Thursday 06th June 2013 The Importance of Maintaining a Competitive Intelligence Solution
Thursday 23rd May 2013 5 Competition Monitoring Solutions for Small Business
Mediagraph offers a quick and simple way to track the popularity of competitors by monitoring media services from major news outlets to small blogs for mentions of brand and company names. The service provides automated alerts for a chosen list of keywords, and includes various graphing and data analytics tools to allow companies to easily spot trends. This also allows them to contact any journalists or bloggers who are covering their industry, making it easier to boost their own media profile.
In a similar vein, Beevolve allows for close monitoring of social media websites, giving insights into the successes (and failures) of competitor's social strategies and the general tone of customer reactions to said strategies. This makes it quite easy to build up a comprehensive picture of where competitors are spending their marketing dollars, and which of their products are being most succcessfully promoted using social media.
Perch provides a combination of the abilities of Mediagraph and Beevolve, by gathering as much data as is freely available on the local competition. The platform creates a dynamically-generated feed of this and more rapidly changing information, including current deals, specials, and social media promotions that are being offered. Perch uses the wildly popular social media platform Foursquare as a base, meaning that, somewhat uniquely in this field, there is a mobile app that is free for download. However, it does prioritize local tracking, which isn't necessarily the most helpful solution in a global marketplace.
Socialbakers is a more in-depth service then the previous three, based on the premise that it's extremely helpful to learn from the successes and failures of the strategies adopted by competitors. Instead of replicating their mistakes yourself, the efficacy of their digital media marketing campaigns can help guide your decision-making. Their dashboard offers a direct comparison between your company and your competitors using a number of different metrics, all available and updated in real-time.
Last but not least, Competitor Monitor offers a range of services for companies large and small in need of industry-leading monitoring and data analytics services. Straightforward reports turn a complex wealth of data on pricing trends into a format that's easy to understand and act on, and can help ensure that your pricing strategies are getting you the best possible profit margins. Offering tracking of up to 5000 competing products as a standard, our solutions can also be hand-tailored to your needs no matter how many items you need to track. We can even help you monitor competitor websites for any changes, whether that comes in the form of a new product launch or a new promotion. Contact us today for a free live demo!
Monday 14th May 2012 How To Always Be The Lowest Priced Retailer On Price Comparison Sites
Is the Price Really Right? Price Comparison Engines Don’t Always Show The Bigger Picture
Thursday 24th February 2011 How To Stay Competitive In Ecommerce
Competitive analysis should be an ongoing practise of all ecommerce businesses operating in competitive markets. Now that online price monitoring is so simple to do, there is no reason not to include it.
'Competitive Jewellery' (not real!) launched only six months ago. They sell low-mid range priced branded jewellery through an ecommerce store. They operate in a very competitive market, and have come to realise that they are going to struggle to survive unless they have a way of capturing the customer's attention as soon as they come online. They are doing ongoing SEO, but stand little chance of making it to page 1 anytime soon.
So they decide to do some research and stumble across an up and coming trend in the world of ecommerce - competitor price monitoring. They see this is as something which can potentially give them a chance to compete with the well established players in the market becasue we all know the first thing people do when they go to buy something online is hunt around for the best prices. If they are able to continuosly offer the best prices, then people will return to them, and they will build their brand as a result.
So how exactly does competitor price monitoring help Competitive Jewellery stay competitive?
This is only really scratching the surface with what competitor price monitoring can do for businesses, so leave a comment if you want to talk to us about it. We're passionate about it because we know how much use it can be and we really see it becoming widespread. The problem right now is that no one really knows you can even do it.. although I guess in the eyes of those that currently use it they want it to stay that way!
Will this become common practise for ecommerce websites, and end up simply pushing profit margins down for businesses? Who knows. Maybe, but it will take some time. And the fact of the matter is, right now not many businesses do monitor competitors, so there's no better time to start than now.
Wednesday 03rd November 2010 Do You Know What Your Competitors Did Today?