In a competitive marketplace, it’s essential to make sure you’re selling your product at the right price. One of the most efficient ways to do this is through accurate benchmarking.
By monitoring your competitors’ prices, you can ensure you provide the best value to customers.
Not sure how you can use price benchmarking to increase revenue? Here are three ways you can use benchmarking to monitor your categories and stay competitive.
1. Weekly price alignment
When you’re selling products, it’s important to make sure you’re offering them at the most competitive price. A weekly price alignment against comparable products is an excellent way to ensure consumers are more likely to put your brand in their shopping baskets.
Speed is of the essence when carrying out weekly price alignments. There can often be delays between data capture and reporting, which can make the difference between pricing your products optimally and missing out on profits.
With Shepper, all our data is presented in real-time, giving you the information you need to make critical decisions.
2. Monthly promotional planning
Monthly promotional planning for the items in your category is not a “nice to have” – it’s essential. With a monthly promotional plan, you consider the ‘four P’s’ and how they come together – product, place, promotion and most importantly, price.
Precision is essential here. If you’re planning ahead for the next few weeks, you want to make sure you’re working from the most accurate data sources.
We use the latest tech to capture price points, including image recognition and barcode technology to ensure the data you receive is as precise as possible. Our in-house QA team also checks every single data point for your peace of mind.
3. Seasonal range activities
Product prices are typically not static throughout the course of the year – they fluctuate. For example, if you’re the category leader for gardening products, you may choose to lower pricing outside of the summer months to keep sales healthy.
You need to consider coverage when monitoring seasonal pricing as it can vary across different geographical areas. Many companies use field teams to capture this data. However, sending field teams across the country is no longer a sustainable and cost-effective option for a lot of businesses.
With Shepper, we have over 80,000 Shepherds across the country and 100% coverage meaning there is always someone ready to get the data you need.
Real-time price tracking with Shepper
If you’re looking for an easy and effective way to monitor your competitor’s prices, promotions, and product ranges, Shepper is here to help.
Our new Price and Promotion solution means you can keep track of any data you want, from toys and fashion to books and video games.
Just tell us what you need to monitor and when you need the information by, and leave the rest to us.
Contact our team today to find out how we can help your brand stand out from the crowd and stay one step ahead of the competition.