Step 2: Research your competitors

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The next step in developing a price monitoring strategy is to identify and study your competitors. In this process, we suggest creating 4 separate lists of competitors based on different strategic relationships with your brand.

Competitors with similar positioning – study competitors with the same positioning as you
Completely different positioning – studying competitors with a completely different positioning from you, these can be companies from a low or high market segment
Most Important Competitors – Identify your most singapore telegram number database important competitors, this could be a shorter list of 5-10 companies that you consider to be the most significant
“Benchmarks” for your brand – identify competitors who have already achieved what you want to achieve and who can be used as an example to achieve your goals
Separate lists of different "types" of competitors can provide much more actionable insight than simply compiling a single list of competitors. As you examine different groups of competitors and identify commonalities within each group, you'll be able to more easily derive patterns for each list.

For example, you may notice that companies with similar positioning are, on average, selling their products at a higher price than you are.

Or you may find that a group of brands in a premium market segment where you don't compete are selling your core products at a deep discount to attract affluent customers.

In any case, studying competitors, ideally broken down into groups, provides insight into competitive behavior in the market.

Step 3: Identify competitor sites and products that you will monitor
To collect pricing data, we recommend using a price monitoring tool from iDatica to automate the process. According to TechCrunch, large retailers like Walmart and Amazon, with their commitment to low prices, use extremely complex pricing algorithms. However, using a tool like iDatica’s own price monitoring software will allow your company to easily access the core functionality.

Once you have selected and installed the right tool, you will need to find competitors’ websites and select the products whose prices you want to monitor. iDatica ’s price monitoring software automatically collects price data and other information that may be of interest to you, such as:

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