e-Commerce is big business nowadays, with many retailers competing in the huge marketplace that is the Internet. If you are one of those retailers, you’re most likely looking for ways to beat your competitors. With online distribution, measures like a MAP policy and more can give you a competitive edge.
But to reap the benefits of these policies, you need to monitor other sellers. Here are several reasons you should do so:
Better Pricing
This is the main reason you want to monitor your competition. To make your products a viable option for buyers online, you need to have prices that are better than other comparable products. If you make the mistake of pricing above the market average, then you can expect your products to languish on the digital shelves. Unless you offer something truly unique, you probably won’t be able to justify the higher prices that you have.
Additionally, price monitoring will also show if your sellers and associates are keeping to the minimum advertising price. You don’t want to devalue your brand by having low prices. Changes in price can herald changes in the demands in the market. For example, a drop in prices can signal a lower demand in the future.
Dynamic Marketing
Competitor monitoring also covers the marketing campaigns of your rivals. You’ll want to have an idea of what your competitors are saying and how they are promoting their products. For example, a rival might find success in promoting their products on a specific site, so you’ll want a piece of that pie, too. This lets you change where you focus your marketing dollars.
Next, you’ll want to keep tabs of your rival’s marketing strategies. Keywords are a big part of it, along with how well they are performing in the marketplace. Having automatic tracking of these factors allows you to change and adapt your campaigns so that they become more successful in the long run.
Keeping Up with Industry Trends
Monitoring the marketplace is not just about the competitors. You need an idea of what trends are picking up steam in your field. This is important since it can be difficult to keep track of the changes going on right now in the marketplace. Instead of waiting for trade magazines or conferences, you can have an update about what to look for on a weekly basis. They can also alert you when something special has happened, such as a viral trend.
Identifying Up and Comers
Monitoring the marketplace also allows you to learn about any upcoming threats and competitors. With many businesses starting up, it can be difficult to keep track of potential rivals. Constant monitoring allows you to adapt to what they can offer to the marketplace and even copy what allowed them to become competitive in a short time.
The reasons above should be enough to convince you that keeping track of your competitors is important to succeed in doing business. Several services can help keep track of your competition so that you don’t have to worry about it. With the right information about the market, you’ll be on top of things in your field.
