Improve Your Pricing Using Real-Time Customer Feedback
Developing pricing strategies based on information-fueled insights always result in wonders for multinational companies and startups. But, especially for an eCommerce business, it’s pretty challenging to survive in a market that’s already saturated. As a result, enterprises need creative insights to devise strategic moves to bring their products to a level where they can compete and generate sales.
Who Need It?
Marketing managers, sales-rep, and even finance managers depend highly on reliable and authentic data to complete their short and long-term targets, which eventually makes a business flourish.
Identifying customer pain points
The most considerable difficulty is knowing the customers’ underlying problem because most of the time, even customers are unaware of their challenges. So it is an effort to pinpoint the need and attract maximum potential customers into the sales funnel.
This is where the web scraping comes in. Web scraping tools dig deep into the websites and social media applications to find relevant information for the decision-makers to devise effective pricing strategies.
Ways To Capture Customer Pricing Feedback
Most of your customers might be concerned with the price, and subconsciously they might be looking for a better and more economical product. Therefore, marketing managers must collaborate with the production and finance departments to provide a solution lower than your competitor’s product price.
But, these pain points are subjective. For example, for one customer segment, being economical might be a pain point, but the quality might be the primary concern for another. So you must conduct enriched qualitative research to understand what opinions individuals subjectively hold.
Quantitative research is beneficial but will not scale and will not answer all your questions since it targets answers based on structured and close-ended questions.
Another option is to use web scraping. Web scraping can help you get the pricing feedback. For example, you can scrape customer reviews and forums to find out what other retailers lack, what customers say, and how you can improve your product pricing. With web scraping, you can get unbiased real-time customer and competitor feedback that grants you access to genuine, updated information on every product you sell.
Web scraping helps you analyze your competitor’s business from multiple perspectives, including the hurdles they face, opportunities they have, strengths they lack, and weaknesses that cripple them to their knees.
Web scraping allows you to do a complete SWOT analysis of your competitor. It helps you devise a fool-proof pricing strategy for your business by considering all the abovementioned factors.
Also, if you still have questions, the quantitative analysis would be an excellent technique to deploy to get more specific and focused feedback.
Scraping your competitors’ and customer review websites daily is highly recommended since it keeps you informed about their daily updates. Once you know their move and your customer feedback, try to update your pricing by including an appropriate: Point of Parity or a Point of Differentiation strategy.
We have worked with hundreds of businesses to collect online competitor pricing and customer data. We understand how challenging it is to keep prices and review data. You will have a real-time data feed to help you improve your product and gain an advantage over your competition. Get started simply by visiting Ficstar.com.