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How does Price Monitoring help to Stay Competitive in the Market?

How does Price Monitoring help to Stay Competitive in the Market?

Every retailer and business knows that consumers tend to look shop and look for the best prices they can find online. However, plenty of these businesses fail to respond to this behavior properly. One of the worst things you can do for your business is to make pricing decisions without the proper knowledge of what your competitors are pricing similar products.

If you want to sell your products at a discounted price or sell them at a premium, having a proper price monitoring strategy can significantly help you achieve your business goals. Let’s look at how you can utilize price monitoring to stay highly competitive in your market. Read on to learn more!

What is price monitoring?

Price monitoring, also known as retail monitoring or price intelligence, is the practice of analyzing your competitors’ prices to optimize your business’ pricing policy. A monitoring of price strategy is most often carried out by a professional team of staff auditors within a short period. This allows your business to quickly respond and adapt to any changes in the market’s prices.

Your staff auditors will analyze all external and internal variables that can affect the prices and use this information to further optimize your pricing policy and strategy. Price monitoring is one of the most important processes when it comes to thriving in the e-commerce industry. It can give you information about your rivals’ operations; those that sell the same products as you and have the same customer base.

You can also gain a deeper insight into the market’s situation by monitoring indirect competitors’ prices. These are businesses that target a different or the same audience as you while offering a lower or higher price than your prices. Make sure that you only track relevant pricing information to your respective e-commerce to not waste resources.

Price monitoring process

Now that you know some of the basics of price monitoring, let’s look at the process of how it works. A great monitoring of price strategy can act as your business’ GPS that tells you what your competitors are doing and how you can take advantage of the opportunities it can provide.

Below are the things your price monitoring strategy should achieve to help your retail business.

  • Competitive advantage

Your price monitoring strategy should help you achieve a competitive advantage in your market. It should let you set objectives on how you can translate price monitoring into a positive business outcome such as higher revenue.

  • High accuracy

A price intelligence strategy should only gather and deliver highly accurate, relevant, and valid data. This is very important in making the right business decisions based on the data.

  • Important insights

A retail monitoring strategy should provide important insights into the market whenever you need it.

  • Meaningful action

Price/retail monitoring is useless if you don’t use it to make some meaningful action on your business.

Let’s proceed and look at some practical methods you can do to make an effective retail monitoring strategy.

Step 1: You need to set a clear market position

The very first essential component in a price monitoring strategy is a market position. A clear market position will let you easily make sense of the date you receive. You need to take the price data and use it to preserve your brand and its value proposition.

Step 2: You need to study your competitors

You need to identify and carefully study your competitors to be able to make a proper strategy. Learn what they sell and how much they sell it for, you can do this by utilizing web scraping methods to gather large amounts of information.

Step 3: Test the pricing data you receive

Once you receive the relevant pricing data for your products, you’ll want to test out their accuracy.

Step 4: Identify the problems in your strategy and adjust

A proper strategy isn’t rigid; you should be able to adjust it to accommodate for any problems arising.

Step 5: Make it a daily routine

Price monitoring shouldn’t only be a one-time thing; it should become an important routine in your daily business operations. This will ensure that you’ll stay competitive consistently.

Main benefits of price monitoring for businesses

There are plenty of benefits of proper price monitoring for any business, especially for e-commerce. Below are the main benefits you can expect.

Price monitoring will improve your pricing policies

Price monitoring has plenty of automated tools you can utilize to improve your pricing policies. It can help your team to obtain important market intelligence. With this data, you can make better and more informed decisions when it comes to pricing your products. If you are interested in automated tools for collecting pricing data, visit the Oxylabs website for more information.

Price monitoring will help increase your conversions

Having a proper price monitoring strategy will provide you a broad view of your market’s situation. By using price monitoring, you will recognize a trend in prices. You’ll be able to maximize your sales by offering discounts and promotions during the best time.  

Summary

For most businesses to excel, they need to have access to accurate data about their operations. Having real-time pricing information can significantly help any business owner to form strategies and make business decisions that wouldn’t have been possible without price monitoring.

Positive Words Research – How does Price Monitoring help to Stay Competitive in the Market?

Why Self-Love Is a Key to Success and it Helps You Grow

grow

If someone were to ask you the following question, what would your answer be?

How much do you love yourself?

The answer to this question belongs only to you, and the importance is much higher than you believe. Self-love can have a grand impact on the choices you make in life, the things you are inviting in, and the effect you have on other people.

‘Your life is your own creation. Living on the basis of self-criticism will never bring you to improvement. If you want to achieve the things you aim for, you must learn to love yourself’ – explains Luke Megaton, a psychology writing expert at UK BestEssays.

For those who believe that criticizing yourself is essential to becoming successful, here is the truth behind the two choices:

Self-Love vs. Self-Criticism

Criticizing oneself is a choice, a tendency people have. Many of us see criticism as a tool essential for our improvement since the idea pushes us to live up to our higher standards.

But, what if I told you that you have been wrong all along? Instead of helping you become better, self-criticism makes you akin to sabotage your dreams and goals.

Without self-love, you can only hurt your productivity and performance. By doing this, you are hurting your well-being.

Self-Criticism Holds You Back

Here is how criticizing yourself reflects on your life

  • Self-criticism will make you focused on your flaws and decrease your confidence
  • Self-criticism builds on your fear of failure, which will make you give up easy and lead to rushed decisions
  • When you criticize yourself on regular basis, you are very unlikely to learn from the mistakes you are making

Yes, criticism may be beneficial for you in some cases, but you must find your own limit. As Alexander Pope once said: ‘’To err is human, to forgive, divine’’.

Self-Love Helps You Grow

  • Increases your motivation
  • Boosts your perspective and improves your decision-making skills
  • Self-love improves your relationships by making you happier and more confident
  • Self-love decreases depression and anxiety and boosts your psychological health
  • Makes you resilient, which helps you raise from failure and learn from the mistakes you make

Loving yourself is the best thing you can do to achieve great things in life. Starting with feeling good to looking confident in the eyes of others, you must learn how to love yourself more, and criticize yourself less.

Learning to Apply Self-Love in Your Life

Believe it or not, self-love is a learnable thing. There are so many things in life that will make you feel less worthy than you are. Some of these could decrease your self-confidence and make you judge your decisions.

Sometimes this will be beneficial and help you change the bad things. Although in most cases, letting others kill your self-love is the worst thing you can do.

If you want to improve your life and well-being, here is how you apply and grow self-love in your life.

1.      Find your mantra

Have you heard the word mantra’? To fight the stillness and anxiety, practice some meditation and find your mantra. Once you do, return to it every time you need a little boost. It helps you grow your inner peace and empower you.

2.      Get yourself some alone time

It is as simple as that – if you want to love yourself, find the time to love yourself. Whether it is a warm, calming bath before bed or drinking your favorite hot chocolate in front of the TV, get yourself some alone time. During this time, love yourself and nobody else.

3.      Find support

There will be times in life when you are struggling – we all have such times. However, just because you are having a rough patch doesn’t mean that you should do it alone.

We all need people in our lives, but not just any people. People who value us as individuals, and are positive. Such people will help you get through hard times and grow your qualities.

4.      Let yourself be vulnerable

Open up to others, no matter how hard it seems. People spend days and years keeping things to themselves, only to let these things out at the worst time possible. Set some time aside to be vulnerable with the people you love. Seeing people who love you will help you love yourself more.

5.      Notice yourself

In times of challenge and doubts, notice yourself. Instead of criticizing your every move when things go bad, seek the positive things you have. We all have them. It makes us grow and develop even more.

Put yourself in the shoes of people who love and admire you, and notice yourself from that position. Who do you see?

6.      Write to yourself

Yes, as ridiculous as it sounds, writing to yourself works. You can write yourself a letter or start a diary, but the important thing is to keep the conversation between you and yourself.

Talk to yourself as if you are talking to your dearest friend. Advise ‘your friend’ in tough times and tell them everyone can make mistakes. You can comfort yourself instead of attacking yourself, same as your best friend would do.

7.      Make a gratitude list

What are you grateful for? Write down five to ten things you are grateful for each day. It is very simple but very beneficial for your well-being and motivation. If you want to increase your self-love, give yourself good reasons to love yourself.

It can be something as simple as seeing a friend you haven’t seen in a while or eating your favorite ice cream on your day off. Just think of the things you feel grateful for.

Practicing your self-life can make all the difference in your life decisions and success. If you learn to stray from criticism and aim towards appreciating and loving yourself, you can grow and achieve more than you ever hoped for!

Author’s Bio

Warren is a marketing enthusiast and a blogger at UKBestessays.com, who loves music. If he doesn’t have a guitar in his hands, he’s probably embracing new technologies and marketing techniques online! You can meet him on Twitter and Facebook.

Here at Positive Words Research, we are looking to share with our readers original content that hasn’t been published on other sites so if you are comfortable with Positive Words Research being your sole publisher, we are more than happy to share with our readers your inspiring and empowering story.

Positive Words Research – Why Self-Love Is a Key to Success and it Helps You Grow

5 Principles That Can Make You Ultra-Successful in Less Than 10 Years

successful

Success is not easily attainable. You need a strong dosage of courage and boldness to reach it. You also need intelligence and commitment to set powerful, meaningful life goals, and patience to let all of the magic happen. There is no “key to success,” as many people might say. There’s only one way you can conquer this world and achieve your goals: self-confidence and honesty.

In order to be good at something, you must first be honest with you, and see where you stand. Are you on the bottom end? Are you on the top end? How would you describe your results compared to other peoples’? After you’ve answered that question, next step is working towards your self-confidence.

Accept what you should improve, and be bold enough to keep your head up no matter the circumstances. If you don’t see any tangible results after a while, don’t give up. It’s your goal, it’s your life. Make the best out of it.

Here are some ideas on how to climb the success ladder in less than 10 years. No jokes, I promise. Just (painful?) truths.

1. Not All People Are Successful

As I’ve warned you, I am going, to be honest with you. Most of the people you talk to, listen to, and care about won’t be successful. They might talk a lot about life goals, plans, and strategies, but they will get lost in the process. Their plans will disappear once they hit reality. They will understand that in the real world, you must provide in order to survive, and give out more than you can take.

For most people, that is a bummer. Such a bummer that most of them give up. They stop trying, and they blame it on society. They become “disappointed with life,” and lose it. They can’t evolve anymore because they need to survive – and in order to survive, they need to provide.

I am giving you this honest truth so you know what to expect. 95% of the people around you aren’t going to be successful. You might. But you must first understand how to join the 5%.

2. Keep Your Head in The Game

There are many things to remember if you want to reach success – but the first one is always the crucial one. Keep your head in the game! No matter how many difficulties you might go through, no matter how much you suffer, no matter how stressed out you are, you have to keep going. How to start:

  • Focus on your daily tasks
  • Don’t let people distract you. If they do, avoid any contact you have with them while you work
  • Be persistent
  • Face your fears
  • Let go of negative thoughts and emotions
  • Push, push, push

3. There Will Be Hard Times

You already know this, but it’s true. There will be hard times, but they shall pass. Don’t let yourself be overwhelmed by negative thinking and too many worries. Keep your head in the game, concentrate on your work, and from time to time, don’t forget to have some fun. There is no way you’ll be able to survive hard times by staying in your bed and watching Netflix alone.

Go out, meet new people, socialize, find new connections, expand your friends’ circle – you need that as a human! But then always come back to your work! Hard times will pass, but your success rate has to stay constant, or improve. Most people get lost in this part of the process. These life obstacles overwhelm them deeply, and they can’t find the courage to stand up again. Don’t be one of these people. Stand up and fight.

4. Get Out of Your Comfort Zone

Being comfortable feels nice and cozy, but is it really good for you? Think about it. If you spend your entire life in a “normal,” regular setting, are you going to evolve? Are you going to be exposed to unusual situations? Are you going to learn from your experiences? Probably not. That’s why you must get out of your comfort zone.

One of my best friends once told me: “Experiencing failure and discomfort is crucial in the process of reaching success. I saw that in myself. Becoming one of the best professional writers online was not an easy job, but I made it – of course, after endless tries.”

“There are so many things to learn, see, face, accomplish, that you can’t run away from all of them – and you shouldn’t,” she continued. “I am not sure how you define success, but we can surely agree that success means evolution, doesn’t it?”

That’s when I thought: “Well.. how am I going to evolve without the necessary setting?” And guess what I did? I got out of my comfort zone. I left home and started a completely new life on my own.

Take your first step. Do that now. Start your journey. Every small step counts.

5. Give Up on Distractions

If there are things or people in your life that you find distracting, it’s time to kiss them goodbye. If you’ve decided to be part of the top 5%, there is no way you can let others steal your dream. Ex-boyfriends/girlfriends, bad parents, awful friends – they need to go away and leave space for the good things that will follow.

Side Note: There is one more thing I would like to add. It’s not a principle per se, it’s more like a life advice. Don’t make success only about the money. In the short term, money might bring happiness and joy, but in the long term, there is more to life than that. Find your passions and develop them into something special – that is the only way you can truly reach success.

Author’s Bio

Amanda Johnson is a content manager from San Francisco.
She loves writing about marketing, self-development, and education. Amanda has two dogs.

Here at Positive Words Research, we are looking to share with our readers original content that hasn’t been published on other sites so if you are comfortable with Positive Words Research being your sole publisher, we are more than happy to share with our readers your inspiring and empowering story.

Positive Words Research – 5 Principles That Can Make You Ultra-Successful in Less Than 10 Years

How to Discover Your Why to Get Opened to Success

discover

“He who has a why to live for can bear almost any how.” – Friedrich Nietzsche

Nietzsche’s work has often been misquoted and misinterpreted. But let’s stick to this specific quote for now… It triggers something in you, doesn’t it? When you know where you’re headed, you will find the strength to stay on the right path. No defeat has the power to shake your world.

How do we find that why, so we’ll stay strong in the how?

We live, work, and have relationships. Also, have friends. None of it feels exactly right. We’re often exhausted, angry, unmotivated, confused… practically helpless. Do you know what the reason for the negative state of being is? Having no clear reason for our existence.

Most of us haven’t discovered our why because we’re afraid it might be too challenging for us. So we remain in that zone of comfort, living a life that doesn’t make us happy.

How do you make things right? It all starts with discovering your why. Let’s see how you can do that.

1. Define Your Own Vision of Success

How do you envision success? When you perceive someone as successful, you surely don’t feel that way just because they have money. Success is more. Is about traveling and seeing the world? Or about doing the thing you love? Is it about starting a beautiful family? Maybe it is about having a cozy home?

Define what success means to you. From there on, you’ll be able to start to discover your reason for living.

2. Define Your Current Priorities

  • Are you happy with what you have now? If yes, what are the things you’re happy about? If no, what are the things that make you unhappy?
  • What makes you successful or unsuccessful?
  • Would you change something in your life?
  • What current priorities should you abandon? What priorities should you set for your future?

Don’t cheat! Be honest with yourself. The answers will help you get on the right track.

3. Find Your Current Passion

Maybe you were truly passionate about your profession before, but you lost the enthusiasm somewhere along the way. It happens. Our passions may change over the years, but that change doesn’t happen with our true calling.

Look for the one thing you’re into right now. Don’t be afraid of revealing your current passion. Find ways to move things in that direction.

4. Ask and Answer the Right Questions

Did you discover a specific goal through the above-listed methods? Here are few more questions for you to answer:

  • Why do you want to achieve this goal?
  • What do you hate about your current way of life, your position in it, and your job?
  • Will your life get better once you achieve this goal?
  • Do you have to sacrifice anything to achieve the goal? Will you find the strength to do it?
  • What are the things that you’ll gain as soon as you reach this goal?

These questions will lead you to the answer to the ultimate question: is this your why?

5. Write a Personal Essay

You often forget about the brightest ideas when you don’t note them down. That’s why it’s important to write about your goal.

A personal essay will open your eyes to what your why is and how you can start living in accordance with that calling.

“Personal essays have the power to reveal the thoughts and feelings we’re hiding from ourselves”, agrees Paul Clarkson, a writer at AU BestEssays. “In fact, I recommend writing plenty of them. If possible, write one every day. It doesn’t matter how well you can write. This will be a personal practice that no one will grade. It’s all about understanding who you really are and what you need to do now to change for the better.”

6. Look for the Meaning

How does your job fit into society? How is your role important not only for you but for other people as well? Is that meaning valuable?

A teacher has a meaning. They are educating different generations of students and they are bringing them into the real world. Every profession has its meaning, but it’s important for you to find the purpose of what you do. Do you believe in that role, or would you like to do something else with your life?

7. Stay Confident

Set all doubt and disbelief aside. When you’re looking for your purpose in life, you’ll definitely face doubts. No matter how strong they are, they shouldn’t stop you from giving your why a try. Think about it: you might have discovered your purpose. That deserves your commitment.

Identifying your calling is not the easiest thing in the world. Even when you find your why you’ll face many challenges on the journey. But guess what: it’s the only right thing to do.

Author’s Bio

Lynn Adamsen is a freelance writer and editor from Edinburgh who has helped individuals and businesses with their writing challenges for almost a decade now. Now she is taking full advantage of the web copywriting course. Feel free to get in touch with@lynn_adamsen.

Here at Positive Words Research, we are looking to share with our readers original content that hasn’t been published on other sites so if you are comfortable with Positive Words Research being your sole publisher, we are more than happy to share with our readers your inspiring and empowering story.