As a manufacturer, you are confronted with the complex task of always maintaining an overview of reseller activities, the development of your own brand, and the defined recommended prices. With an often extensive network of resellers in the market, it can be difficult to keep track of their activities - trying to evaluate and optimize business strategy can be overwhelming. Fortunately, there are tools that manufacturers can use to easily manage all of these components. In this article, we'll discuss the importance of market transparency for manufacturers to keep track of vendors, brands and MSRP.
Market transparency: what is it all about?
For manufacturers, market transparency means having a clear view of the resellers selling their products and knowing which marketplaces are offering their brands, how, and at what prices. This is the only way to make informed decisions about business strategy. To remain competitive and profitable, it is critical for manufacturers to have access to real-time data. With access to this information, manufacturers can optimize their distribution network, best position their brand, and define a clear and sustainable market strategy.
1. Capturing resellers in the same product category
When capturing resellers, the task is to figure out which sellers are important to your business. You need to know who the key players in the market are and which products they offer on which marketplace or online store. For this purpose, digital tools can be an easy way to monitor resellers. This way, you can quickly identify the vendors and their products that are most important for your business.
2. Following the development of your own brand
To successfully position your brand, it is important to know the offers of other manufacturers with comparable products. You should continuously keep an eye on the competition to stay up to date with their product offerings and RSP. This way you can better understand where your own brand stands in the market and adjust your market strategy accordingly.
3. Compare your own RSP with competitor prices
Defining RSP is a complex and continuous task. The price must be well argued and understandable to resellers. Once the MSRP has been defined and communicated, it is important to keep an eye on it to see if the defined RSP strategy is sustainable. Thus, price monitoring is an essential component for manufacturers. Price monitoring can be done by manual tracking or with the help of software that automates these steps. This gives you an overall view of the market and allows you to continuously optimize your business strategy.
The importance of market transparency for manufacturers is undeniable. To be successful, manufacturers need to have a clear view of their resellers, brands, and RSP. Fortunately, there are tools that allow manufacturers to track all of this information in one place. With the help of these tools, you can identify new resellers, optimize your brand's presentation, and make informed brand strategy decisions.