How to Price Your Competitors Without Getting Caught

Each day, businesses lose customers to competitors over Price Your Competitorssmall price differences. Even a few cents could be enough for a customer to buy from someone else, especially if they’re comparing prices online. By simply being cheaper, a business, along with great customer service, could win over a customer, turning that person into a loyal shopper.

Aside from lurking in the aisles of those competitors with a pen and notepad, how can a business owner keep an eye on competitor pricing to make sure they’re the lowest? Whether businesses are online, brick-and-mortar, or a combination of both, there are a few things business owners can do to remain competitive.

In Person

The back-to-basics way of shopping competitors might involve lurking in the aisles of their stores, pen and notepad in hand.  But today’s businesses are more likely to use tech tools to snap pictures of products or discreetly type notes. Any method a business has of checking its competitors’ in-store prices can be risky, however, since it can easily alert employees of those stores that you’re checking up on them. That is in addition to the fact that manually shopping local competitors can be time consuming.

Online Research

The Internet has made it easy to comparison price from the comfort of your desk chair. You can even check prices online using a mobile device. However, prices can fluctuate from one day to another, though, and businesses must retain awareness at all times. With everything a retailer has to do each day, it can be difficult to remember to check prices on various competitors’ websites, so a price drop can easily slip by without being noticed. Businesses should set aside time each day to check various sites to avoid missing anything.

Price Comparison Software

Instead of checking individual websites, price comparison software can be a great alternative. On one site, a retailer can see pricing across the entire industry, getting rates from multiple stores at once. Some price monitoring sites can even issue alerts that let them know when the price drops somewhere so that they can immediately adjust their own prices accordingly. This software can even combine pricing at brick-and-mortar and online locations to make sure customers can’t find a better deal anywhere else.

Businesses work hard to convince customers to buy from them. When competitors are underpricing them, however, it can be difficult to win customers over. In store sleuthing, as well as online price searching can be options of checking your competitor’s prices. However, those methods are time consuming and not always practical. By relying on price monitoring software like PriceManager, brands can easily watch competitor prices and consistently adjust their own price structures accordingly.

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