How much time do you invest researching your competitors each day? What do you think it is more productive among your tasks, internet research or making decisions?
To Save Time and Increase Your Productivity!
As a category manager, you need to be aware of what is going on in the market of the full category. This means that you need to follow up on the stock availability, prices, new offers, deals, promotions, etc. The big issue with this is that while customers do it for one single product, as a category manager you need to follow up on dozens, hundreds or maybe thousands of products. So if customers spend 5-10 minutes researching for the best option to buy with a great efficiency thanks to price comparison engines, things are quite different for a category manager. Let’s say you have to manage 100 products. It means that these 5 minutes are multiplied for the full amount of products, so you would need 500 minutes…actually more than 8 hours of work. 8 hours of boring work that you should do every day. Of course, you don’t spend such a big amount of time in tracking competitors, meaning you are likely not doing it properly. Not to mention the time to enter the data in an Excel or any other kind of data base – something you should do if you want to track the trends of the market accurately and have a long-term overview.
Prisync is able to provide you all the information you would need 8 hours to track and update it 4 times a day automatically. So we can assure you that the first thing our software can do for you is save your time and make your work much more efficient.
To Track Suppliers’ Prices
The most known task of a category manager is to help the sales force to do their job. However, there is another important element in the category manager’s responsibility. They also have to buy from the suppliers. So it is not only that you have to be aware of what your competitors are doing when selling, but also notice the opportunities and price changes in the suppliers’ offer. Even if you have an agreement with your supplier, and you know that you are not going to change them for a better deal from one of their competitors, you can negotiate the prices if they change. By showing your supplier real data, you will strengthen your negotiation position. It is not the same to say that other suppliers are cheaper when you can provide an Excel spreadsheet with all the prices available in the market. The second option is much more convincing.
But, that’s not all.
To Compare Competitors’ and Suppliers’ Stocks
When you acquire a price tracking solution, you are getting much more than pricing information. You will also get information about your competitors and suppliers’ stocks. With such information, you can manage your negotiations with suppliers better and your marketing strategies too.
Someone may think that when you start to track prices you will end up lowering them, but that’s not true. Tracking prices is a powerful source of information to adapt the decisions to the market. And in many instances, this will allow you to raise them. For example, when you detect that competitors don’t have stock or if you notice your prices are too low in comparison to them.
You also will be able to generate graphics from the data collected, which will help you to better understand the market movements. You will be able to find out regular price changes so in special times of the year, like winter holidays or sales periods, you will be able to adapt your prices before your competitors change theirs.
The category manager role has changed a lot lately. Their responsibilities are increasing with time due to the need of developing a customer-oriented scope. With a great effort focused on customers, a product manager can’t afford not to have good information about his competitors. While managing jobs are getting more and more responsibilities, technology is allowing workers to increase their performance and achieve what the market is demanding. So don’t wait any longer to take advantage of the power of big data by implementing a holistic pricing strategy with our price tracking solution.