23 February 2017

How to monitor the right competitors

Monitoring the competition is a process that cannot be overstepped nowadays. Whoever has an online business, or has its items sold online by retailers, might want to know who those retailers are and at how much they are selling the product. Knowing who your competitors are, and what they are offering, can help you to make your products, services and marketing stand out. It will help you to set prices competitively, and respond to competitions’ marketing strategy with your own initiatives.

You can then use this information to create specific marketing strategies to take advantage of your competitors’ weaknesses and improve your business performance.
Through the Web it is easy to find very good deals. The number of e-commerce sites is growing every day, and it is getting more and more difficult to stay updated about them, their catalogue and their prices. E-commerce has a range of products that is so wide that they have a fast turnover of the catalogue, and they apply different deals for a short period of time.

Users pay a lot of attention to the best deal when it comes to purchasing online. With this wide range of e-commerce sites offering the same items, is easy to find the best price, and sometimes the price is so low that is not politically right in respect of other e-commerce sites.

Brands and e-commerce entities come to Competitoor sure about who their most aggressive retailers/competitors are. But when we show them the free demo of our platform, they are astonished to see that they are wrong about their competitors/retailers. In this regard, Competitoor can also be used as a tool for doing deep market research. Competitoor searches through the entire Web and collects all the websites that are selling a specific item.

Competitoor gives you a complete idea of how your market is structured. The online market changes very fast and prices are changing every day. With Competitoor, you can have a historical overview of the price fluctuation, which also helps you make the right decisions for the future.

Setting up a threshold allows brands to protect the quality perceived by the customers. Very often, retailers sell below the price proposed by the brand, creating confusion and frustration among all the retailers.

This element is very useful for e-commerce as well, because in this way they always have the chance to stay ahead of the competition.

You also need to be constantly on the lookout for possible new competition. In this regard, Competitoor can definitely help you in this process. If you want to make your business great, you’d better be sure about who your competitors are. The best way to do this is to do deep market research in order to have a complete idea of your market’s composition.

Monitoring the competition means that you can easily know your competitors’ strengths and weaknesses and “play” on them. It also means basing intelligent marketing decisions on facts about how competitors operate, as well as determining how best to respond.
Monitoring the right competition is not easy if you don’t know how to do it. Let Competitoor make it easy and simple for you. We offer different types of plans according to the customer’s needs.

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