Stay ahead of the curve in 2023 with our top 3 trade promotion optimization tips tailored for CPG brands. Boost your marketing strategy and ROI today.
The current trade promotion execution landscape
In case you missed it, 10 years of grocery e-commerce growth seemingly happened overnight a few years ago. Amidst the COVID-19 pandemic, the adoption rate for “click and collect” was unprecedented. We all witnessed (and probably participated in) the acceleration of this shopping behavior.
While this is impressive, here’s the problem: a majority of CPG companies are struggling with online trade promotion. That’s a big issue to have during an e-commerce boom.
We can only imagine the TPx discussions that took place on Zoom calls around the world:
- How can we replicate impulse buying online?
- What do we do about sampling and in-store displays?
- Can we maintain sales velocity with the same BOGO discounts?
- How do we capitalize on the demand for pack sizes versus single servings
So let's dive into 3 TPO strategies GPG brands can use to make their trade promotion execution better.
Top 3 TPO trading strategies for CPG brands
If the past taught CPG companies anything, it’s the need for speed, agility, and new strategies.
To stay competitive in 2023, here are three TPx strategies that can help you:
1. Get a holistic view of your business
The ability to plan, track, manage, and evaluate e-commerce programs within the same context that you view brick-and-mortar programs will offer a more holistic view of your business. Seeing the big picture in real-time, keeping stakeholders in the loop, and maintaining a pulse on evolving shopping habits and behaviors will provide a competitive advantage.
2. Do scenario planning to understand outcomes
The plans you executed in 2021 and canceled in 2022 won’t serve you well in 2023. Scenario planning is the key to better understanding outcomes for your trade spend plans. Looks for a solution that provides a simple drag-and-drop functionality to try out multiple scenarios and instantly see the best outcomes.
3. Perform data management to forecast
You need to cross-reference multiple sources of data in order to develop better forecasts. Look for a digital trade spend management tool that allows you to not only house data in one place but integrate all the different data sources. You will benefit from seeing and executing a side-by-side evaluation of shipments, SPIN, consumption, and inventory data.
We can help your organization optimize your promotion execution
Meet CPGvision: the best-in-class fully connected and integrated TPM and RGM solution suite for Consumer-Packaged Goods, built on the Salesforce platform. With the most advanced functionality in the industry, CPGvision equips you with real-life problem-solving applications for TPM, TPO, and RGM.
Your success is our success- CPGvision proudly provides a dedicated customer success team staffed with CPG industry professionals. Regardless of where you are in your RGM journey, you’ll be fully equipped with the solutions you need for profitable revenue growth. Contact us today to get started.