Price tracking - and how can your company benefit from it

You probably have compared product prices when shopping for items for yourself. You might have also noted that the pricing of products can change quite often. Prices may change due to changes to the product or maybe the product it is on sale. But when you think about purchasing a product, you will most likely compare product prices first. This is one key factor when your customers are making a decision, should I buy or not? To gain advantage for your company should have a pricing that follows market. Our tracking software provides you a solution just for that!

Improve your business

We have listed some reasons how can you benefit from tracking pricing of your competitors:

1. Stay competitive

Markets and consumer preferences are constantly evolving. Failing to stay in sync with competitors can lead to lost customers and reduced revenue. By keeping an eye on competitor pricing, companies can make timely adjustments to ensure they remain attractive to their audience. Price matching or offering strategic discounts can help retain existing customers and attract new ones.

2. Identify opportunities

Price comparisons are not just about undercutting competitors. They also reveal gaps where businesses can provide additional value. If a competitor charges more for similar products, consider whether you can justify a price increase by improving features or customer support. Alternatively, emphasize your cost-effectiveness to appeal to price-sensitive customers.

3. Data-driven decisions

A structured approach to pricing equips companies with valuable data for strategic planning to the future. This data can inform your marketing department and product development. This will ensure decisions are based on market realities rather than assumptions.

4. Don't dive too deep

When pricing your product, is also important to keep your business profitable. It is smart to find your lowest profitable price point. Sometimes your competitors may sell products even with negative profit margins, just to sell out their old warehouse, maybe for tax reasons, or just want to get rid of some products that are about to expire.

Let's start!

Ready to try out our tracking tool for free? You can create free account, and test how our tool works for your business. Testing does not require credit or debit card information. Our free plan contains up to 10 tracked webpages.