Find more competitor insights to develop pricing strategy with the help of competitive pricing analysis
Business intelligence vs Competitive intelligence
What is business intelligence? What is the difference from competitive intelligence?
Business intelligence, like competitive intelligence, is a package of different methods and tools for the transformation of unprocessed information into a coherent and usable form.
Both instruments allow for making the best decisions for business and it is the main reason why people confuse business intelligence with competitive intelligence.
However, there is one essential distinction between them - the first analyzes internal processes and data, while competitive intelligence is oriented on external sources, namely on competitive pricing.
Business intelligence tools process the huge scope of unstructured data in order to identify new market opportunities and to help support and develop business strategy.
Competitive intelligence tools are also based on large scope data analysis, and besides that, they show the full and clear picture of market conditions and enable managers of the online store to develop effective solutions within the framework of a pricing strategy.
Competitive intelligence attends to the data collection and processing from competitors’ sources in order to increase the competitiveness of the online store.
Information about competitors could be found at such competitive intelligence sources as customers, suppliers, distributors, financial analysts, social media, white papers, speeches and presentations, catalogs, patent databases, analytics etc.
Pricing managers of an online store should implement competitive market intelligence - to monitor all possible sources to know the market situation in pursuit of finding insights for effective decisions.
However, competitor intelligence is highly time-consuming and complicated labor for manual work, which can suffer from human-factor mistakes, saying nothing of the accuracy of the data.
Competitive analysis tools propose the automatic process of data scraping and the resulting data makes the basis for business analysis.
Results of PwC market research demonstrates that the price remains the main reason for making a purchase.
Price monitoring became an efficient and beneficial tool for pricing optimization with the help of competitive pricing analysis, because it provides not only accurate data on competitor’s insight, but creates a basis for effective decisions in maintaining a competitive strategy.
Price intelligence is an instrument for automatic competitive benchmarking for the purpose of collecting the information on actual retail prices, which makes possible corrections of the pricing strategy.
Competera is network monitoring software experienced in competitive pricing analysis, which will help you find the competitive strategy solution for your business.
Including the competitive intelligence as a modern network monitoring tool in the pricing strategy allows you to keep and protect the price positioning in the market and develop your pricing strategy.
because of benefits suggestions which are price monitoring on SKU level, timely data delivery (if one needs data at 9 am - Competera delivers it at 9 am), notifications on competitors price changings and price history analytics.Learn more