The Minimum Advertised Price policy compliance software is automated. Therefore, it eliminates the risk of time wastage and the tedious process of tracking your retailers’ compliance with the policy. The manufacturers and retailers are able to focus on other important matters like striving to increase their sales and improving on their customer relation skills.
What does the MAP policy software do?
The minimum advertised policy software performs the following functions:
- It is able to load documents as well as enforcement letters.
- It sends automated email alerts to the retailers who violate the set MAP policy.
- It can determine the frequency of the contacts to the retailers.
- It automatically takes screen shots of all the detected MAP violations. The screen shots are then automatically archived for future reference and for further action.
- Report generation. The MAP policy software provides comprehensive updates of the current happenings. The reports give insight on:
- The current violators of the MAP policy as well as the previous violators.
- Constant violators of the MAP policy as well as the reformists.
- The market’s and retailers’ analysis.
The manufacturers who manually monitor their minimum advertised price policy lack the necessary MAP enforcement components.
So where do you start?
The first step is to put a stringent MAP policy in place. Then enforce your policy. The enforcing process is very tedious and time consuming especially when working manually. This can be eradicated by simply having an expert handle everything for you while you focus on other important aspects of your business. Trade vitality, an expert company that helps manufacturers to monitor and enforce their MAP policy. It is very professional and competent on this.
Is the Map policy software necessary?
Investing in a minimum advertised price policy software save you the hustle and pain of spending weeks or even months in attempting to find, contact and also follow up on the violations. The software performs all these in a very short span as compared to the manual system. It is therefore correct to emphasize that the MAP policy software is very necessary for all brands.
The use of the MAP policy software proves that your policy is not just a scare to the general public and potential violators. It proves that you are serious about your course and that you are ready to stop at nothing to protect your brand.
The use of the MAP policy software ensures the value of the product as well as the brand equity is protected. When the retailers get support from the manufacturer in the form of the MAP policy, they are protected from unnecessary price wars and huge discounting rates from competitors. The products market position; especially premium brands are protected from being compromised. This is beneficial to both the manufacturers, retailers and consumers.
By applying the use of the MAP policy software for your brand, it proves that you are perfectly aware of the ever changing needs of your retailers and consumers. It proves that you care about them since you have gone an extra mile to ensure their needs are met and fulfilled. By doing this, you are protecting the profit margins of your retailers hence ensuring their growth as well as that of other stakeholders.
The Impacts of a successful MAP policy
The following are benefits that apply when one’s minimum advertised price policy turns out to be successful.
- Increased adoption rates of the MAP policy.
- Higher compliance rates by the retailers. This is simply because the retailers know you are on the lookout and the violators can be spotted within a very short span.
- Increased revenue growth.
- Increased brand equity.
- Increased profit margin of both the manufacturers and retailers.
For all the above reasons and many more, it is evidently necessary to have effective MAP policy software in place.
The Consequences of the minimum advertised price policy violation and poor policy enforcement
If you are still not convinced of the necessity of the MAP policy software, let us take you through what you should expect as you take things manually.
Once you set your MAP and advertise it to create awareness, the next step will probably be to monitor. This will have to be handled by an individual. The monitoring process will take long and will be very tedious.
Creating profiles of the retailers will have to be done one by one. There is a risk of keying in wrong details. This leads to poor quality business data. It is this same data that will be used to make business decisions which will probably be wrong.
Another scenario is when you are sending alert mails to your violators; you may end up sending to the wrong recipients. Since everything is done manually, errors are likely to occur.
As a result you will end up rubbing shoulders with the recipient, compromising the relationship between the manufacturer and the retailers.
Benefits of having an expert handle your MAP policy.
By allowing an expert do everything for you, you will be assured of the following.
- An account manager for each brand
The account manager will effectively and efficiently manage your brand. He will come up with effective strategies for your business.
- All violators will be contacted
The brand manager will take the initiative of sending warning emails and reminders to the violators.
- Weekly reports
Your team will receive weekly reports about your violators as well as the recent statistics of your policy. You will also be notified of weekly changes.
- Customer confidence
The use of experts will reduce the chances of price variations among the sellers. This in turn will positively impact on the customers’ confidence.
Always strive to seek information and techniques that will help you guide your business strategy towards prosperity. Don’t always settle for the cheap options, they are very costly in the long run.
In conclusion, shop for your dump your manual ways and search for a convenient and professional expert to handle your MAP policy.