Bright New Product Brand Intelligence by Competera
Nikolay Savin, head of products at Competera, on how the team has chosen new brand protecting features for the current release of the Brand Intelligence Product and the details.
Basis of the New Product
Our whole life inside Competera revolves around metrics. The process of a new product creation is also based on metrics, research, surveys and qualitative analysis.
Before creating a roadmap for the new Brand Protection product, we conducted global research across Competera customers: we studied the statistics of using the current-at-that-moment version of the Dashboard, surveyed users about their usage of various reports inside and outside the platform, etc.
In the end, we found out what exactly our users missed in the old Dashboard to cover all their daily tasks:
- Systematic MAP agreement violations
- Brand positioning infractions
- Revealing the first and/or most constant violator
- Unauthorized reseller's dumping
- Benchmarking of competitor's products
- 360° price changes analysis for each product of any partner
- Price positioning analysis against rival brands
New Features in Brand Intelligence by Competera
The current release includes all the functionality that the vendor needs every day.
All the tools that we added to the Brand Intelligence Product including MAP monitoring, identifying the first violator, unauthorized reseller analysis, products benchmarking and in-depth analytics, are designed to fully cover the brand's need for strengthening the market positions and economic efficiency growth.
Although the product for brands used to track the MAP violations before the current release it was necessary to simplify the interaction with the Dashboard and increase its speed, so we completely rethought how the supplier's Dashboard was supposed to look.
Now brand managers can quickly identify violators, see the percentage of assortment with violations by any retailer... In fact, new MAP violation tool gives the vendor an ability to determine the activity that requires an action right now with just a few clicks. I won't dive into details now, you can find them in the use case.
MAP violations monitoring is a basic function that we've rethought and made more convenient for the user, yet most of the changes in the Brand Intelligence product are new tools we added.
The First Violator
It's a common situation, of which, we’re all aware: there’s always a leader causing changes. MAP violations are not exceptions: after one or two retail winners reduce their advertised prices below MAP, other retailers follow suit. Therefore, first MAP violator tracking is crucial for brands who need to maintain their market positioning efficiently.
With a new Brand Intelligence MAP violator feature, a brand can easily find a violation, send an instant alert to the retailer and receive a notification when the MAP agreement is secure again.
Unauthorized Resellers Report
Another tool gives the brand an ability to research marketplaces, big and small resellers, price comparison sites, or marketplaces to track the price positioning of authorized resellers as well as unauthorized ones.
One of the most important tools has finally appeared in the Brand Intelligent product by Competera. It satisfies the vendor need to analyze the price position of competitors’ products, uncover their pricing strategies and outperform them.
With the help of this tool, the brand manager can easily compare the price position of a brand's products with similar competitive products; adjust pricing strategy on the go; analyze the impact of renewed pricing strategy on the brand's price position in the market.
Enhanced Brand Analytics
Of course, all of the above makes no sense if the manufacturer's management is not able to analyze the impact all these MAP agreements, violations or benchmarking has on sales. With this task in mind, we created the tools for enhanced brand analytics within a new product.
Now the vendor can:
- MAP monitoring with flexible filtration
- The first MAP violator detection with automatic offender notification
- Price violations dynamics analysis by product or retailer
- The Price Index for brands
- Historical analysis of price changes, despite the rotation of the assortment
There are different reports the brand management can use to analyze its market position, and they will be constantly updated and supplemented with new ones.
Brand Intelligence will constantly improve. There are two areas of work we’re focusing on in the near future:
- Case management.
We’re going to change the way vendors work with retailers. In the next Brand Intelligence iteration, each MAP violation will create a ticket for the retailer, which will not be closed until the violation is eliminated. This will help the brand to set a clear, historically confirmed by data dialogue with resellers.
- Benchmarking development.
The next step will be an in-depth comparison level for the brand's products against rivals’. E.g., the list of collected and analyzed competitive data, promotions and markdowns will appear.