What are the different types of competitors?

In the QL platform, the definition of your competitors plays a crucial role in determining the pricing recommendations provided. We utilize three distinct types of competitors to cater to your pricing strategy:

1. Direct Competitor refers to a competitor you compare your prices against directly. It works effectively when you want to position yourself as "Cheaper Than Amazon" for example, or compare against a particular competitor. 
2. Cheapest Competitor involves selecting a specified number of the cheapest competitors within a marketplace. Instead of focusing on the identity of the competitors, it considers their position in the marketplace. It is useful if you aim to be the "Cheapest in the market" or be priced slightly higher than the second cheapest competitor.
3. List Competitor allows you to track and compare your prices against specific competitors of your choosing based on how they appear in the marketplace. It functions similarly to Direct Competitors in terms of pricing strategies and enables you to track and benchmark against specific competitors.

Within your QL account, you can adjust the cheapest competitors and the list of competitors. You can choose the number of "cheapest competitors" to track, specify the competitors you want to monitor, and even exclude specific competitors from the analysis.

By leveraging these competitor types and customization options within the QL platform, you can fine-tune your pricing strategies and ensure they align with your specific business goals and market positioning.

 

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Index of Related Articles

How to set up Cheapest and list Competitors
How to integrate your competitors data