Market research is now an inevitable aspect of doing business, whether online or offline. You can get valuable insights from
- News portals
- Market research firms
- Industry blogs and so on
From all these sources, you can gain information about:
- the actual prices in the market
- real-time competitive pricing structures
- potential opportunities and open niches
- research and development processes
- current market trends
- state of competition, direct and indirect
- your major and minor competitors
- potential customers (based on your buyer personas)
By incorporating web scraped data into your business workflows, you receive the due diligence to gain an edge on the market.
Let’s investigate some processes in more detail.
By scraping pricing data while doing market research, you can determine the best way to position your goods or services.
With an extremely dynamic world of online retail, where new products appear regularly and prices change rapidly, access to real-time, top quality data—as well as pricing history—is critical to making profitable pricing decisions.
Market Trend Analysis
Data scraping and analysis can help enhance the accuracy of your market trends research methods and boost overall productivity. If you manage to figure out the key market movement factors and become a first-mover, you will reveal incredible and innovative business opportunities.
By parsing large amounts of data at a time, you’ll get valuable insights into particular market scenarios and industry backgrounds.
Research & Development
A well-arranged and thought-out cycle of research and development can radically reduce product post-launch problems, so devoting more time to R&D can result in a significant difference between disastrous failure and success.
Therefore, web scraping can unlock incredible insights for research and development in every aspect of the cycle, through websites, forums, news articles, etc.—all resources for monitoring your customer’s needs or confirming assumptions about how to best serve them.
Through web data scraping integration and systematizing competitors monitoring, you will avoid the pain points and blind spots that create risks to your business. It will provide you with a powerful advantage to extend your market share, or use your business growth opportunities to your advantage, and maximize revenue.
Optimizing Point Of Entry
With all the above-mentioned points in mind, remember that how you price and position your product matters. Proper market research facilitates your market entrance and expansion with confidence and a competitive upper-hand.