Offline Price Tracking
Offline price monitoring allows in-depth knowledge of the main competitors, but also of the market sector in which the brand operates and of consumer behavior.
The importance of offline price monitoring
Offline price monitoring is based on a series of analysis tools that study the prices of the physical store competition.
The objective is to advance the consumer’s response to certain costs and obtain guidance when setting prices.
Keys for offline price monitoring
- Give all the prominence to the best-selling products: it is recommended that offline monitoring focus on market prices for the brand’s star products.
- Choose the true competitors: in a market full of competition, monitoring should focus on the main competitors.
- Pay attention to the context: it is crucial to place the price in a context to understand the circumstances in which the rise or fall occurs.
- Identify patterns to gain a competitive advantage.
Benefits of offline price tracking
Increase sales
If the brand operates both in a physical store and in eCommerce and neglects the first channel, it will lose sales and customers.Exact price
Faced with the mistake of setting prices that are too low that affect profits, offline price monitoring allows setting the maximum price that the consumer is willing to pay.Market knowledge
By monitoring prices offline, a deeper insight into the functioning of the market is achieved, which allows the design of effective strategies.Idea acquisition
Offline price monitoring entails an exhaustive knowledge of the competition and the consumer. Thus, this can help the brand to incorporate ideas that previously had not occurred to them.Offline and online price tracking
The ideal strategy when setting prices according to what the competition does is to combine price monitoring both online and offline, for those businesses that operate in both channels.
In addition, by combining both modalities, it is possible to measure the impact of online promotions in the offline environment and vice versa. Thus, the idea is not only to have a guide to set the price of the brand’s products and services, but also to have a market and target analysis tool at hand.
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