And why won’t they? The choices that are being offered to them are unlimited and to cater to their needs, they need to ensure that they are picking the right solution for them.
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While they continue to compare the type of solutions, benefits being sold and many other factors, there is one crucial factor that your prospects consider seriously, ‘Pricing’. “The single most important decision in evaluating a business is pricing power,” Buffett told the Financial Crisis Inquiry Commission in an interview released by the panel last week. “If you’ve got the power to raise prices without losing business to a competitor, you’ve got a very good business. And if you have to have a prayer session before raising the price by 10 percent, then you’ve got a terrible business.’’ – Warren Buffett
Pricing is one important element that your prospects undertake seriously because, at the end of the day, they want to walk away with a solution that consists of added value to the figure attached to it.
Interesting Read: How to Conduct Price Intelligence in E-Commerce to Increase Sales?
This is the sole reason why they tend to compare prices and when they find a solution better than the crowd and also understand why value has been portrayed for it, they will confidently invest in that solution.
This action is considered before a prospect can even consider speaking to you which is exactly why you need to step up your game in this process. You need to start conducting price comparison with the solutions available online so that you are able to fixate the right pricing for your prospects to confidently invest in.
In pricing you cannot just pick a random number, you need to start incorporating price comparison solutions which will help you curate such figures which illustrate the value of the product your selling to potential prospects.
What do you mean by Price comparison?
“The moment you make a mistake in pricing, you’re eating into your reputation or your profits.” – Katharine Paine
Price comparison refers to the process of comparing the prices of a product or solution. For instance say if you sell proxy server software, there will be multiple brands that will be selling the same hence when you use a price comparison solution, you are able to understand what prices are being set for the software.
Interesting Read: How to choose the best proxy for Price Intelligence?
What your prospects would do here is they would compare all the prices and identify a few factors which would help them consider their purchase decision such as:
1. Is the price listed worth the solution?
2. Is the price too much for the solution?
3. Is the price too low for the solution?
4. Does this price balance out the benefits being offered in the solution?
All of these questions are exactly what is running in the minds of your prospects which is why you need to understand how you need to fixate on your pricing strategies.
Why Price comparison should matter to your business in 2020?
Price comparison matters and you should take it seriously because your prospects are depending on it to make their purchase decision. If you want to tap your prospects early and in an efficient manner, you need to create such a pricing strategy that could help you create figures which explain the value of your product.
When you are constantly focusing on the price comparisons being shown online, you are going to benefit your brand in multiple ways such as:
1. You will be able to identify what prices your competitors are selling in the market. That will help you to organize and improve your current pricing solution
2. You will be able to understand what makes your prospect to pick pricing, you can get an idea which is the most preferred pricing and that can help you to alter your current pricing figures
Interesting Read: 5 Steps to Implement a Successful Price Intelligence Strategy
3. You can also get insights into how your product price needs to be created. When you see how your competitors are listing out their product, you are able to list out your prices accordingly which can increase your chances of drawing multiple attention of prospects towards your new prices.
This means that you need to create the right prices so that you can retain your prospect’s attention for longer. The only way you can do it is when you have quality data that you can retrieve from price comparison websites. Not all the information you see online is complete, hence to dig in deeper you need a modern solution that can help you out.
How web scraping can help your brand to understand price comparison better?
Web scraping is the process of extracting data from any source or website which contains information that you want. For instance, in the above scenario, you can use web scraping to scrape all the information from price comparison websites so that you can easily monitor the different prices and improve your current pricing figures.
Web scraping eliminates the need to copy-pasting data from websites and instead scrapes through any information your brand needs in a much more quicker and efficient manner. See it in this way when you have information about the different prices being sold, you are able to sell your solution in a manner which explains the value or benefit your solution holds.
But with continuous scraping comes a risk of getting blocked and at this moment, it can be a loss for your brand hence, to continue applying and planning your pricing strategies it is important that you consider using a secure solution to experience uninterrupted pricing planning.
How proxy servers can help in accessing price comparison websites anonymously?
Proxy servers are middlemen. They stand between a user and the information it wants to access. For instance, you may not be able to see everything that a price comparison list will show you, if you dig deeper you will be able to get in more information hence is using a proxy server will ensure that this taking place.
A proxy server will allow you to view any price comparison websites without revealing your identity. Even the web scraping activity you’re conducting to scrape the pricing information, all of that can be conducted in an efficient manner with the help of a proxy server.
To set the right pricing, you cannot just create a set of numbers your pricing should explain clearly the benefits of your solution and why it is better to invest in it when compared to your competitors.
Understanding this it is time for your brand to start indulging in the top 10 price comparison solutions.
Top 10 price comparison solutions
“What we found challenging, and what I find in my discussions with a lot of my counterparts that is still a challenge, is finding the set of tools that enable organizations to efficiently generate value through the process.’’– Ruben Sigala, former EVP, and chief marketing officer, Caesars Entertainment
Google Shopping is considered as one of the top ways prospects can identify which solution is worth their time and money. Apart from benefiting the prospects, this price comparison solution can also help your brand to identify what pricing your competitors are selling to their prospects which compels you to take the necessary action in return.
The process in Google shopping is very easy, all you need to do is click on the product in the search bar, the options will be al listed from the vendors who are selling them. You can also categorize the prices from lowest to highest and vice versa. Through this action, you can also analyze where your brand lies in the popular frame. Google is considered to be one of the best and trusted sources to garner such information because it has the ability to scrape through relevant information that matters. Hence using this platform to work on your pricing can be very useful.
BizRate is another great price comparison solution. Not only does it help you find out the prices for each of your products, but it also has an option for you to set price alerts. For instance, say if you have a tight budget when it comes to a particular product what you need to do is just place your email address and price target and whenever your product falls in the price range you set, an alert will be sent to you, how easy was that?
BizRate offers its users an easy and efficient experience when anyone lands on its page. It is easy to find what you need which you can identify either manually or through the collections present. It also lists out offers which are again another great feature about it. You can easily check out the prices they sell with or without the offers and plan your pricing strategies accordingly. You also receive insights on what prospects are interested in, what offers are a steal for them and create a similar pattern according to that structure.
NexTag is considered to be one of the oldest forms of price comparison solutions. It consists of the top brands on its page where pricing activities can be easily retrieved by its users. With NexTag one can easily set pricing alerts, compare sellers and find similar product solutions without any hassle.
NexTag feature which is the seller comparison is a beneficial feature for you. For instance, you can easily identify what prices your competitors are setting which can help you to enhance your pricing strategies better.
Pronto is another brilliant price comparison solution. It is easy to use and gives you all the information about any product you wish to seek information about. The greatest thing about this feature is the fact that you can find any of the top brands of the product with just one mention in the search bar.
From a business front, the greatest thing is that you can set your pricing strategies according to the top competitors in your industry. Pronto doesn’t just allow you to search the products from such brands, it also gives you leverage to study about how their pricing patterns work. This can help you to set your prices in a different manner so you can sell better to your prospects.
Shopzilla is a similar example to Amazon. With Shopzilla, you can easily explore multiple products and solutions from anywhere in the world. All you need to do is find your product via the search engine and you get all the vendors who sell it. This is another beneficial factor for a business because you can find all the brands under one roof and that can help you to set your prices accordingly.
Become is another great price comparison solution. For those who love a good bargain, this is the platform for you. Become also offers prospect reviews and discounted deals so that a user can also experience the right choices for its solution. From a business front, this can be beneficial because it can help you in setting the right prices. You do have the price comparison but you also have an added benefit which is the reviews of prospects. You can receive good insights into prospects that can help you set prices which according to them are reasonable and a better option.
Pricegrabber offers tools that can help a brand like yours to conduct research on the products being sold online. Pricegrabber is one such medium where such research can provide you with all the inputs needed to create an effective pricing pattern. Pricegrabber is a beneficial medium to help businesses like yours to benefit from learning and adapting the pricing measures being displayed online.
Shopping.com is a website that is based on the international market. It helps to showcase any prices via the international market and this provides a good opportunity for you. Your brand can witness how your similar solutions are being sold in what prices and can help you create a better pricing strategy accordingly.
This is a dedicated page that is best suited for Amazon shoppers. The greatest feature about this platform is that it lists all the prices in detail which means that it shows prices which are current price, the average price listed from sellers and what Amazon prices are. This can help prospects to understand what exactly are the deals and discounts they are getting.
From a business front, this is a great medium for you because you now have the insights needed which can help you to plan your pricing factors better. You will be able to set a reasonable price as well as set a discounted price which will draw the attention of your prospects better.
10. Yahoo Shopping
Yahoo Shopping is another similar example to Google Shopping. You can easily find the products by typing in the search engine. Yahoo shopping is also another beneficial platform for you to receive any insights on the price comparisons.
“Price is very rarely the reason why our customers don’t buy. We have to be honest with ourselves and realize that we failed to show them the value that our product has. Increase value and price becomes secondary.’’ – Nick Stringari
The Bottom Line…
“Pricing is actually pretty simple…Customers will not pay literally a penny more than the true value of the product.” – Ron Johnson
There are thousands of solutions like yours in the market, there are multiple competitors selling them and there are numerous prices listed for it but in the end, you need to sell genuinity and value to prospects if you want to grow your business better.
Pricing is important and it plays a heavy role in understanding what value your product holds. “People tend to be clueless about prices. Contrary to economic theory, we don’t really decide between A and B by consulting our invisible price tags and purchasing the one that yields the higher utility, he says. We make do with guesstimates and a vague recollection of what things are “supposed to cost.”– William Poundstone
When choosing web scraping tools to retrieve more data for pricing, opt for the one that allows you to scrape quicker and much more conveniently. When it comes to selecting a proxy server, pick one that is paid, reliable and quicker in conducting its purpose.
“This thing called ‘price’ is really, really important. I still think that a lot of people under-think it through. You have a lot of companies that start and the only difference between the ones that succeed and fail is that one figured out how to make money, because they were deep-in thinking through the revenue, price, and business model. I think that’s under-attended to generally.” – Steve Ballmer
So, for your brand which price comparison solution will you incorporate? Which solution you believe is the perfect one to apply for your brand? We would like to hear your opinion on your choice.