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Best Practices for a Competitor Price Tracking Solution. #5: Develop a Plan to Use the Data

December 20, 2011

This is the fifth of six posting in the series, Best Practices for a Competitor Price Tracking Solution. Previous posting have discussed mapping accuracy like and similar product comparisons, timelines, and data collection scheduling. This post will discuss getting value from your investment.

Having a great solution is important, but putting it to use is critical. Before choosing a competitor price tracking solution, know how you will use it who in your company will be in charge of overseeing the various uses, and which employees will have access to the data on-demand. A good place to start is to review the case study, Price Monitoring for Large Fashion Business, to see how one large retailer has used PriceTrac successfully for years to maintain its market position and maximize its pricing. They use PriceTrac to make preseason pricing and assortment decision, and also in season to decide pricing and promotions. This company has used PriceTrac to understand:

  • Their brand’s high level price position relative to important competitors
  • How their price position has changed over time
  • What percentage of each competitor’s assortment is on regular or promotion at any given time
  • The frequency and depth of their competitors’ promotions
  • How competitors achieve final price.  For example higher regular prices, broader promotions

Learn how PriceTrac can help your company solidify its market position while maximizing your pricing, promotions, and assortments.

Read the next posting, Ensure The Data Is Being Used Internally, for the final best practice.

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