What are the most innovative techniques for analyzing competitors' pricing strategies?

Advanced Techniques for Analyzing Competitors' Pricing: Social Listening: Use tools like Brandwatch or Mention to monitor competitor pricing mentions on social media. Customer Reviews: Analyze feedback on platforms like Amazon or Yelp where users might discuss price comparisons. Mystery Shopping: Act as a customer to gain firsthand knowledge of competitor pricing and deals. Competitive Intelligence Software: Use platforms like Prisync or Competera that offer data aggregation and analytics to study competitors' pricing behaviors. Geo-based Analysis: Use VPNs or location-based tools to understand region-specific pricing, helping uncover localization strategies.

This scraping techniques work well for a B2C product sales as it only monitors from a retail or street price perspective. This technique when use on a B2B sales, we could also monitor how deep a discount the product will go with certain customers and continuously monitor from this in the B2B space.

Ya, it's a bit like playing a game of chess. You want to know what moves your opponents (your competitors) are making, so you can make the best moves for your own business. Scrapping and monitoring prices are your way of keeping an eye on the competition and making sure you're always in the game.

Si y NO. Podriamos decir que es lo básico a la hora de controlar los precios de tu competencia. Entrás, miras y actuas. Esto es lo que hacen multitud de herramientas de automatizacion porque es algo inviable de hacer de forma individual. Pero que pasa si la competencia tiene un algoritmo que solo cambia el precio cuando llevas 10seg en la pagina o cuando detecta un patrón de movimientos? Y que pasa si la competencia sabe cuando pasas y los actualiza de forma aleatoria o varias veces al dia? y que pasas si deja unos precios rompedores en aquellas referencias que NO tiene stock para que tu ajustes precios y destrozarte tu margen? a veces lo simple no es tan simple!!

Imagine having two paths to reach your favorite candy store. To experiment with different scenarios is like trying both paths on different days to see which one is quicker or more fun. You're testing different ways (scenarios) to get the best result - reaching the candy store faster or having a more enjoyable journey.

Sin duda experimentando es como se aprender y el formato A/B testing es una forma excelente de probar y aprender! A partir de aqui no sirve de nada hacer estos test si no MEDIMOS, sino tomamos conclusiones y si no somos capaces de leer el dato. Hay multitud de herramientas, pero tan importante es testar como interpretar el dato.

Once you've collected customer feedback, it's crucial to categorize the data for detailed insights. Here's a deeper dive into this technique: Deploy advanced AI tools that sift through thousands of reviews to gauge the overall sentiment. Positive sentiments may indicate satisfaction with pricing, while negative ones could signify overpricing or perceived lack of value. Use this to identify recurring themes. Customers often mention specific attributes of a product or service, comparing it with the price point. Patterns can highlight price-to-value perceptions.

I find surveys and focus groups to analyze customer reviews and feedback especially for fast moving consumer goods to be very relevant. Often, only the larger organization would have the resources to look into this. Continuously education is needed to business owners how this will value add to their businesses. And affirming them they don't need a lot of resources just to run surveys with their clienteles.

Los clientes cuentan mas de lo que creemos. No solo nos dicen lo contentos que estan del producto, sino que la mayor parte de las ocasiones nos dicen los puntos debiles de nuestra propuesta de valor. Y esto se aplica a nosotros y a la competencia. Es una fuente impagable para detectar OPORTUNIDADES en los competidores y montar acciones de marketing o captacion basados en esas debilidades.

Estas alineado con el standar de mercado? tu propuesta de valor es "estandar"? Si no es asi, mira al mercado, pero no lo uses como baremo unico. Cada compañia tiene que identificar a su ICP ( IDEAL CUSTOMER PROFILE) y ajustar su estrategia acorde a donde quiere posicionarse. No lo olvides a la hora de analizar a la competencia y al mercado, igual ellos no van a por tu publico objetivo.

Sabes de analitica, prediccion y tienes capacidad de calculo? este es tu metodo de analisis de la competencia. Simulacion de Monte carmelo, Agent-Based Modeling (ABM), el equilibrio de NASH o los modelos de repeticion pueden ayudarte a encontrar la respuesta. Sin embargo para poder dar veracidad a estos metodos tienes que ser muy consciente de la volatilidad y flexibilidad de tu mercado/producto. Hay mercados muy maduros que sin altamente fiables y otros mercados que es inviable estas herramientas de predicción.

Competitor pricing is a great piece of information (and a very important input for your strategy formation) but it's a vanity metric. What you really need to understand is your competitors' margin (gross and net both) A better understanding of your competitors' margins help you answer a few important questions 1. Is your competitor doing something drastically different which is reducing their marginal cost. 2. Is your competitor doing something drastically different which is reducing their fixed cost base Once you have answered these questions you unlock your organisation's ability to think about how you can differentiate yourself in the market and this eventually becomes the basis of a very robust strategy.

For startups and lean companies, adopting a "Value-First" pricing strategy is key. Instead of mimicking competitors or marking up costs, price based on the unique value provided to customers. Understand the distinct problems your product addresses and set prices reflecting that value. Use continuous feedback to make agile price adjustments. This aligns with market demands and ensures that as product value rises, so does pricing potential, fostering trust and aligning with growth.