Tracking Competitor Price Data: A Complete Guide 2024

Introduction

Keeping a close eye on your rivals is crucial for staying ahead and thriving. One of the most valuable pieces of information you can gather for competitive intelligence is competitor price data.

You can gain insights into market trends, understand your competitors' pricing strategies, and make informed decisions to optimize your own pricing.

In this comprehensive guide, we will explore the importance of tracking competitor price data, why you should use automated tools to do so, and then how you can use Visualping to automate the price monitoring process.

Importance of Monitoring Competitor Price Data

Monitoring competitor price data gives you numerous advantages. You can gain valuable insights into the market dynamics, enabling you to identify pricing trends and adjust your strategies accordingly. Understanding your competitors' pricing strategies also empowers you to position your products or services competitively, boosting your sales and profitability.

Why You Should Automate Tracking Competitor Price Data

Manually Researching Competitor Price Data

Traditionally, companies have relied on manual tracking and periodic price checks to gather competitor price data. But manually gathering vast amounts of competitor price data is time-consuming and prone to errors and inaccuracies. Companies often struggle to collect data from multiple sources and face the risk of missing crucial pricing information.

Manual research also fails to capture real-time changes, which are essential for staying ahead in a dynamic market.

Automating the process of tracking competitor price data is now commonplace to stay on top of price data efficiently and effectively, and turning the insights for actionable items.

Leveraging Automation Software

Automated competitor price tracking tools examine changes to price data in eCommerce stores, marketplaces and specific competitor websites. They make the information gathering process easier and more efficient, because you’re not having to check these pages manually, and record the information yourself.

The best competitor monitoring tools will monitor any web pages you’re interested in, empowering you to stay on top of the exact pages, competitors and information you care about. They’ll also offer the option to alert you of changes in real-time – like Visualping.

With an automated tool for tracking competition price data, you don’t have to worry about manually checking up on your competitors, missing important price updates, having a delayed response and simply being overwhelmed by the sheer volume of pages to be checking and rechecking on a regular basis.

This can help you make more accurate and informed decisions about your pricing strategy.

How to Track Competitor Price Data

Visualping

Visualping is a competitive intelligence tool that can be used for tracking competitor price data.

You simply tell the tool which web pages you want monitored. You can track competitors' websites for changes, such as your competitors’ pricing pages, or their homepages to look out for discount advertisements – and it’ll notify you, via an email alert, when there’s a page change.

That way, you can stay on top of your competitors’ pricing patterns and discounts, without manually checking yourself.

Easy-to-use

Visualping is the quintessential example of a simple and easy-to-use competitor tracking tool. It’s kind to those of us who aren’t super tech savvy, and it doesn’t overload you and your team with an overload of overwhelming information: it simply monitors exactly what you want it to, and sends you alerts.

It keeps things simple, while making it easy to stay on top of the competitor landscape. Real-time monitoring

Unlike many other website change detection tools, Visualping offers real-time monitoring. You can check web pages and get notified as frequently as every 5 minutes. 3 times daily, or once daily, is common amongst its competitors.

Bulk monitoring

Visualping also offers bulk monitoring, for companies looking to track many different competitors, and their advertised pricing from many different sites – marketplaces, price comparison sites, websites, etc. You can create, edit and manage jobs in bulk, making it easy to monitor more pages than you ever could before.

Visualping also offers flexibility and customizable monitoring options. You can track any web pages you want, and you can monitor any specific parts of the page, too. This enables you and your team to only be notified of the changes you care about – you’re not being overwhelmed with a mountain of data and analysis you’re not looking for.

Tutorial

Step 1: Insert the Website URL on the Search Field Provided at Visualping’s Homepage

Access a web page using your internet browser, copy the URL from the address bar, and proceed to the Visualping homepage. Paste the copied URL into the presented search field to activate the viewfinder, enabling you to choose the desired area of the page for monitoring.

Step 2: Indicate the Section of the Page to Track

To begin receiving notifications, select the specific section of the page that you want to monitor. Additionally, you have the option to utilize advanced features that can alert you when particular keywords are incorporated on the page.

Step 3: Determine the Monitoring Frequency for Visualping

Inform Visualping about the frequency you prefer for checking the page for modifications. You have the flexibility to establish a time interval as brief as five minutes or as extensive as a month. In this way, you will receive notifications at the most suitable time for your convenience.

Step 4: Provide the Email Address for Receiving Price Change Notifications

Ensure a valid and frequently accessed email address is entered as Visualping necessitates this information to dispatch notifications effectively. Guarantee that the designated email receives every notification as intended.

Tracking Competitor Price Data: Final Thoughts

Without the right tool at your disposal, price monitoring is next to impossible to do manually.

There are many competitor price monitoring tools available online. Some come packed with all sorts of features, such as automatic repricing and additional analysis. Others are more simple and straightforward, and focus on performing the monitoring process for you, giving you the space and freedom to make your own decisions.

Whatever tool you choose, competitor price tracking tools can give you invaluable insights into your competitors’ pricing and overall business strategies. Use pricing tools to generate more sales, grow your business, increase your market share, stay competitive, and improve your brand positioning

Interested in learning more about how Visualping can help you track competitor price data? Contact our team today – We’d be happy to help.