The Importance Of Monitoring Resellers

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Ensuring that products are priced as they should be is essential for building customer trust, as any potential malpractice is quickly exposed due to the internet. Looking at your resellers, it is essential that you check on the manner they conduct their business. Why and how would you do that?

There are a number of reasons why price monitoring is becoming an increasingly important element of business in the 21st century. The insights that it gives not only on competitors but also the resellers enables a business to stay ahead of the game and conduct their business according to the market rates. This is particularly important in monitoring resellers if they are effectively promoting your brand, and if they are engaging in questionable business practices that can obviously cause impact on your business.

One way you can monitor your resellers without new hires or impacting on your core business functions is by using competitor price monitoring software. Although it is theoretically possible to purchase, this type of software and conduct price monitoring in-house, there will be additional costs. Hiring a person to take care of this would virtually be a full-time position, so many businesses are using price monitoring companies instead. Outsourcing this function to a third party makes perfect business sense and although there is an associated cost, it is minimal in comparison to a new hire.

Monitoring Market Places

Although it’s easy enough to monitor the pricing on a reseller’s website, it gets complicated if your reseller sells on multiple platforms such as Amazon and Google Shopping. This is why the importance of engaging a professional price monitoring company should be a priority. Not only will they constantly monitor the prices for you, they will also send actionable insights and create alerts to deal with large price fluctuations.

If your business has an international reach, you’ll be pleased to know that the more established and experienced price monitoring companies can also assist you. With all countries and currencies generally accepted, you can proceed with confidence knowing that your reseller pricing is being monitored regardless of whether they are based in Beijing or the Bahamas.    

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Ongoing Support

Most price monitoring companies realize that their clients aren’t totally up to speed when it comes to price monitoring technology so assign both an account manager and technical lead to advise and maintain your system when needed. They are, on the whole, incredibly responsive and do their utmost to keep your price monitoring system operating at an optimum level. They realize that protecting your brand is crucially important and if something does go amiss, they will share the same sense of urgency as yourself in rectifying it as soon as possible.

Keeping Your Valued Resellers Onside

Monitoring your resellers vigilantly also helps keep your honest resellers onside. If retailers are constantly violating your pricing policies and are seen to be getting away it, this can erode the confidence of your trusted retail partners who play by the rules. This erosion in confidence, if the issues aren’t addressed, can ultimately affect your brand’s standing in the sector you operate in and cause irreparable damage.

Don’t take the risk, engage the services of a price monitoring company and let your retail partners compete on an even playing field.