Salesforce Trade Promotion Management Upgrades, Aid CPG Revenue Boost
Consumer goods businesses spend up to 20% of their income on trade, amounting to around $400 billion per year on average. Two-thirds of promotions, on the other hand, fail to break even, resulting in a $100 billion loss due to inefficient in-store and trade execution. With rising costs of commodities and supply chain interruptions, these inefficiencies have become even more pronounced. Furthermore, many consumer products companies manage this process using antiquated technology and manual spreadsheets (Source: Salesforce.org). Brands can now plan, execute, and optimize trade spending with a single source of truth thanks to new capabilities in Consumer Goods Cloud.
Based on these findings, Salesforce recently announced new advancements in Consumer Goods Cloud to better manage promotion and retail execution for consumer goods businesses. Trade Promotion Management helps maximize trade spend effectiveness by streamlining promotions planning, breaking down silos, and providing a single source of truth. Additionally, field reps can conduct store visit activities while offline using a new mobile offline retail execution tool.
These technological improvements, together with Consumer Products Cloud's current product advancements, provide a comprehensive solution for the most complicated demands of the world's leading consumer goods firms to better engage customers and drive sales.
Let’s dive right into what the advancements are:
Management of Funds and Claims
Account managers can see trade budgets and accrued obligations in real-time. This enables them to confirm available cash to support their trade goals and reconcile claims with reimbursement once the campaign is over.
Planning for key accounts and promotions
Account managers can maximize trade expenditure effectiveness by managing customer business plans and account budgets efficiently. Sales teams now have a better understanding of their account plans, allowing them to build and launch the optimal promotion for their customers, resulting in increased profits.
Account View in One Place
A unified account view across media, merchandising, and trade enhance cross-functional alignment This enables teams to combine trade activity with national marketing efforts and in-store initiatives to increase the promotion's return on investment.
Evaluation of Trade Promotion
Allows the leader to simply monitor the effectiveness of trade spending and maximize promotional ROI, allowing them to see more successful marketing techniques. This enables teams to reproduce the most successful promotions while eliminating those that fail to draw money.
Moreover, many stores miss connectivity and Wi-Fi, posing a difficulty for on-the-go salespeople who need to keep track of specials. Reps on the ground may use Salesforce's new offline retail execution mobile app in Consumer Goods Cloud to accomplish tasks, manage order management, and pricing. The data is instantly synchronized once the rep resynchronizes them.
In short, these announcements from Salesforce are going to help troubleshoot multiple shortcomings and in turn aid in a revenue boost. If your company or organization is on the lookout for similar advancements, get in touch with our expert team at Apphienz. Visit our website to know more about us and the exceptional services we offer.