Why Is Price Monitoring Critical To Business Success?
What you need to be more efficient with monitoring pricing
Ever wondered how big names like IKEA, Walmart, and DELL ace their pricing game? Of course, nobody knows their exact pricing strategy, but all these companies have one thing in common. They all have partnered with competitive web scraping service providers that extracted data for effective price monitoring.
As a pricing manager, you might not consider hiring a service provider. Still, price monitoring is critical for you to remain competitive. Pricing is the most analytical domain for any business and the most demanding task for the pricing team. There is always room for improvement. You might have given 100%, but there would be room for refinement.
Here is why you need to be more efficient with monitoring pricing:
1.The price difference between the online and physical distribution channel
The online distribution channel is more vulnerable to price drift. There can be a price surge or drop in less time compared to a physical distribution channel. So, an online distribution channel requires more of your attention and effective pricing strategies. Ignoring the pricing domain for an online distribution channel can result in severe consequences.
2.Competitors pricing strategy
Keeping track of your competitor’s pricing strategy is always a great idea. More than half of your current market competitors are taking help from data scraping service providers. You know what to do if you want to be in the game and ace at it.
3.Price wars
The primary victim in the price war is always the manufacturer. If you do not control the pricing of the distribution channel, your brand’s price visibility will start diminishing. In the long term, you will lose distributors and consumers.
As a marketing manager for a brand, you should be aware of the growing marketplace. Small businesses are emerging rapidly and are commercializing brands without any formal agreement. Poor pricing at your end may devalue your brand in such a saturating market.
4.Reviews of the product
Customer reviews are a great tool to look at your products’ prices. There, you will find various opinions about the quality of your product and whether the price tag justifies it or not.
Conclusion
The most challenging task in the job description of a pricing manager is setting the prices. This business domain requires the most demanding work on the manager’s end with little certainty about the accuracy of the work. If you are a manager who faces problems fixing prices, we are here with a price monitoring solution.
We have worked with many businesses to collect competitor pricing data online. We understand how challenging it is to keep the data consistent and reliable. Work with Ficstar; we will help you sell better online and gain market share. Visit Ficstar.com, and let’s get start