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Whether looking for clothes, hotels, or car rental services, it is all the same when buying products or services online. The situation is the same across diverse sectors, as price is the decision-making criterion for the consumers. To optimize the sales of car rental services, they need to set the right rates considering the competition in the sector.
What is Price Tracking?
Price tracking is the process of tracking the prices of competitors' goods and services systematically. It helps identify the market trends and price changes. The information comes in handy while making informed decisions regarding pricing and improves the efficiency and competitiveness of a business. There are several benefits of car competitive price monitoring.
In a fiercely competitive market, rental car price tracking become inevitable. However, it can be a tedious process performed manually. Here, the latest and most robust car competitor price monitoring tool comes into the picture. As a part of their competitive pricing and intelligence strategy, companies must invest in a good car rental price monitoring tool with excellent features to automate the price monitoring process. Automation adds to accuracy and efficiency and reduces the chances of errors.
Role of Price Monitoring Tools
To optimize their sales, car rental services aim to set prices that consider the prices charged by competitors. Hence, more and more rental companies are now relying on automated tools and their advanced technology for setting and managing the rates dynamically at a large scale.
The rental car price tracking tools enable the agencies to monitor the competitor's prices in an automated manner without manual intervention. Analysis of the market for a certain period, comparing the costs with historical trends, and anticipating the price fluctuations help them determine the best pricing strategy. The software enables you to monitor the market prices as well as predict the movements of the competitors for ensuring best rental charges in the market and boosting the sales.
These tools also detect if there has been a change in the prices and the opportunities that can be seized in the market. The car price monitor tools help you to make informed decisions based on the data and adjust their prices in real-time. For example, if a competitor car rental agency lowers their prices quickly on a specific date, the tools will notify you about the same so that your marketing team can develop a promotional strategy for adjusting the price or come up with a service bonus to cover the difference.
The tools to monitor car rental prices help identify and analyze if the pricing strategy is suitable for the market to establish a competitive advantage. They let you know if you need to adjust the profit margins or avoid losing sales to competitors. On the other hand, it also informs if there is an opportunity to expand the profit margin without losing the consumers. By detecting the price increase or drop by the competitors, the tools help you quickly adapt to the changes to retain your business profitability.
How to Monitor Rental Car Prices?
If you are thinking about how to monitor car rental prices, the following steps will help:
1. Know the Competitors
The first step in car rental price monitoring is to know your competitors. You must study them and keep a check on them to learn about their prices. It would help if you also discovered the market forces favouring their business. Google and other search engines can help you find out about the competitors' performance and determine the price. Updating the data and information with the help of automated tools enables you to find out the significant factors related to competitors' pricing. It is only when you identify and know your competitors will you be able to work on your own pricing strategy.
2. Identify Products with Huge Potential
The next step is to identify the cars that have a significant potential for fetching returns. You must know the products that can help you gain the leasing spot in the car rental market. The products that help you earn more revenue and generate sales are ones that will help you earn high data points.
20% of the product lineup will help you get a whopping 80% of the sales. You must identify the cars that fetch more revenue and create a separate category for them. Further, classify them based on the utilities and create a strategy accordingly.
3. Extract Price Data
Scraping the competitor price data offers an idea of the possible costs. A web scraping service can help in this process. They will crawl through the ecommerce portals of the competitors. It is essential to have a focused approached to efficiently monitor rental car prices. Choose the specific cars or categories of vehicles on rent and monitor their charges. It will help determine the price and cost accordingly.
4. Cost Frequency
While monitoring the competitor's price, it is essential to look at the frequency, too. You must determine if you wish to keep a tab on the costs at frequent intervals or put gaps. The frequency is a prime factor which plays a role in the effectiveness of the price monitoring activity. You must make sure that the process is planned well in advance before you begin with the web process.
Benefits of tracking competitor prices for rental car industry
Every business needs to keep a close eye on their competitors regardless of the industry. The first step is to analyze your product/ service and how they offer the desired solution and then invest in a car rental price monitor tool.
1. Maximized Revenue and Profitability
Dynamic pricing has benefits and price tracking helps in defining a pricing strategy that can yield better results. Now, increasing revenue means enhancing your profitability. However, it is easier said than done. Competitor price tracking can be very accessible and easy in the fast-paced car rental business model. This easily allows businesses to adapt and proceed towards a more futuristic way of doing business.
2. Predictive Analytics
Market trends keep on transforming and reviving. Now, if you have a basic data of past few years then you can get a better idea for the future trends. So, competitor price tracking enables you to get a prediction of changing trends of consumer preferences, buying behaviors and much more.
3. Real-Time Monitoring
Car-rentals is a very time-based business segment. So, staying competitive is also tricky. Real time data is of great importance for the same. And PriceIntelGuru's platform gives you real-time data and monitoring. On top of that, you also get in-depth analysis.
Navigate The Power of Competitor Price Tracking Towards Success
It can be a pertinent question for car rental services that how monitor car prices. However, PriceIntelGuru is here to offer software and tools for the automation of rental car price tracking. We help leading brands in diverse industries track competitors, collect data, and make data-driven pricing decisions to improve their margins. Our platform provides the best in the market. Every industry can take benefits from this platform without any doubt.
Maximize your car rental business profits by staying ahead with intelligent price monitoring. Optimize strategies for growth—book a demo today!