Brand Watch Archives - Marketmole

Online Brand Monitoring: Pricing, Reviews and Social

Staying on top of critical brand monitoring not only helps to improve an e-commerce company’s reputation but also provides concrete business benefits. Monitoring the company brand used to be the exclusive province of large companies, but monitoring tools have become increasingly common and affordable for any successful e-commerce company regardless of size. Three key areas are of utmost importance: monitoring minimum advertised price compliance, social media chatter and review websites of both companies and their products and services.

The concrete benefits of monitoring online prices, reviews and chatter include:

  • Finding strong evidence of what customers really think about a company and its products
  • Discovering the mindset of customers
  • Detecting online complaints and negative reviews and trying to mitigate the damages
  • Rewarding loyal customers and thanking them for positive mentions
  • Finding out how well keywords are working
  • Checking out opinions and reviews of company competitors
  • Building a stronger brand through multiple sources of data
  • Managing the company’s reputation when it takes a hit
  • Elevating the brand with key social influencers and industry thought leaders
  • Getting better intelligence on industry trends
  • Finding ideas for marketing content

MAP Monitoring

Minimum advertised price is the price that e-commerce manufacturers and suppliers set as the minimum price at which business associates, drop shippers and resellers can advertise the company’s products. Most manufacturers work closely with retailers, and B2B companies work even closer with buyers. Setting a minimum advertised price caters to business associates that follow the rules. If unauthorized or unresponsive customers sell a company’s products below MAP requirements, other companies become upset because of the unfair advantage. Additionally, the undercut prices can devalue the product and the product line across all sales channels.

MAP levels the playing field for resellers, dropshippers and other business associates. How companies set the minimum price should leave associates with a comfortable profit margin, so companies need to check if that’s true if there are multiple MAP violations. Monitoring is critical to success, and it needs to be in place before associates start selling the company’s products. Enforcement is also essential. [1] Ultimately, manufacturers stand to lose profit over the long-term outlook if they don’t respond to MAP violations. The best strategy for enforcing MAP guidelines includes:

  • Emphasizing MAP Guidelines
    It’s important to stress MAP policy and explain that the minimum prices will be enforced. Send initial warnings to any violators and a final notice to repeat offenders.
  • Automated MAP Monitoring Software
    Automated MAP monitoring software can sift through the tremendous amount of data involved with monitoring multiple business associates and e-commerce sales channels. Many types of software now use machine learning to detect more violations based on experience.
  • Custom Monitoring Apps
    Apps can monitor prices across multiple sales channels including marketplace platforms like Amazon and eBay. Automation is increasingly critical for monitoring prices, reviews and social media mentions, and custom apps can handle automated monitoring with the lowest cost of any monitoring tool except manual detection.
  • Manual Monitoring
    Manual monitoring might be possible for limited sales of specialized products, but the job is usually too overwhelming in the typical e-commerce marketing atmosphere.
  • Monitoring Services
    There are companies that will monitor MAP and other areas of e-commerce as consultants. Unfortunately, these seldom integrate fully into company software to enable automation unless the company provides a monitoring dashboard. This solution can be pricey, but it might be the best option for some companies.

Resellers and associates aren’t limited to competing on price. They can compete on many other factors such as customer service, product descriptions, supporting content, clever videos, product demonstrations and how-to guides. [2]

Social Media Monitoring

Monitoring social media can generate a wealth of marketing insights into a company’s existing customers and prospects for the company’s products and services. Social media provide access to some of the best brand advocates available – loyal customers and brand advocates who praise the company and/or its products. Social media can supply user-generated content that companies can use in marketing initiatives.

About 80 percent of the time that people spend on social media is spent on a mobile phone. Videos are especially easy to use, so companies can get better results by using videos in their marketing. Videos already make up more than 80 percent of social traffic. [3] Any monitoring tools used on social media must be capable of monitoring videos to be successful. Most MAP monitoring tools have versions that will work for social media and review site monitoring.

Social media monitoring provides the following e-commerce benefits:

  • generating a pipeline of sales leads
  • Discovering opportunities to respond to customer complaints and win high marks from platform members
  • Keeping track of trademark and content use
  • Detecting inaccurate or misleading advertising
  • Identifying important trends
  • Finding MAP violations
  • Curating information about websites that comment on the company brand
  • Engaging with a broader range of potential customers
  • Finding people with large followings to target for endorsements
  • Receiving and sending feedback

About 63 percent of members of Facebook and Twitter log into these platforms to get their news. [3] LinkedIn has an even stronger effect on business issues, hiring and building a network of contacts.

Review Site Monitoring

Review site monitoring provides strong insights about customer opinions about a company and its products competitors. Automated apps and monitoring software can trigger alerts, feed into a custom dashboard and be manipulated into custom reports based on various reporting criteria. Mobile apps rank as the easiest way to monitor review sites and streamline the monitoring process. Apps can be set to monitor from 1 to 20,000 locations including Google, social media platforms, review sites and industry websites.

Monitoring Tools

Some of the best tools to monitor online reputations, MAP violations and social media and review sites include free tools, freemium tools and paid technology. [4] These include:

  • Google Alerts
    Google offers several free tools for marketing, SEO and reputation management. Google Alerts ranks as one of the easiest and most useful tools for online monitoring. Just enter the company name to get alerts for each mention of the company.
  • Social Mention
    Social Mention is a great tool for monitoring social sites. The website offers information about the strength, sentiments, passion and reach of social mentions of a company and its products.
  • SentiOne
    This resource provides real-time and historical information about the company brand, and it’s an excellent way to start brand monitoring. Companies can find out what people have said about the brand currently and in the past.
  • Review Push
    This is a form of management software that can be customized to monitor multiple social media and review sites.

Manual Monitoring Won’t Do the Job

Manual monitoring works in a limited way, but it won’t catch even a small part of every online mention. Minimum advertised price monitoring is even more complex to do manually, and many significant violations can slip through the cracks, devalue company products and cost a fortune in lost revenue. That’s why custom monitoring tools and apps are the best bet for brand monitoring.

 


 

MarketMole provides an up-to-the-minute holistic view of what’s happening in your market, including product pricing, product reviews and trending topics. Our market intelligence tools can be applied to any pages on the web, sending you notifications about stock levels, pricing and competitor pricing, negative reviews, MAP violations detection and more.

Contact us to learn how we can help you save time and make more money.

Learn more about MarketMole and our services.

 


 

References:

[1] Intelligencenode.com: Minimum Advertised Price: A Win-Win for Retailers & Manufacturers
https://www.intelligencenode.com/blog/minimum-advertised-price-win-win-retailers-manufacturers/

[2] Econsultancy.com: What are minimum advertised price policies?
https://econsultancy.com/what-are-minimum-advertised-price-policies/

[3] Netbase.com: 59 Social Media Stats Every Marketer MUST Know
https://www.netbase.com/blog/59-social-media-stats-every-marketer-must-know/

[4] Searchenginejournal.com: 10 of the Best Tools to Monitor Your Online Reputation
https://www.searchenginejournal.com/best-online-reputation-monitoring-tools/250769/

An Introduction to Market Intelligence for Online Selling

Market intelligence, which is often called business intelligence, uses analytics to generate more accurate business insights, integrate disparate sources of information and automate important actions in today’s fast-paced marketing environment. The uses of market intelligence for businesses are astonishing. A partial list of these uses must include the following: [1]

  • Customer behavior analysis to increase conversions
  • Sales forecasts to streamline production and reordering
  • A unified view of customer actions
  • Better resource planning
  • Maintenance forecasting
  • Fraud prevention
  • Better churn management
  • Optimization of pricing and special offers
  • Quality control
  • Customer-specific recommendations
  • Efficient security analytics

Consumer attitudes and market trends evolve rapidly in today’s atmosphere of instant communications. No matter what products or services a company sells, keeping up with the latest market intelligence can prove incredibly important. Custom dashboards can allow authorized staff members to explore types of data, integrate insights with the company’s products and services, monitor social platforms and get up-to-the-minute readings of inventory and sales for minimum advertised pricing, dynamic pricing and sales incentive offers. Specialized apps can also handle most of these processes.

What Is Market Intelligence

Market intelligence includes many sources of information depending on the company and industry. Raw information includes analytics information such as sales logs, customer churn rates, social media trends, survey responses, customer complaints and website behavior. Customer demographic and geographic information plays a critical role in marketing and sales.

Anything that a company can use to gather intelligence is a valid tool for market research. That includes visiting a competitor’s website, publishing surveys and getting input from employees. The methods of gathering market research include primary research, secondary research and custom tools. Primary research is the information available from existing company resources such as the company website, social media pages, customer service department, salespeople, etc. Secondary research is data from observation, third-party resources about market conditions, competitor efforts, third-party business reports and industry trends.

The tools of market research can include apps and initiatives to collect and organize the data obtained from primary and secondary research. The sources of information might include trade publications, magazines, community newspapers, government reports, focus groups, surveys, personal observations, web and brick-and-mortar sales and many others – even weather reports.

Third-party Reports of Industry Information

Some of the most popular research reports include the producers of industry studies, statistics companies and thought leaders. Some of the top sources of industry information include:

  • Pew Research Center: This well-regarded think tank conducts rigorous studies on issues, trends and attitudes.
  • MarketResearch.com: This organization provides tailored market research reports on companies, products, industries and countries.
  • NPD Group: This group provides information that helps retailers identify sales trends and make better marketing and sales decisions.
  • U.S. Census Bureau: This department is one of the most valuable resources for identifying demographic trends, business success and the overall economy’s condition.
  • Nielsen: This company measures all kinds of attitudes and actions with targeted market research to gauge what people watch, listen to and purchase.

Extraordinary Benefits of Accurate and Timely Market Intelligence

Keeping current with competitors and the state of the industry paints a broad picture of the market – growth potential, competitor threats and popular new products and services. Companies can answer critical questions about where they should be allocating resources, which markets to enter and the best products for cross-marketing efforts. The benefits of automated intelligence-gathering through various tools include:

  • Product Performance
    Intelligence data can provide information about how a given product performs under different conditions or when compared to competitor products.
  • Customer Insights
    The right tools can automate the gathering of demographic and geographic information about customers including their browsing and buying preferences.
  • Competitor Intelligence
    Data can show how well the competition is doing and chronicle a competitor’s success stories and failures.
  • Market Opportunities
    Company experts in key areas can define market conditions that generate business opportunities and trigger automatic alerts to staff when those conditions are met.
  • Thought Leadership
    The right information at the right time gives companies the opportunity to post thought leadership articles about the industry and market trends to establish the company as an authority.
  • Product Development
    Hard data eliminate the guesswork of product development and marketing. If necessary, companies can make changes to their own products to position them more effectively in the market.

The Benefits of Custom Apps

Custom apps can make it easy for companies to collect invaluable market intelligence data such as the markets for key products, customer demographic information, product pricing, company and product reviews online, product inventory levels at different sales channels within the company, relevant social media posts and other critical insights.

All market intelligence is a blend of data and personal insights. An app can trigger an alert to an appropriate decision-maker to speed the response to a particular set of conditions that generate a business opportunity. It’s a low-cost method of integrating intelligence and triggering actionable responses.

Statistical Overview of Market Intelligence in Today’s Business

Statistics play a dual role in business intelligence. First, they have incredible value in planning production, marketing and sales. For example, millennials do 60 percent of their total shopping online. [2] The early part of 2019 has tracked massive growth in millennial online sales activity. A smart company can combine this trend with the popular millennial commitment to social causes to develop a compelling social media ad campaign.

Marketing intelligence can also be made available to customers who resell the company’s products. Offering customers onsite access to business intelligence helps to increase customer loyalty and satisfaction. Wholesale customers can track the data that most concern them in their own sales efforts.

About 77 percent of all companies now feel that competitive intelligence is critical to business success. [3] That means knowing as much as possible about marketing, products, customer demographics and customer attitudes of both the original company and its competitors. Sources of competitor intelligence include job descriptions, product videos, review sites, social media pages, website descriptions, forum threads and many others.

The most successful organizations use market intelligence daily in management, sales and operations according to a report posted at Forbes.com. [4] The most successful tools include dashboards, automatic alerts, end-user self-service options, data warehousing and advanced visualization technologies.

Using Market Intelligence Tools Intelligently

The largest companies – like Amazon, eBay and Walmart – enjoy fully integrated sales platforms that gather market intelligence automatically. Small-to-medium-sized businesses face a huge capital investment to integrate their sites with intelligence sources. However, smaller companies can get just as many insights about their targeted products and customers by using a dedicated intelligence app to gather information from the company website and third-party sources.

The days when it was practical to develop market intelligence manually have pretty much passed. Small companies can do some market research using basic tools, but as datasets grow larger and more complex, statistical tools, apps and other technologies become increasingly important to business success. Companies today need to use software and apps to stay on top of data, or they need to hire a third-party consultant or in-house analyst to manage the job if they want to remain competitive in their markets.

 


 

MarketMole provides an up-to-the-minute holistic view of what’s happening in your market, including product pricing, product reviews and trending topics. Our market intelligence tools can be applied to any pages on the web, sending you notifications about stock levels, pricing and competitor pricing, negative reviews, MAP violations detection and more.

Contact us to learn how we can help you save time and make more money.

Learn more about MarketMole and our services.

 


 

References:

[1] Bisurvey.com: Benefits of Business Intelligence – 2,500 Projects Analyzed
https://bi-survey.com/benefits-business-intelligence

[2] Digitalcommerce360.com: Millennials now do 60% of their shopping online
https://www.digitalcommerce360.com/2019/03/26/millennials-online-shopping/

[3] Impactbnd.com: How Companies Get Competitive Intelligence in 2018
https://www.impactbnd.com/blog/competitive-intelligence-in-2018

[4] Forbes.com: The State Of Business Intelligence, 2018
https://www.forbes.com/sites/louiscolumbus/2018/06/08/the-state-of-business-intelligence-2018/#176781578289