When it comes to tracking your competitors, there are a variety of ways to do it. With all the new businesses, products and services coming to market, it’s becoming increasingly important for a company to know what is happening in the environment.
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As the landscape changes, companies need to adapt and grow if they want to continue staying relevant to consumers. Hence, we strongly suggest a great competitor tracking software, manual or automatic, to do the job.
With several of competitor tracking software also popping out of the woodworks, it can be tricky to know exactly which ones do what they say they will. The best price monitoring software UK companies will benefit greatly from have a fantastic reputation with clients and have delivered numerous successful projects to help brands and companies stay relevant.
This way, businesses can keep savvy with their competition and become even more competitive to drive profits up. However, when it comes to the type of tracking software available on the marketplace, there comes down to two categories: automatic and manual. Which will be more effective for your business? Let’s see.
Automatic Vs. Manual Competitor Tracking
Manual tracking is a great part of the analytics strategy as it enables brands to collect a big amount of data. Manual is normally where there is a team of professionals sitting behind the computer and using tons of excel data sheets to go through big data and analyse the results in an informative manner. These can then be exported into spreadsheets but this method, as you can imagine, does take manpower and a lot of time. So, this does limit how effective the tracking can be to a large extent. Manual tracking may be good for small business but the bigger companies need more data to glean effective results.
Automatic Competitor Tracking
If you are a bigger or even a medium-sized company, we highly suggest an automated tracking software that utilises the best in technology to get great amounts of useful data. These are far more scalable and time-wise, really beat manual tracking. Moreover, you will have more time left to focus on the crucial aspect of your business that really require your careful attention.
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You will be able to get an idea of market fluctuations, consumer needs, price changes, any undercutting going on and much more information. The additional benefit is that these are given in real-time or even before they happen with predictions. This way, you get a much better overview of the market.
As you can see, there are benefits to both manual and automatic competitor tracker, and both have their place in the marketplace. However, if you are a bigger business, then it’s best to go down the automated route for much quicker, reliable results.