Offline Price Tracking

Monitoring of competitor prices

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​
Monitoring of the pricing strategies of the competition

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.

Professionals specialized in offline price monitoring

Keys for offline price monitoring

To track prices offline, certain points must be taken into account that will facilitate the task and provide really valuable data:
  • 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.
Keys for offline price monitoring​
Benefits of offline price tracking​
In-depth knowledge of consumers

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.

Offline and online price tracking​

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