How is promotion monitoring different from price monitoring?
How to use it?
- 21 April 2020
It could seem that monitoring prices automatically involves monitoring promotions as well. However, this is not exactly the case. Although many companies offer price monitoring services, only a few offer simultaneous promotion tracking. What exactly is it and why should it be implemented?
Price monitoring vs promotion monitoring
Using monitoring tools, we can observe price changes in selected stores or specific product groups. The possibilities of tracking the promotion only by monitoring current prices are however limited. In the case of periodic promotions such as Black Friday or Cyber Monday, we can guess that these actions are the reason for the price change. However, if we are dealing with another promotion, its detection can be difficult – manual verification of such information is very time-consuming. So to get the correct picture of the market, it is worth reaching for a tool that will allow you to automate this process.
How to automate promotion monitoring?
Automation of promotion monitoring should start with the implementation of a dedicated tool. For example, Dealavo allows you to track:
- strikethrough prices
By monitoring prices crossed out and replaced by a new proposal, we gain confidence that we are dealing with a promotional campaign. We can also compare available historical data and check if the crossed-out prices actually correspond to the offers that were there before.
- promotional codes
Many stores offer occasional discount codes. Dealavo also allows you to monitor this type of promotion and obtain data on product prices after applying the code.
- basket-level prices
Some promotions are only visible after adding products to the cart. Most often they are discounts like “buy 2 products, get 3 for 50% of the price” or “10% discount on purchases over PLN 200”. Tracking such promotions is extremely important because then a product whose shelf price is 250 PLN, in fact, costs 225 PLN. At Dealavo, such monitoring can be efficiently combined with observing promotional codes.
- cross-sell offers
These are offers that combine specific products into promotional sets. Manual monitoring of such promotions is very difficult, and prices can be difficult to interpret. Therefore, it is worth automating this process to obtain transparent and reliable information.
- promotional banners
E-shop banners and sliders are one of the most important forms of online promotion used by brands in online stores. The Dealavo platform allows you to monitor which position in the rotator and how often individual banners appear. Such knowledge can be useful when negotiating contract terms between a manufacturer and a retailer.
- offer content monitoring
Another function of Dealavo is monitoring any content such as graphics or descriptions. This allows you to observe less standard promotions, which are often elusive for other tools.
Why should you monitor promotions?
Thanks to the promo monitoring, brands can find out how individual stores promote their products, whether they fulfill the concluded contracts and whether the promotional activities carried out by them are profitable. For example, a brand sells products to a retailer at a lower price, counting on a promotion and increased consumer sales. The retailer, however, will use the situation to achieve a higher margin and will not update the price. As a result, sales will not increase and the manufacturer will not achieve his goal.
Stores can monitor the promotions as part of competition tracking. You can read more about observing your competition in this article: How to use data from price monitoring? Guide for e-shops. This is an important element of sales in e-commerce. It allows you to compare your offers with the activities of other market players and to respond to the activities of other stores to remain competitive.
A comprehensive platform for price monitoring
Dealavo is a modern platform for price and promo monitoring that allows simultaneous observation of many forms of discounts. Thanks to it you will be able to get a full picture of prices on the market, both shelf and promotional. The acquired data is ready for comparison with internal data or competition, which will allow you to verify the effectiveness of the implemented strategy and determine the direction of its optimization.
If you would like to learn more about price monitoring, please contact us. At Dealavo, we’ll show you the key features of our platform and help you configure it to provide you with key information for your business.