To boost sales and profits, smart manufacturers and retailers adopt different pricing strategies. A survey revealed that the most effective of these strategies is adopting a MAP monitoring system.
Now I have heard most retailers argue that they monitor MAP violations manually and they rely on the big retailers to catch the cheaters for them. When you consider the importance of the creating a MAP (minimum advertised price) policy and how violators were affecting the volume of your sales and my bottom line. you won’t want to take chances.
You probably already know that a MAP policy is a legal document that stipulates the terms of supplier-manufacturer pricing. The MAP policy forbids resellers to advertise the product in question, at prices under an indicated amount. The most successful business owners I know are always alert about MAP because they understand how critical this pricing strategy is to the growth and productivity of the business.
There are many reasons why MAP monitoring is worth investing in, but I will focus on the top five reasons MAP monitoring and tracking are essential to ecommerce website, retailers and manufacturers.
1. Helpful In Monitoring Competitors and Overall Pricing
An entrepreneur told how he lost hundreds or thousands of dollars to his competitors as a result of MAP violations. But acquiring a MAP monitor made it easier for him to assess the prices of his products across a wide range of resellers. Once he could monitor how much his goods were being sold and where they were being sold, it was easier for him to identify detractors.
Another surprising benefit was its ability to help his retailers monitor the prices his competitors were charging for similar products. This helped him stay one step ahead of his competitors. This helped to boost the growth and productivity of his business.
2. A Great Way To Boost Business Profits and Protect Brand Image
Manufacturers who monitor MAP inadvertently boost profits through their retailers. This is because the resellers are an extended sales force. Retailers are often keen to advertise products that are likely to yield high profits. MAP tracking provides an incentive for them to endorse specific products especially when they have a great brand image.
Business owners who want to protect their brand image will likely benefit a great deal from a MAP monitoring software. Nothing devalues a brand like uncontrolled price discounting. Brands lose value in the customer’s eyes when the product’s prices are being slashed by resellers.
3. Provides A Good To Sanitize The Marketplace
MAP monitoring helps eliminate situations where there will be arguments over prices online. Such arguments are often bad for the brand and they devalue the products in the eyes of the customer.
If you want to encourage retailers to carry your products, ensure that the brand has high value and that online speculators are fighting over prices online.
4. Encourages Fairness and a Level-playing Field For Retailers
MAP Monitoring creates an efficient checking system for evaluating price compliance across retailers. This ensures that all resellers are in fair competition with each other and that there exists a level-playing field for all. MAP Monitor provides a valuable checking system for assessing price compliance across retailers and helps keep retailers in fair competition with each other.
Retailers whose operational costs are high can compete with retailers who are reputable for excellent customer service.
5. It Foils the Plans of Bargain Basement Retailers
MAP monitoring is a great way to curtail the excesses of bargain basement resellers who might seek to sell the products at huge discounts. Plans to undersell retailers can be stopped if proper MAP monitoring reveals violations.
In conclusion, effective MAP monitoring can be easier and more effective if a good MAP monitoring software is used. This makes it easier to avoid mistakes discrepancies and other human-prone errors.
Chioma Iwunze-Ibiam writes creative non-fiction and prose fiction. Her works have appeared in Romance Meets Life, Flash Fiction Press, MTLS, Saraba Magazine, Sentinel Magazine and others. Her first novel, Finding Love Again, was published by Ankara Press. She owns and manages Creative Writing News.
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