We’ve got the scoop on how your rivals monitor their promotions, as well as where they’re excelling and how you can overcome them, from the KPIs to the software to the individuals themselves.
It’s not simple to achieve the perfect store when there are so many distinct retail KPIs to consider. The kinds of things that pique your attention differ depending on the product, the industry, and the time of year. Promotion monitoring may be daunting if you don’t have the appropriate tracking tools on your side. CPG Software Solution can help to keep track of all the KPIs.
As consumer packaged goods companies want an easy way to track their promotions, the industry is adapting to cpg solutions. There’s a promotion tracking tool with the Consumer Goods Software which can give you accurate data and by extension, a better sales strategy.
Multiple methods in promotion
Because promotions don’t continue forever and only have a little window of opportunity to make an impact, the most effective promotion monitoring approach generally combines numerous tactics. If a CPG company utilizes field agents to track overall retail execution KPIs all year, adding crowd sourcers at peak promotional periods can give a wealth of information about customer behavior. Equipping both groups with the same monitoring technology strengthens this strategy even more, since any data comparison will be obvious and trustworthy.
The same logic applies to CPGs that wish to reach out to a variety of audiences. Because members of the crowd are less qualified, they may be dispatched to check on the low-hanging fruit, freeing up your field reps to focus on the more difficult audits.
The tracking process
Promotion monitoring is divided into two types: manual and automated. But, regardless of which method they employ, there’s the issue of who is actually performing the audits.
The vast majority of CPGs informed us that they monitor promotions using their own internal field force. This isn’t unexpected, because businesses will always rely on their own employees to deliver the most dependable findings – and with data like this, dependability is crucial.
Most of the other alternatives – field agencies, merchandisers, and so on – were pretty evenly split, but just 2% of the CPGs we polled employed a crowdsourcing approach.
Sounds complicated, but in actuality
Although promotion monitoring is a basic idea, with so many alternatives available, it may appear to be excessively time consuming. How do you tell which approach is best for you when experimenting with just one takes so much time and effort?
Fortunately, solutions that provide all of your needs on a single platform are becoming increasingly popular. Special tools and solutions exist to make your ideal promotion a reality, with clear, defined KPIs, user-friendly interfaces, and space for development. These all-in-one solutions eliminate the bother and allow you to focus on what matters most in a market where efficiency and accuracy are critical.
Without the right criteria, it’s hard to conduct a thorough trade promotion analysis. All analysis breaks apart if you start measuring the wrong things. Consumer Units, Revenue, The Incremental Factor, and Spend Ratio are the four metrics you’ll need. There are six key components of handling trade promotion while meeting with prospective clients. Each stage builds on the one before it, and they’re all necessary for effectively controlling and optimizing your trade expenditure. The cpg solutions can help to find the metrics that are correct, do proper measurement, get harmonized data and get proper tactics followed by planning and execution.
