Monitor Competitors' Actions on Social Media and Online Marketplaces
Pricing is the most crucial aspect of the marketing mix. That's why pricing experts need to monitor all their competitors' marketing strategies. Given that social media is a place where potential customers spend a significant portion of their free time, many companies strive to find their target customers there.
Fully recognizing the potential of social media, retailers not only actively engage with potential customers there, but they are increasingly trying to turn such interactions into sales.
Competitive analysis on social media can provide an excellent understanding of target customers. By analyzing information from there, you can learn about customer habits and behaviors, as well as study competitors' activities. Companies can benefit from tracking competitors' promotions and marketing campaigns, as well as adopting some successful business moves and concepts into their toolkit.
When embarking on this task, you need to identify your key competitors. Check who appears on social media and search engines for your keywords. Consider using a competitor analysis tool that can track their social media accounts.
Additionally, a lot of information about how customers perceive the quality of competitors' products and their pricing policy can be gathered from review websites and reviews left on product pages of online stores and marketplaces. Automation can assist in this area as well. Collecting such data can help organize the Digital Shelf solution of Priceva