Optimising the impact of trade promotions on sales using technologies
Optimizing the impact of trade promotions on sales using technologies
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Sales using technologies are software that comes in a form of service (SaaS). Those tools and technologies can help you in data entry, emails, scheduling, and etcetera. The relationship between them and CPG companies was not considered a very good one. CPG companies didn't see technology as an essential cost, or as something that brought out productivity and sales. Things are different now, and CPG companies are reaching out toward new technologies such as location-based marketing and big data analytics. CPG companies must now consider trade promotion optimization
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What is a CPG company?
Consumer packaged goods (CPG) companies’ goal is to sell as many products as they can to many customers as they can. Some examples of those companies are Coca-cola, Moleskine, and others. They are facing a lot of barriers and challenges such as the increasing competition
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What is trade promotion management?
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Trade promotion management (TPM), is thought to be different from TPO, but in fact, it should integrate with it. It targets the operational part of the trades, which might include promotions, allocating budgets, retail activity management, etcetera.
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What is trade promotion optimization?
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Trade promotion optimization (TPO), is a data-driven process
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TPO and TPM should exist together. TPM solutions cannot integrate data like POS and weather, in addition to analysis and what-if scenarios. Integrating with TPO solutions will help remove these barriers and balance the brand activities.
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CPG companies should start relying more on TPO. According to the Promotion Optimization Institute State of the Industry Report, CPG companies spent 27+% of revenues only on trade promotions. They should start to put a detailed plan. Questions could go:
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The answer is one. Trade promotion optimization. Start by suggesting a promotional plan
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How can TPO help in sales using technologies?
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Trade promotion optimization automates sales using technologies like data entry and post-event analysis. Without automation, teams need to manually fill in the data, which would make them prone to error and unproductivity.
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What Is The Role Of Analytics In trade promotion optimization?
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With analytics and predictive analytics