Everyday established brands are branching out and each product category has new entrants in the form of new
1. Using Competitive Data to Maximize Sales
Not only to customers shop with price in mind, but
Pricing and competitor research tools also help you stop wasting ad spend promoting products that are priced well above the market average. Identifying and focusing your ad
2. Using Competitive Data to Update Your Store
Today consumers have more access to pricing information across brands than ever before. With a few clicks, they can easily see the price of a specific item across dozens of companies and websites. There are many search engines that allow customers to conveniently compare the price of an item across many different brands.
There are tools that help retailers to identify high impact products and recommend SEA budget allocation across Amazon, Google, and eBay based on the competitive landscape, real-time competitive pricing and search data. Monitoring product pricing, advertising placements, and reach of competitors will provide your company with valuable data. This helps you make informed decisions about pricing and product focus’.
3. Using Competitive Data in Dynamic Pricing
Identifying when competitors have underbid your pricing on a particular item allows you to adjust your own pricing.
Pairing ongoing competitive pricing data with your own pricing strategies can be beneficial. Dynamic pricing does rely heavily on internal metrics, but you should also look at outside data sources to form a strategy. Tying your competitive analysis directly into your dynamic pricing systems allows you to be more agile in your response to pricing changes.
4. Stay alert to trends via competitor research
The retail industry moves fast. While reading trade magazines and industry publications can provide some insight, they are often weeks or months behind the actual shift in a trend. There is no replacement for hard data and analysis for understanding your industry.
The value from competitor analysis comes from the broader insights that it provides, not just the hard data that influences each individual decision. Staying afloat in highly competitive industries requires that you have the foresight to see where consumer preferences are trending and make preparations to deal with those opportunities.
5. Using Competitive Data to Identify and Prepare for New Competitive Threats
Identifying a new competitor that is rising through the ranks gives you the ability to analyze their efforts and duplicate their strategies that have helped them to gain traction quickly.
Whether it is a new company that is quickly gaining traction, or a larger brand that is moving into your category — seeing and preparing for these threats before they begin to have an effect on our business is important. It is astonishing, how many businesses sell products that overlap with your own!
In summary, keeping a close eye on your competition helps you
- Prepare for new threats within your market
- Improve your pricing strategies
- It provides an opportunity to
- Learn from those that have been successful in your category
- Better understand your industry as a whole
If you’re ready to outsmart the competition, visit emarketing to get started today!