Discover the best practices for consumer packaged goods companies, when it comes to the trade promotion of seasonal products.
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Why get consumer packaged goods software?
Trade promotion spending is a major expense for consumer product companies, yet it is often difficult to measure and reconcile. This is due to the complexity of the process, which involves tracking multiple levels of spending, such as coupons, discounts, and incentives.
Companies must also track the associated sales and revenue results. Without the proper measurement and reconciliation of trade promotion spending, companies risk overspending and diminishing returns.
To address this challenge, companies are increasingly turning to consumer packaged goods solutions such as Trade Promotion Management (TPM) software.
TPM software offers many benefits to consumer product companies, enabling them to better manage and measure their trade promotion spending. By using TPM software, companies can ensure they are spending the right amount and in the right places, resulting in greater returns.
Here are some of the most significant benefits of trade promotion management software:
1. TPM software helps companies to track and analyze trade promotion activity and results, providing valuable insights into how to optimize spending. By providing visibility into spending and results, companies can make more informed decisions about how to allocate their trade promotion budget for maximum return.
2. Trade Promotion Management (TPM) software also helps companies to better manage their spending.
With the ability to track spending across multiple levels, companies can identify and address any discrepancies, reducing the risk of overspending. Additionally, companies can set and track performance goals, enabling them to adjust their spending accordingly.
3. Finally, Trade Promotion Management (TPM) software can help companies measure the impact of their trade promotion spending. By tracking both spending and sales data, companies can gain an understanding of the effectiveness of their campaigns. This allows them to adjust their spending strategy in order to maximize their returns.
If you're wondering how to select the right platform for your company, keep reading.
Key factors in selecting a trade promotion management (TPM) software
When selecting a Trade Promotion Management (TPM) software platform, there are several factors to consider.
First, consider the features and capabilities that the software offers.
- Does the software provide visibility into spending and results?
- Does it enable companies to set and track performance goals?
- Does it provide insights into how to make the most of their trade promotion budget?
Next, consider the user experience.
- Is the software easy to use and understand?
- Does it offer helpful user support?
- Does it have a robust feature set that will meet the company’s needs?
Finally, consider the cost of the platform.
- Does the software offer competitive pricing?
- Are there any hidden costs or fees?
- Are implementation or ongoing services bundled in the cost of the software, or does the company incur additional fees for routine or ad hoc services?
By considering each of these factors, companies can ensure they select the ideal software platform for their trade promotion management needs.
With the right TPM software, companies can gain a better understanding of their spending, results, and impact, resulting in greater returns on their trade promotion investments.
You may also be interested in how Mattel boosted its TPM with CPG.
The human factor matters the most
Beyond the features and benefits of the software, a critical factor in the selection of the ideal TPx (trade promotion execution) partner is the team at the software company that will be supporting your organization.
Customer support staff who understand trade promotions are essential for consumer product companies to get the most out of TPM software. These staff members provide an invaluable resource for companies as they use the software, enabling them to ask questions, troubleshoot issues, and gain insights into how to best use the software.
With their knowledge and experience, customer support staff can provide guidance on how to make the most of the software’s features. They can help companies to set and track performance goals, analyze results, and adjust their spending strategy accordingly.
Additionally, these staff members can help companies to identify any discrepancies in their spending, allowing them to make the necessary adjustments.
The right customer support staff can offer insights into the industry, helping companies to stay ahead of the competition. With their expertise, companies can gain a better understanding of their trade promotion activity and results, enabling them to make informed decisions that will lead to greater returns.
At CPGvision, we Provide a crucial advantage for our clients: industry expertise
At CPGvision, our customer success teams are deeply knowledgeable about the industry. In fact, most of our team members worked for CPG companies prior to joining CPGvision. This provides broad expertise in the utilization of the software platform to deliver results
Our industry experience helps our clients get the most out of their Trade Promotion Management software. Our staff provides an invaluable resource for companies as they use the software, enabling them to ask questions, troubleshoot issues, and gain insights into how to best use the software.
With their knowledge and experience, our team provides guidance on how to make the most of the software’s features. We help our clients to set and track performance goals, analyze results, and adjust their spending strategy accordingly. Additionally, we help our clients to identify any discrepancies in their spending, allowing them to make the necessary adjustments.
We provide valuable guidance and insights that enable clients to maximize their investment in the software platform and deliver a great ROI on trade promotion spending.
Interested in talking to an expert? Contact us at CPGvision and let us help you revolutionize the way you manage trade promotion.
About the Writer
Paul Krause is an accomplished human resources leader and organizational effectiveness consultant with 30 years of experience enabling organizations, teams, and individuals to thrive and succeed. He specializes in talent management, people practices in growth organizations and organizational strategy alignment. His passion is creating environments where individuals, teams and organizations can transform and breakthrough to unparalleled performance.