Without Monitoring Your Competitors, Your Online Business Flounders
Business is a lot like playing chess. The only difference is your opponent won’t be telling you if it’s your turn to move. In fact, they won’t even tell you if they are already undermining your operations.
If you won’t take it upon yourself to monitor your competitor’s movements, you could end up in the losing side of the bargain. Knowing how much the competition is selling can be a good start.
Dog Eats Dog World
Should by any chance you’re thinking your competition is going to think about your welfare more than theirs, your business is lost right from the onset. Not only will a lackadaisical attitude make you lose a head start in your online retail business, it can drive you to ruin. This is because you are dealing with a smarter market.
In online marketing, sales is where the rubber meets the road. Online experts point out that 81% of Internet users do product research before they buy. Over 40% of online buyers compare prices prior to adding anything to their shopping cart. That means you could be compromising yourself a lot if you are caught unaware of key market movements online.
Don’t Get Ripped
To give your business a competitive edge, conducting competitor price monitoring should be appropriate. By doing this, you learn the promotional tactics of your fiercest competitor, allowing you to dig in deeper and devise the appropriate countermeasure. Without such key market data, you’d be running a marketing campaign that’s half-cooked and devoid of the necessary countermeasures to negate your competitor’s own strategy.
You could be running a good campaign, but could be misguided without the necessary competitor data. In the process, you end up disillusioned and your efforts largely wasted. As competitor price monitoring happens in real-time, you get relevant information that you can use to your advantage.
As business is quick online, arming yourself with smart tools is a must.