Finding the right products for monitoring is the initial step of the Competitor Pricing Strategy. This might usually be a certain category that you are strong in the market. Choosing a wrong product category and putting your resources in that will lead you nowhere. You must know the precise market segment you are in.
Finding the Right Competitor
The business scale: global or local audience and company’s outreach all the factors come into play when choosing your competitors for the price monitoring. This helps in finding the precise data you need to monitor competitive pricing.
Real Time Monitoring
Real time market price monitoring keeps you competitive in the market. Either if it’s new products or old products with elastic prices, price monitoring helps you decide the current price of your product should be and gain the maximum profit of of it.
This you do by tracking customers’ behavior toward different prices. Record the varying demands at different price levels. Deep knowledge of your products puts you a step ahead of your customer and foremost, your competitor, as you’d know how they will react if you decrease or increase a price of a certain product.
Competitor Price Analysis
Competitor Price Analysis is keeping an account of the product price history of competitor’s product and how and when they are changing their prices. For example, knowing that a competitor will release a campaign of cheap grills in spring will help you act on time and stay in the competition during this time period.
Manual as well as Automated Tracking
Using an automated price monitoring tool or software eases the workload in many ways. All the time consuming tasks are handled by the software. This is where Sniffie comes in, to ease your way to competitor price monitoring. With Sniffie, you can get real time data of the market price so that you can make changes in the price at any time to suit your profit. Check out our product features as well as our service page to find out how can you start pricing effectively today.
How to do market pricing
- Choose the right products and the right competitors to monitor pricing in the right market segment.
- Track the product price history and current pricing of the competitor’s products.
- Keep a real time check on the market price of the competitor’s product.
- You should know the right price for your product so that you get maximum profit margin and also attract customers for more sales.
- Market Pricing monitoring also gives you competitor price analysis using which you can make changes in your manufacturing process to reduce the production cost and increase your profit margin.
- Competitor price monitoring via Sniffie can make your work a lot easier. It will tell you the live situation of the market price.
- Newer products with unknown brand usually need to be priced lower than those already are in the market and going well.