Benchmarking is essential in a company; it helps guide us in the right direction by leveraging pricing intelligence to make informed decisions. However, benchmarking can be quite difficult, especially if you have to gather all the data yourself. This blog post will focus on a feature that makes benchmarking easy, specifically benchmarking against vendors.
Group your vendors
Benchmarking your vendors can be quite a task, and sometimes also too much information if you, in reality, only want to benchmark against a few specific ones. This is often tactical smart if you’re a large reseller/brand and only want to benchmark against the biggest vendors to get a more realistic idea of the market overview.
This also means that you get a significant and relevant market overview. For example, Vendor grouping can help you monitor your A-competitors, enabling effective competitor tracking and letting you easily and quickly establish price strategies based on how they interact.
Vendor grouping allows you to:
- Easily group and categorize your vendors so you only see the ones you want to benchmark against.
- Create as many vendor groups as you need and then save them for future use.
- A more significant and relevant market overview
Establish price strategies with your vendor groups to ensure you act or react accordingly. For instance, if you want to monitor your A-competitors, you can easily select this vendor group and set up filters based on what you want to track, e.g., if you have different product categories with different top competitors per group, you could easily build that view with the click of a button if you set up a report to receive an overview of the market.
Interested?
Are you interested in learning more about how you group your vendors to get the right overview? Then contact your customer success manager, who will help you set up your account correctly or book a meeting with one of our product specialist here.
