Promotions are one of the most crucial tools to attract customers. By monitoring them effectively you can properly understand the strategies of your competitors and plan your promotional calendar accordingly. Unfortunately, tracking offers manually on many websites usually means a huge workload to your marketers and Key Account Managers.
According to the findings of HubSpot, in 2019 as many as 19% of sales professionals used to spend more than 60 minutes daily only on manual entering of market data into their employer’s database. That’s 2.5 days per employee who could dedicate this time to the tasks much more related to business development, e.g. direct contact with potential customers or improving offers. However, the way to change it exists and is just within your reach – it’s the automation of promotion monitoring.
Effective Online Promotion Monitoring
During our long term cooperation with the marketing department representing the FMCG brand, we realized that monitoring of promotions was one of their biggest pains. Key Account Managers were hired to monitor nearly hundreds of products in a number of marketplaces and retails chains daily. They were spending hours each week browsing supermarkets’ online stores and websites and filling in the spreadsheets with promotional prices. What’s even more interesting, one of their crucial sources of information were random observations of their team colleagues done during their private shopping.
Automation of Promotion Monitoring
Traditional methods of market monitoring are not only time-consuming, but also highly ineffective. For instance, manual monitoring is unable to provide the company with full data regarding the frequency and time of displaying the banner on the retailers’ websites. The next pain is analyzing non-standard promotions, like multipacks or cross-selling.
If you search for the solutions, automated promotion monitoring is definitely one of them. It helps to release the valuable time of your salespeople and to allocate resources within your teams much more effectively. We’ve already presented the benefits and mechanisms of promotion monitoring here.
Promo Monitoring – What Promotions Can You Track?
By using promotion monitoring tools you can track a number of promotions, including:
- Product page – promotion placed directly on the product card in the store, communicated with an icon, pop-up or banner. Monitoring tool will detect promo mechanisms like discounts, free delivery, freebies or installments and report it in an accessible format.
- Store or marketplace – this type of promo monitoring includes banners on the home page and subpages. The promotion monitoring tool lists product descriptions and photos together with their placement in the rotator and the frequency and time of display. The report also includes the discount values.
- Off the sales channel – a typical example of such promotion are coupons. As the tool monitors also promotion aggregators, it provides them together with a communication channel.
- Cart-level– a few promo types, e.g. freebies, cross-sells, promo code-generated discounts and free delivery are visible only in the cart. Promo monitoring tool can record them and report the final sales price along with the discount history.
- Promo features – using particular algorithms allows to extract prices from the supermarkets’ websites and present them in a ready-to-use form.
Such complex promo monitoring provides you with the most complete picture of your competition and their strategies. It also helps you to improve the efficiency of your promotions and sales team members’ workload management.
Advantages of Automated Promo Monitoring
Promotion monitoring automation means:
- Spectacular workload reduction
- Thanks to promo monitoring automation, your salespeople will no longer need to spend hours on manual promotion detecting and reporting. Instead, they will use the released time to prepare offers, contact their clients directly or to upgrade their sales skills and simply achieve more satisfying sales results.
- Comprehensive data reports
- All the promotions-related information will be extracted from all online and offline marketplaces and stores and then presented in the report prepared to be used simultaneously by a number of team members across the departments.
- Always accurate and correct data
- Promo automation tools help to implement detailed monitoring of the specific products, market segments, particular sellers, and types of promotions of your choice.
In the case of the mentioned company, kicking off with an automated promotion monitoring allowed our client to save nearly 50 hours monthly within a 12-people sales team and 30 hours in a 7-people marketing team. Moreover, the departments reported that the scope and accuracy of the delivered data improved significantly, which was clearly seen not only via observation, but also with independent marked data, e.g. collected by Nielsen. So, automation of processes like promo monitoring can bring you several benefits, with savings and effective price and promo management among others.
If you would like to find out more, please contact the Dealavo team.