Nowadays, a common denominator between an entrepreneur wanting to start a business, a CEO of a big company, a market analyst, a marketer, and even a journalist is data. Yeah, they all derive their strategies and insights from data. It looks like data is becoming the new cool kid in town. It is the core ingredient of market research and business strategies.
Whether you are starting a new business or trying out a new strategy for your existing business, you will definitely need to find a way to access and analyze the vast amount of data available out there. The question is; how? Well, this is where web scraping or data scraping comes in handy.
Data scraping is one of the best competitor monitoring tools available to analyze content. It gives you unprecedented access to your competitor’s content. Therefore, web scraping is used to automate data gathering to gain the deepest insight into your competitor’s data.
Without getting too ahead of ourselves, let’s see what web scraping or data scraping is.
1. What is Web scraping?
Well, let’s assume that data is essential for your business, and you can see data on your competitor’s website. The question is; how will you download it in a format you want? Well, most people still use the old technique of copying and pasting. But then this technique is very ineffective in the sense that Its prone to errors and takes up your valuable time, especially when you are dealing with large websites with hundreds of pages.
“Web scraping or data scraping is a process of automating the extraction of data in an efficient and fast way”
Thankfully, you no longer need to go to that extent, thanks to web scraping technology. Web scraping or data scraping is a process of automating the extraction of data in an efficient and fast way. With the aid of web scraping tools, you can extract data from any website, no matter how large it is, and store it on your PC.
Therefore, for your business to continuously stay ahead of the competition, it is essential to leverage the power of data scraping. Data scraping plays a significant role in getting the right data for analysis and competitor monitoring.
2. Why is web scraping useful for me?
Some businesses rely solely on their own data and their own loyal customer base to succeed. But if you really want to be great, using your data and customer loyalty will not be good enough. Without looking into what your competitors are up to, you will have minimal knowledge about the marketplace you are competing in. A robust competitor monitoring system is a necessity for any successful business.
“It is paramount to understand the importance of monitoring your competition and knowing how to do so”
Therefore, it is paramount to understand the importance of monitoring your competition and knowing how to do so. Fortunately, data scraping has made it a walk in the park to obtain the data you need for a comprehensive analysis of your competitors-thus, ensuring you get a competitive advantage over your peers.
Here is how you can harness the power of web scraping technology to extract the data you need to monitor your competitors by tracking your competitor’s product pricing.
Like I said earlier, tracking your competitor’s activities gives you a competitive edge. The most effective way of leveraging on data scraping is monitoring your competitor’s product pricing. This enables you to compare your own pricing to those operating in the same market niche. By so doing, you can respond to your competitor’s fluctuating prices, therefore, coming out ahead.
For instance, let’s say you are selling product A. By performing data scraping, you will know how much your competitors sell the same product in a given period. Maybe the first day you are doing data scraping, they are trading at $109.99 for a piece, but the next week they’re selling at $99.9 for the same item. With this information, you can always re-price your own supply to sell at a consistent volume.
3. How can i use web scraping to help my business?
With web scraping tools, you no longer need to log on every day to your competitor websites looking for product pricing data. That basically means no more copying and pasting, writing down, and so forth. With the aid of a web scraping tool, you can easily create your own price database without the inconvenience of doing everything manually. Competitor price monitoring is also useful in monitoring discounts and special offers.
Before second-guessing the power of web scraping, you need to remember that customers always have access to a vast amount of data. Therefore, they only take a fraction of a second to compare prices and products, so I cannot overemphasize how important for you to measure up to your competition. You may assume that your team could easily hover around your competitor’s websites doing competitor price monitoring, but that technique doesn’t provide many insights into their real-time pricing strategies.
With web scraping tools, such as price monitoring systems, you can receive up-to-date information on your competitor’s product pricing, i.e., what they are charging and when. This system allows you to monitor your competitors so that you are in a better position to respond to their strategies. For instance, you will be able to learn when your competitors are launching flash sales (exact date of the week), or when they are bundling their products to drive more sales. With this knowledge, you can make timely decisions on how to run your own sales. You will be able to determine which products to introduce or bundle that can drive more sales, therefore, keeping pace with your competition.
What’s more is that data scraping helps you keep up with the platforms your competitors are selling on, e.g., Amazon. As you are aware, the e-commerce powerhouse now accounts for more than half of all online retail sales. So, monitoring your competitors by analyzing Amazon data could prove to be a key differentiator for your business. Keeping tabs on your competitor’s product pricing ensures your business strategy yields maximum sales and profits. This also allows you to continuously monitor your competitors’ rankings so that you can better understand what potential customers are searching for.
If you would like to learn more about how these tools can help you grow your business simply book a free call with one of our customer success managers