Therefore, with that monitoring ability, they can easily form a perception about your product prices and brand by mixing all the information with your competitors’.
So, when you are managing a brand, you need to be aware of your pricing position in the market. In some cases, the sensitivity of online shoppers is high.
By knowing your competitors’ prices, you will know your real position in the market. This is very important to make your marketing campaigns fit with how the customers perceive your products. You can’t promote an image of luxury and exclusivity if your prices are among the lowest ones. Prices give your brand an image, and your branding has to be in the same line.
In a nutshell, if the image you created with your marketing efforts does not relate to the price they see, they will be alienated from your brand.
So being aware of your price position versus your competitors in the market is mandatory in order not to confuse online shoppers. Acquiring competitor price tracking software is the most effective way to monitor competition.
Even if you are a leader in the market, you have to adapt your prices to your market. Imagine that you traditionally had been pricing high and all your competitors raised their prices because of a trend in the market. If you keep your prices the same, the message could be that you are losing your leadership.
If you are not a leader, this need is more obvious. As most businesses are not leaders in a market, they have to use offers and promotions to grab buyers’ attention and increase the conversion rates
However, doing this is easier than done. To be able to see your actual position in the market and detect competitive opportunities, you should have a great level of intelligence. In this case, competitor price tracking software is useful to get actionable price insights from the market.
You will know when your competitors are changing their prices, when they are offering promotions, and when they are out of stock. This will let you create a plan to adapt your brand to the market. For instance, you will be able to offer the best price.
You’ll have great knowledge about the market. Besides, thanks to the option of creating graphics, you will be able to analyze the pricing evolution in the long term. Are the prices varying seasonally? Or are they perhaps getting lower and lower every year? The information allows you to identify repeated behaviors and make accurate decisions before they happen.