Competitor Pricing Analysis
Originally published: 11/05/2020 09:26
Publication number: ELQ-26809-1
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Competitor Pricing Analysis

Competitor Pricing Comparison Analysis

Shoppers are contstantly on a mission to find the best price. Tracking what your competitors are charging and reacting to their fluctuations are key to driving business to you as well as avoiding business leaving you.

The Competitor Pricing Comparison tool analyizes your key competitors' price changes, whether for products or services. Price data can be entered by day, week or any time frame. Prices will graph your price in relation to your competitors' prices.

With a drop down for the graph to selecting a competitor, a comparison over time can be made for decision-making. The chart will also graph the average of all competitors, as well as band a range of the highest and lowest prices for the period.

The heat lamped cells highlight prices, lowest to highest by the date of comparison.

Knowing how competitors are trending, and their relative price relationships are key to maximizing sales revenue. More than likely, once a current consumer leaves, there is a likelihood of lost future sales. Likewise, current customers who are not lost, as well as new customers who are driven to you, can stream years of revenue.

Whether you find that you are unnecessarily pricing below your competitors, or pricing where customers are lost, proper pricing yield management is critical to achieving maximized profit.

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