Minimum Advertised Pricing (MAP) is a confusing concept in business, giving manufacturers and resellers of a certain product a mutual headache. In essence, MAP is the agreed price between you and your retailers, which the latter can advertise. This means that they may be able to sell for less, but they can never advertise for less than the agreed price.
Your MAP policy helps to protect brand equity and your business on the whole. If your resellers/retailers violate your policies, the repercussions can be devastating. Fortunately, competitor price tracking solutions companies make this part of the job easier; these services provide automated tracking software that not only helps your MAP monitoring, but your entire business process as well.
Improving MAP Processes with Specialized Software
Certain companies are currently offering competitor price tracking software that may sound like it has nothing to do with MAP compliance, but is actually one of the best tools you can have in that regard. Price tracking software automates email distribution to MAP policy violators, smoothing out your policy monitoring.
It also tracks your products online, allowing you to send alerts and inform sales reps of any MAP compliance issues. Moreover, you get to keep track of your competition’s pricing as well. This helps you to adjust prices accordingly while enforcing your MAP policies to your resellers.
The Dangers of MAP Policy Violations
As the manufacturer, you’re more concerned with MAP monitoring instead of compliance. This is essential as noncompliant resellers endanger your brand equity.
Resellers violating your MAP policy can hit your brand hard. Say that you have a MAP-protected product advertised at $1,000, but one of your resellers advertises it for $900, customers will believe that you overinflated the product’s price. That means one thing: no one will pay $1,000 for your product again, leading to less revenue and brand decay.
At the end of the day, you can mitigate any confusing MAP policy violations by simply investing in a good competitor price tracking software. It helps your brand grow, protects your brand equity, and ensures that you and your resellers are on the same page.Tags: advertising, MAP, Pricing, Software, technology