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Flexible Data Collection for Regular and Peak Seasons

December 19, 2011

Continuing the Best Practices for a Competitor Price Tracking Solution series, in previous posts I have discussed mapping accuracy , like and similar product comparisons, and knowing your timelines. A fourth important consideration is Flexible Data Collection for Regular and Peak Seasons.

Your competitor price monitoring solution should allow you to choose the frequency of the product pricing, assortment,and promotion data updates. When setting up your schedules you will want to consider:

  • the frequency and days of the weeks that your competitors normally make their changes
  • the frequency which you and your team will look at the data provided
  • the frequency which you will act upon the data provided

The majority of companies opt for weekly updates as this usually fits the above three points.

However, during peak selling seasons, you may want more frequent updates. A good competitor price intelligence solution will allow you to increase the frequency of your updates for selected periods of time. For example, you might want to move from weekly to daily between Thanksgiving and Christmas. This gives you the opportunity to immediately react to any market changes.

Another great option to look for is “on demand updates”. That is, the ability to get immediate market information on important SKUs at the touch of a button.

PriceTrac from Ugam Interactive offers increased updates during your selected peak seasons, as well as SKU updates at the touch of a button.

Learn more about PriceTrac or read my next posting, Develop a Plan to Use the Data.

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