If you’re a business owner who is looking for a way to protect your profits, you may want to consider using minimum advertised price (MAP) monitoring software.
Now, let’s discuss the benefits of using MAP monitoring software and some tips on how to choose the right software for your business.
What Is the Minimum Advertised Price?
The minimum advertised price (or MAP) is the lowest price that a retailer can advertise for a product. This price is typically set by the manufacturer or distributor of the product.
Minimum advertised price policies can be beneficial for businesses, but they can also be difficult to enforce. This is where MAP monitoring software comes in. It helps with manufacturers and brands map monitoring.
Types of MAP Software
There are two main types of MAP software: self-service and full-service.
Self-service MAP software is typically less expensive than full-service software. However, it requires businesses to do more of the work themselves, such as setting up price alerts and manually checking prices.
Full-service MAP software is more expensive, but it includes features that make it easier to enforce a minimum advertised price policy. For example, some full-service MAP software providers will send price violation alerts to businesses when a competitor violates their MAP policy. Additionally, full-service software is typically easier to use, and it provides more support from the vendor.
What Are the Benefits of Using MAP Software?
There are several benefits of using MAP software, such as:
- Protecting your profits: By monitoring the prices that your competitors are charging, you can make sure that you are not selling your products too low. This can help you increase your profits and avoid “price wars” with other retailers.
- Enforcing your MAP policy: If you have a minimum advertised price policy in place, MAP software can help you enforce it. This software can send alerts to you or your staff if a competitor is violating your MAP policy.
- Improving customer satisfaction: By ensuring that your products are priced competitively, you can improve customer satisfaction and loyalty. They will help to increase sales.
- Gaining insights into your competitors: MAP software can provide you with valuable insights into your competitors, including their pricing strategies and the products that they are selling. This information can help you adjust your business strategy to better compete in the market.
What Are Some Things to Consider When Choosing MAP Software?
If you decide you need MAP software, you need to consider some things before buying one. They are:
- The cost of the software: MAP software can range in price from a few hundred dollars to several thousand dollars. You’ll need to decide how much you’re willing to spend on this software before you start shopping around.
- The features that you need: Not all MAP software is created equal. Some software packages include more features than others. Consider which features are most important to you and your business before you make a purchase.
- Your level of expertise: If you’re not very familiar with this type of software, you may want to choose a package that is easier to use. Conversely, if you’re an experienced user, you may be able to get by with a less user-friendly package.
- The support that you need: Some vendors offer more support than others. If you think you’ll need a lot of help using the software, you’ll want to choose a vendor that offers excellent customer support.
How Can Businesses Violate MAP?
The violation of MAP happens when the retailers do not adhere to the minimum advertised price set forth by the manufacturers or distributors. There are several ways in which a retailer can violate MAP policy, such as:
- Advertising below the minimum advertised price in print or online catalogs.
- Displaying a lower price online than what is listed in the printed catalog.
- Offering discounts or coupons that bring the final price below the minimum advertised price.
- Verbally promising a lower price to customers.
If a retailer is found to violate MAP, they may face disciplinary action from the manufacturer or distributor. This could include being removed from the authorized retailer list. In some cases, manufacturers and distributors will also stop doing business with the retailer altogether.
Conclusion
MAP software can be a valuable tool for businesses of all sizes. When monitoring prices and enforcing minimum advertised price policies, MAP software helps businesses protect their profits and improve customer satisfaction. When choosing a suitable tool, there are a few things to keep in mind, including the cost of the software, the features that you need, and your level of expertise. With so many benefits, MAP software is worth considering for any business.
