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PriceProbe - tracking all retail print promotions nationally; moving your business forward

Brand by retailers
Brand by retailers
Rice category by retailer
Rice category by retailer
Rice category by brand
Rice category by brand

PriceProbe - tracking all retail print promotions nationally; moving your business forward

MARKETING NEWS

Matthew Meagher, head of Analytics at Silo - Sep 21st 2016, 16:19

Matthew Meagher, head of Analytics at Silo, answers questions about PriceProbe - an information resource that provides product pricing and statistics on retail promotional activity through press advertising. PriceProbe makes it possible for users to make decisions faster and to react quicker to competitor activity, giving them the tools and knowledge to move their businesses forward. 

What is PriceProbe?
PriceProbe is an online portal used to track print promotional activity. There are two fundamental methods of presenting the data online:

• On a very granular level, it shows the actual product and price; and an image of the advert that the data was captured from.
• Statistically, it presents the data at a category view, by brand and retailer.

The rice category can be used as an example to illustrate the statistical data. In this instance, the statistical report will present the promotional frequency of a specific brand of rice by all retailers, as well as a total view on the category of all rice brands by the % share.

Thus, the users can interrogate the category share by individual brands or by individual retailers.

Through our experience of working with consumer brand companies, we know that brands are provided with the ability to monitor the price at which retailers are promoting their products through PriceProbe. It provides them with the capability to see which retailers are prioritising particular brands, as well as a total brand view of the category.


Where do you source the data content from?
Our data is captured exclusively from printed leaflets and press adverts that are in the public domain.

Our offices in Gauteng, Cape Town, Port Elizabeth and Durban capture the material from nearly 500 national newspapers. The data is made available to clients on the site within 24 hours.

We also capture 23 newspaper titles in five African countries (including Botswana, Namibia, Swaziland, Zambia and Lesotho).


Who are the users of PriceProbe?
Primarily retailers and manufacturers of consumer goods products. PriceProbe is essentially a business to business service and the data is not available to consumers.

What type of data does the platform provide?
The promotional data fields we capture are the brand, product, size, price, retailer, publication, promotion, and period. We photograph every promotion which links to the price as verification.

How long has PriceProbe been around?
PriceProbe promotional data is backed up from 2001. We keep two years of current data; and further data for analytical purposes.

What are the advantages of using PriceProbe?
From a retail point of view, there are two distinct advantages. Firstly, it is a simple means of ensuring promotional pricing is in line with that of competitor retailers.

Secondly, the transparency the site provides within the pricing market of FMCG products allows buyers to see if better deals have been given to their competitors. This aids in price negotiations from a buying point of view.

On the manufacturer side, PriceProbe can be used as a digital verification service to track that the promotions have run and that the suppliers are receiving what they have paid for.

As the site also represents data as a statistic, brands can assess their promotional share by category, and correlate this with market share changes. This facilitates a true understanding of promotional effectiveness, and secondary elements, such as margin / promotional frequency and length, which can be assessed to improve returns through the till.

Other variables such as inflation and price-elasticity can also be tracked and assessed against sales.

Clients often track a basket of products as a representation of the economic climate. For example, commodities and a basket of major brands can be tracked from an inflationary point of view to create a retailer index. Each retailer can be benchmarked to analyse price competitiveness, and when traced over a wider time frame, forecasting and trending elements are implemented.


What return on investment can the users expect?
Promotional ROI can be efficiently tracked by synergising till data with PriceProbe promotional data to assess how successful retail promotions were. Corporations can easily assess ROI by means of using data visual platforms such as Qlikview, amongst others. PriceProbe will soon be introducing data visual view as such, that will be available in the cloud for quick and easy examination.

Retailers have the ability to focus on their price strategy and be more strategic in their promotional selection to consumers. Through assessing which brands their competitors are paying attention to within each category, they can compete aggressively in the market.
From a buying perspective, retailers can purchase products from manufacturers at a lower price through better negotiations. Promoting products at optimum price-points will draw consumers to retail stores.

Because the information focuses on the FMCG market, the databases have been structured by category and sub-category. This facilitates well-designed reporting with data views that are easy to read and understand. As the only objective of retail promotions is to incentivise the sale through the reduction in price, these views facilitate easier tracking against sales data so that true ROI can be measured.


Thank you for reading this article, if you are still interested, why not try a demo search on PriceProbe http://www.priceprobe.co.za

Use the following login details:
username: priceprobe
password: priceprobe

To find out more about how analytics can move your business forward, contact:
MATTHEW MEAGHER HEAD: SILO ANALYTICS Tel: +27 31 203 3300 Email: matthewm@silo.co.za Website: http://www.priceprobe.co.za

 

Read more about: analytics

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