In the fast-paced Australian retail and service landscape, pricing can be the difference between a conversion and a bounce. If you aren't monitoring your competitors in real-time, you are likely leaving money on the table or losing customers to a $2 price difference you didn't even know existed.
Monitoring competitor pricing isn't just about being the cheapest; it’s about understanding market positioning. This guide will show you how to move away from manual spreadsheets and set up a system that alerts you the moment a competitor changes their strategy.
Prerequisites
Before you begin, ensure you have the following ready:- A list of your top 3-5 direct competitors (those who rank for the same keywords or sell the same products).
- A list of your "Hero Products" or services (the 20% of items that drive 80% of your revenue).
- Access to a desktop computer (mobile is difficult for the initial setup).
- A dedicated email address for alerts to keep your main inbox clean.
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Step 1: Identify Your True Competitors
It is a common mistake to monitor everyone. In Australia, you need to differentiate between global giants (like Amazon or eBay) and local specialists. While Amazon might set the floor price, a local Brisbane competitor might be your real threat for service-based or high-intent local delivery items. What you should see: Create a simple list or spreadsheet with the competitor name, their website URL, and their primary value proposition (e.g., "Cheapest price," "Free shipping," or "Premium service").Step 2: Choose Your Monitoring Tool
Manual checking is a recipe for burnout. To monitor in real-time, you need a tool. For E-commerce (Shopify/WooCommerce): Tools like Prisync or Price2Spy* are industry standards. For Service Businesses: Simple web monitors like Visualping or Distill Web Monitor* work best for tracking changes on a booking page or pricing table.- The Free Route: Google Shopping Insights (though less "real-time" than dedicated software).
Step 3: Set Up Your Tracking Software
Once you’ve chosen a tool (we recommend starting with a tool like Visualping for local service providers as it's very visual), create your account. Screenshot Description: On the dashboard, you should see a prominent "Add New Job" or "New Monitor" button, usually in the top right corner.Step 4: Input Competitor URLs
Navigate to your competitor’s specific product page—not just their homepage. If you are a Brisbane plumber monitoring a competitor’s "Hot Water System Installation" page, copy that exact URL.Paste the URL into your monitoring tool. The tool will then "crawl" the page and show you a visual preview of the site.
Step 5: Select the Pricing Element
This is the most critical step. You don't want alerts every time they change a blog post; you only want to know when the price changes.Most tools allow you to "Select Area." Use your mouse to draw a box specifically around the price figure (e.g., the "$499" text). This tells the software: "Only alert me if the pixels in this specific box change."
Step 6: Define the Frequency of Checks
In the Australian market, daily checks are usually sufficient for most SMEs. However, during peak periods like Black Friday, Boxing Day, or EOFY sales, you may want to increase this to every 1-4 hours.Pro Tip: Don't set it to "Every Minute." You will get bogged down in data and potential "false positives" if the site has dynamic elements that shift slightly.
Step 7: Set Up Real-Time Notifications
Configure where the alerts go. We recommend a dedicated Slack channel or a specific folder in your Outlook/Gmail. What you should see: A settings menu where you can toggle "Email Alerts" or "SMS Alerts." Ensure you select "Trigger only on price decrease" if you only care about being undercut.Step 8: Account for Shipping and GST
Australian consumers are savvy. A competitor might have a lower base price but high shipping costs to Queensland. When you receive an alert, don't react instantly. Check if their "Total Landed Cost" (Price + Shipping + GST) is actually lower than yours.Step 9: Analyse the Data Patterns
After two weeks of monitoring, look for patterns. Does your competitor always drop prices on Friday afternoons? Do they raise prices when stock is low? Understanding the why behind their pricing allows you to be proactive rather than reactive.Step 10: Automate Your Response (Advanced)
If you are using an e-commerce platform, you can use "Dynamic Pricing" rules. For example: "Always stay $1 cheaper than Competitor X, but never go below a $10 profit margin." *Common Mistakes to Avoid
- Ignoring the ABN/Location: Don't try to price-match a US-based site. Their prices don't include Australian GST or local shipping, and customers know this.
- Racing to the Bottom: If you monitor a competitor who is struggling, they might drop prices to unsustainable levels. If you follow them, you'll both go out of business. Know your "Floor Price."
- Monitoring Too Many Items: Focus on your top 10-20 products. Monitoring 500 items creates too much "noise" to take meaningful action.
Troubleshooting
- The tool isn't detecting changes: Ensure the competitor isn't using a "Pop-up" (like a newsletter sign-up) that blocks the price. You may need to set a "Delay" in your tool settings to let the pop-up load and be closed.
- Too many false alarms: This usually happens if you selected too large an area on the screen. Re-select the area to only include the numerical price.
- IP Blocking: Some big websites block monitoring bots. If this happens, you may need a tool that offers "Residential Proxies" to appear like a normal Aussie shopper.
Next Steps
Now that you are monitoring prices, it’s time to look at your broader digital presence. Pricing is just one pillar of the "Marketing Mix."- Review your Value Prop: If you can't be the cheapest, how can you be the best? (Better warranty, local Brisbane support, etc.)
- Audit your Google Business Profile: Ensure your local presence is as sharp as your pricing.
- Contact Us: If you need help setting up advanced tracking or dynamic pricing for your Brisbane business, reach out to the Local Marketing Group team.