Pricing of products and services in travel and accommodation industry is one of the factors that determine how well or bad a business is doing. Customers are concerned about what they pay for a product or service and any slight difference can lead to loss or gain of customers.
Competitor Price Watch Solutions
To help business owners and organizations monitor what their competitors do in terms of pricing, competitor price watch is in place to enable businesses to track the prices of their competitors, so as to remain at par with them as far as pricing of products or services is concerned. Here are five reasons why businesses in the travel and accommodation industry should implement effective competitor price monitoring system.
Updates on what your competitor does better: Business is about competition and your competitor looks for loopholes on your side to make a gain. Abreast with a price monitoring system, you can be able to monitor what your competitor does better than you do. In the end, you identify the areas that need improvement and you are able to compete effectively with your peers in the industry.
Knowledge about your competitor’s pricing system: In addition to knowing how your competitor does pricing, pricing intelligence software is excellent in data mining and gives you more concerning travel blogs and holiday news from the side of your competitor. Knowledge about how your competitor carries out pricing is important to help you mirror your own strategies and adjust accordingly.
Travel and accommodation industry is full of promotions, special packages, and deals, which are essential in determining pricing trends. If you are able to track such areas, it is true that your competitor cannot do anything without your knowledge. With every price adjustment on the side of the competitor, you are able to move at the same speed and even know the areas you can improve to beat your competitor in terms of pricing.
Modern pricing intelligence solutions have web scraping abilities that enable users to monitor websites of their competitors and come up with vital information about pricing, blog updates, content generation, and everything that relates to the aspect of pricing in travel and accommodation market. Besides, users are able to glean information from top travel sites such as Trip Advisor where they can get customer reviews and other important information regarding pricing.
You are able to map social media platform for more information about your customers. Today, social media has become a great marketing tool that businesses use to achieve their marketing objectives. By installing the market intelligence tool, you set an effective competitor price watch that help you find out how your competitor relates with clients in social media and what can you do to improve your own? You will come to know about how customers review your competitor and what they expect from travel and accommodation businesses in their area.
Competition in business is normal, but a healthy competition among industry peers is even important. By installing competitor price monitoring system, you can be able to avoid several pitfalls along the way.