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For a business that is aspiring to grow in the market, monitoring the competitor across various channels is important. However, it can be challenging to do it manually and nearly impossible. But, it is absolutely necessary to monitor your competitors, their moves, and prices as it contributes to the success of your business.
Pricing the products right at the right time can help increase sales as a business gets insight into pricing the products competitively. When you monitor your competitors, it also helps a business keep up with the latest market trends.
Today’s blog will help you understand everything about tracking your competitors in the most efficient manner.
What is Competitor Monitoring?
Competitor monitoring is the practice of tracking the competitor’s products, pricing, and marketing strategies on a regular basis. It can prove to be beneficial to track your competitors in several ways. It can be done on a daily, monthly, or weekly basis.
The best way to monitor your competitors is with competitive price monitoring software. The tools help reduce most of the manual work and offer real-time data about competitor’s products, prices, and promotions. Monitoring this data enables a business to develop a competitive pricing strategy by offering them all the insight required for making data-driven pricing decisions.
How PriceIntelGuru Helps to Monitor Your Competitors?
If you wish to monitor your competitors, it can be done with the help of price intelligence tools. PriceIntelGuru is one of the best names in the industry when it comes to competitor monitoring tools. We combine tailor-made price intelligence services with AI-powered product matching to offer your business a competitive edge.
With the real-time and accurate pricing information, a business can transform its e-commerce performance. The AI-enables price monitoring along with product intelligence can help a business price their products better and increase sales. With competitor monitoring tools you can track the competitor's pricing in real time to develop an optimized pricing strategy. You can examine the product catalog to match the products across various channels. Our tools can help you improve the decision-making process.
Why is It Important to Monitor Your Competitors?
For any business competitor tracking brings along many benefits. Here’s a look at the reasons to monitor your competitors:
1. To Know the Future Actions of the Competitors
One of the main reasons to monitor the competitors is to stay abreast of their future actions. This information offers an understanding of what to expect from the competitors so that you can prepare for the innovations of the competitors. It can be a wise strategy to subscribe to their emails and newsletters to receive news and information about them. Monitoring online articles helps in learning about their plans and growth strategies.
2. Avoid Business Losses
Monitoring the competitors offers an ability to avoid wrong business decisions. Their failed strategies and moves can prove to be beneficial for you. Having an insight on where they went wrong will help in avoiding the mistakes. Thus, a business can successfully reduce its losses.
3. Business Threats
A business that wishes to improve its strength will have to be aware of the business threats as well. You must know when the competitors are planning to enter the new market, launch new products, or looking to merge with others. These actions can be a potential threat to your brand. Thus, you must safeguard yourself by creating a counterattack. It’s the unexpected moves that will surprise the competitors.
4. Know What to Improve
Monitoring the competitors helps in figuring out the areas where you are underperforming. As a result, you will be able to make strategies for making changes and improvements. A business can also identify its stronger side and put efforts into creating stronger selling points.
5. Pricing Strategy
Detecting the pricing strategy is one of the main reasons for monitoring the competitors. It helps a business stay competitive and adapt to the pricing strategy. Pricing your products too high or too low can affect sales and revenue. Pricing the products competitively will directly help in meeting customer expectations and increase sales and income.
Why Should You Monitor Competitor Prices?
Any business strategy can be considered incomplete if the competitors are not monitored. It is essential to understand the competitor's moves to know what needs to be done and what must be avoided. You will get an idea about the strategies that work for the competitors and you might implement them too, if your target audience is the same.
1. Identify Flaws
It becomes easy to spot your own flaws in a cost-effective way. With the help of collected data from competitor monitoring and data analysis, a business can draw conclusions about its marketing strategy. Then you can compare it with your strategies and identify the mistakes you are making. It can be a learning opportunity and improve marketing strategies.
2. Stay up-to-date with Industry Trends
Studying the competitors offers an idea about what is presently trending in the industry. This information can be used for shaping the products, services, and campaigns. Staying up-to-date with the trends helps offer what the target audience wants instead of continuing the old patterns which might drive the customers away.
3. Identify Strengths and Weaknesses
Competitor analysis offers a fair view of the strengths and weaknesses. You can compare the competitors to yourself to understand the areas where you excel. It also helps understand the areas that need you to optimize the strategy for product, service, or marketing campaigns. It helps a business fix what is lacking and thereby strengthen the plans.
4. Discover Newer Brands and Audiences
There are several new competitors that have emerged in the industry. It is important for a business to know with whom they are fighting and how to win against them. When you monitor your competitors it helps you learn their strategies which have helped them create an impact on the audience. This data can be used for reshaping and optimizing the strategy to stay ahead of the competition. Monitoring the competitors helps learn about the new audience base that you are targeting.
Ways to Track Your Competitors
1. Track social media
You can monitor the activities of your competitors via social media handles, as there they will be sharing offers and engaging with tier audiences. You can learn and strategize accordingly for your business pages and even get ideas for better pricing.
2. Tracking the complete eCommerce Channels
If you are an online retailer, then you must know that everyone including sell with a significant strategy on diverse eCommerce channels. Now, what better way to get the price points than tracking them on the diverse e-commerce platforms? We understand the challenges, but PriceIntelGuru can do it in just a few clicks on its pricing platform. Yes, you get a stop solution for this with us.
3. Tracking the Competitor Ads
Many pricing intelligence tools of PriceIntelGuru can help you identify, track, and evaluate competitors’ ads as well. This helps in understanding the performances of your ads without any doubt. Get everything sorted with our platform.
Embark on The Journey of Becoming a Market Leader with Us
In the fast-paced world of business, staying ahead means staying informed. Competitor tracking isn't just a strategy; it's a mindset—a commitment to continuous improvement and adaptability. With these straightforward yet powerful tactics in your arsenal, you're equipped to thrive in any competitive landscape.
Now, it's your turn to take the reins. Implement these strategies, analyze the insights, and let them fuel your growth. Your journey to success begins now. Seize the moment and let's propel your business to extraordinary heights! Don't miss the opportunity to experience their impact firsthand – book a demo today and unlock your path to success!