What are the benefits of monitoring competitors' prices? Let's look at them:
You will be able to conduct a competent pricing policy.
Significantly increase your turnover.
You will easily adapt to the situations developing in the market.
You will start concluding contracts on profitable terms.
Understand what the consumer uk email list wants, be able to build a dialogue with him and easily answer his questions.
Such reconnaissance will help you study how successful entrepreneurs in your industry operate and build your own strategy that will help develop your business. Parsing will also allow you to enter the game on price reduction in time, organize special offers for some goods and services.
Let's look at an example: there are two competing companies. Let's call them "A" and "B". Both have approximately the same income and also buy from the same supplier. Trying to move forward in the market, company "A" conducts monitoring and finds out that its competitors offer some position for the price at which company "A" bought it from the supplier. Let's figure out how this can happen.
What are the benefits of monitoring competitors' prices?
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Let's agree that we do not consider companies that sell goods cheaper than they bought, thereby trying to attract buyers to their own detriment. Therefore, we can conclude that company "B" enjoys some benefits from the supplier. This allows it to offer a more favorable price for the goods. At the same time, company "A" cannot lower the price to increase the number of clients, since this will reduce all benefits to zero. One of the ways out of this situation is to change the supplier.
But it is worth noting that the data from monitoring the prices of competitors of online stores could have been obtained incorrectly. This happens as a result of deliberate protection from parsing. Also, the actual fee for the position may differ from that indicated on the site. Or, perhaps, the employees simply did not have time to update the information about the product.
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Marketing is the foundation of successful business development, and monitoring competitors’ prices is one of its most powerful tools.
Based on the above, you have seen that knowing your opponents' pricing strategy is a sure way to gain and maintain a leading position in the market. You now understand the importance of using such intelligence.