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Ensuring
that products are priced as they should be is essential for building customer
trust, as any potential malpractice is quickly exposed due to the internet. Looking
at your resellers, it is essential that you check on the manner they conduct
their business. Why and how would you do that?
There
are a number of reasons why price monitoring is becoming an increasingly
important element of business in the 21st century. The insights that it gives not
only on competitors but also the resellers enables a business to stay ahead of
the game and conduct their business according to the market rates. This is particularly
important in monitoring resellers if they are effectively promoting your brand,
and if they are engaging in questionable business practices that can obviously
cause impact on your business.
One
way you can monitor your resellers without new hires or impacting on your core
business functions is by using competitor price monitoring software. Although it is theoretically
possible to purchase, this type of software and conduct price monitoring
in-house, there will be additional costs. Hiring a person to take care of this
would virtually be a full-time position, so many businesses are using price
monitoring companies instead. Outsourcing this function to a third party makes
perfect business sense and although there is an associated cost, it is minimal
in comparison to a new hire.
Monitoring Market Places
Although
it’s easy enough to monitor the pricing on a reseller’s website, it gets
complicated if your reseller sells on multiple platforms such as Amazon and
Google Shopping. This is why the importance of engaging a professional price
monitoring company should be a priority. Not only will they constantly monitor
the prices for you, they will also send actionable insights and create alerts
to deal with large price fluctuations.
If
your business has an international reach, you’ll be pleased to know that the
more established and experienced price monitoring companies can also assist
you. With all countries and currencies generally accepted, you can proceed with
confidence knowing that your reseller pricing is being monitored regardless of
whether they are based in Beijing or the Bahamas.
Ongoing Support
Most
price monitoring companies realize that their clients aren’t totally up to
speed when it comes to price monitoring technology so assign both an account
manager and technical lead to advise and maintain your system when needed. They
are, on the whole, incredibly responsive and do their utmost to keep your price
monitoring system operating at an optimum level. They realize that protecting
your brand is crucially important and if something does go amiss, they will
share the same sense of urgency as yourself in rectifying it as soon as
possible.
Keeping Your Valued Resellers Onside
Monitoring
your resellers vigilantly also
helps keep your honest resellers onside. If retailers are constantly violating
your pricing policies and are seen to be getting away it, this can erode the
confidence of your trusted retail partners who play by
the rules. This erosion in confidence, if the issues aren’t addressed, can
ultimately affect your brand’s standing in the sector you operate in and cause
irreparable damage.
Don’t
take the risk, engage the services of a price monitoring company and let your
retail partners compete on an even playing field.
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