In order to stay ahead of the competition, you need to have a good understanding of what your key competitors are doing with their pricing strategy in your market. For market-savvy grocers, having quality competitive data can be a powerful tool in your marketing strategy, but few retailers have the expertise or resources to maximize their pricing strategy to its fullest potential. This is where pricing intelligence—and Intrics—comes in.
Pricing intelligence is the practice of monitoring competitor pricing in order to make informed strategic decisions about your own prices. There are a few different ways to go about collecting pricing intelligence. One is to manually collect data by going out and visiting competitor stores or websites. Another way is to use data scraping tools that can automatically collect data for you. Whichever method you choose, it’s important to ensure that you are collecting accurate and up-to-date data.
Once you have collected pricing data, you can start to analyze it. Look for patterns and trends in competitor pricing. Identify any opportunities or threats that may impact your business—and most importantly, use this information to inform your own pricing strategies.
At Intrics, we’ve streamlined this process by collecting this data and identifying these trends for you with our powerful tool, giving you back valuable hours of productivity and access to valuable, immediately actionable insights so that you can quickly make the changes that you need and stay ahead of the competition.
How to Collect Pricing Intelligence Data
There are a few different ways to go about collecting pricing intelligence data. One is to manually collect data by going out and visiting competitor stores or websites. Another way is to use data scraping tools that can automatically collect data for you.
If you choose to collect data manually, there are a few things you need to keep in mind. First, you need to make sure that you are collecting accurate and up-to-date data. Second, you need to be sure that you are comparing apples to apples—that is, you are only comparing products that are similar in terms of features, quality, etc. This is a very time consuming, and often tedious, process and for most grocers, it isn’t something that they have the resources to do on their own. Data collection services like RetailData can be a valuable tool for retailers looking to have quality competitive data reports on hand.
If you decide to use data scraping tools, there are a few things to keep in mind there as well. First, make sure that the tool you choose is able to accurately collect the data you need—the internet is vast and basing your pricing strategy on poor-quality, unverified data can ultimately cause huge problems. Second, be sure that the tool is set up to collect data on a regular basis so that you always have up-to-date information.
Finally, no matter which method you choose, it’s important to ensure that you have enough data points so that you can identify patterns and trends. If possible, aim for at least 100 data points per month, using the top-selling items in your store, to get an understanding of key trends. Of course, the more data points you have, the more accurate your insights will be regarding price elasticity and fluctuations, meaning you can be much more strategic about the changes that you make.
How to Analyze Pricing Intelligence Data
Once you have collected pricing intelligence data, it’s time to start analyzing it. Look for patterns and trends in competitor pricing. Identify any opportunities or threats that may impact your business. And most importantly, use this information to inform your own pricing strategies.
Some things you may want to look for include:
- Are there any seasonal trends in competitor pricing?
- Do competitors raise or lower prices when there is an increase in demand?
- What happens when a new competitor enters the market?
Unless you’re a seasoned data analyst, it can be difficult to perform this level of analysis on your own. Intrics offers a streamlined solution that answers these questions—and more—about the pricing intelligence data in your specific market area, efficiently providing retailers with the tools they need to save time, craft effective marketing campaigns to consumers looking for the best deals, and maximize your revenue.
Pricing intelligence is a critical tool for any retailer who wants to stay ahead of the competition. By monitoring competitor prices and making informed strategic decisions about your own prices, you can ensure that your business remains competitive and profitable.
Intrics provides insights and clarity by analyzing over 100 million price changes weekly from top retailers in every market of the United States. By considering national brands and private-label alike, and linking disparate SKUs and descriptions to a single UPC, Intrics provides product-level indexes in your market. This allows you to be the first to react by quickly understanding changes to product prices, whether your competitors are absorbing or forwarding increased costs to consumers, as well as how your prices and price changes compare to theirs.