How powerful a customer feels contribute to their reaction on the price tag. They may either consider the price as unfair or think of it as reasonable. When they strongly feel the former, then chances are they would disregard it and look for another provider. When they think that the price is something they can afford, they would not mind paying for it.
Price variations in the market aren’t a surprise nowadays, but you need to pay attention to how you’re pricing your products and services. You do not want to incur the wrath of consumers, so you have to stay on the same page as your major competitors. Monitoring competitor prices 24/7 can help you prevent these unwanted consumer reactions.
Engaging Customers Depending on their Statuses
Monitoring competitor prices play a huge role in your marketing and advertising campaigns. How you should market your products and services should depend on your audience’s status, whether they fall under the “high-power” or the “low-power” category. For the former, focus on highlighting the special treatment you can give them. For the latter, cultivate loyalty in them by showing how committed you are to their patronage.
Base your prices on your customers’ statuses, but ensure you provide them with only the highest quality product or service they deserve.
The Force that Should Drive You to Invest in these Automated Monitoring Programs
Many researchers have conducted studies on the factors that influence consumers to purchase goods or pay for services online. For instance, they predict that consumer behavior with regards to online shopping will continue to increase and change, with a 2017 prediction of online sales reaching 1.8 billion. From 2014’s 196 million digital shoppers, experts forecast that come 2018, 80% of all sales will come from online transactions.
From these statistics alone, you should already realize the invaluable benefits of having an automated solution to your pricing and competitor pricing.