Competitor Monitoring: How To Monitor Your Competitors' Promotions Effectively
4 May 2012 |
Retailers go through much pain when struggling to monitor their competitors' promotions effectively. Advances in competitor price monitoring technology means they can now monitor their own promotions against the competition in an efficient manner.
Profitero provides up-to-date high-quality competitor price monitoring intelligence to multichannel retailers and manufacturers that helps with marketing campaigns, supplier price negotiations and day-to-day pricing management.
Our customers often tell us of the pain they go through to monitor the promos of their competitors closely, as well as managing their own promos. One question we hear a lot from clients is, "How can I monitor my competitors' promotions in an more efficient manner?". Many retailers say they think their competitors are undercutting their prices on the products on promotion in their stores.
To meet this business requirement, Profitero has developed a new feature to help retailers and manufacturers to monitor their competitors' promotions more effectively. Our new comprehensive view allows customers to monitor promotions, promotional prices and promotion messages efficiently.
As highlighted in the below screenshot, you now have the 'Promotions' filter option; choose 'My Products: In Stock', 'Competitors: In Stock', 'Promotions: My Products', and the 'Promotions' of your competitors options.
You are now able to identify your promotions easily - the price is highlighted in yellow. You will also see the promotions of your competitors with the price highlighted in the same colour.
|Profitero.com new feature highlights promotions pricing intelligence in yellow|
We will take a look at the Vax Rapide Deluxe Carpet Washer. In the following screenshot, we can see that one of our competitors is running a promotion as the price is highlighted in yellow.
|Profitero.com new feature highlights the promotions with price in yellow|
By hovering your cursor over the promotional price, you will see the promo message. In the below screenshot, you can see that the price was reduced by £20 to £119.96 in this promotion.
|Profitero.com new feature highlights the promotion message in yellow|
You can also view the historical promotional information by placing your cursor over the graph. Below, we can see that the retailer ran a promotion on this product on April 27: customers could save £5.00 when purchasing the product on that date.
|Profitero.com new feature highlights the historical promotions price intelligence|
With this new Profitero feature, retailers and manufacturers can now monitor their own promotions against the promotions of their competitors in a timely, effective format.
Click here to watch a video of Profitero's promotions feature.
© 2012 Profitero
|Profitero.com online retail price monitoring service|
Pricing intelligence company Profitero works with retailers and manufacturers to help them increase sales and maximise their profits by using competitor price, promotions and stock information at scale. For more information on Profitero price intelligence and competitor monitoring, visit www.profitero.com or email firstname.lastname@example.org.