As revealed in a survey conducted by Consumer Goods, 55 per cent of the money spent on trade promotions does not increase brand awareness for either the producer or the retailer. That is why both parties must dive deeper into the facts, roll up their sleeves, and start thinking outside the box for it all to work out in the end. So we researched various trade marketing tactics that have been proven to be effective in increasing your company’s revenue
- Visual learners account for around 65 per cent of consumers. Graphics are responsible for a 42 per cent boost in the stickiness of a brand. That’s why it’s essential to consider how, where, and what your customers see when they visit a retail establishment.
- Your trade promotion strategy should include temporary price reductions to appeal to this particular section of customers. It works for existing customers who want to make more purchases and new consumers who want to become customers. Even these, however, must be executed with precision!
In this situation, delaying discount promotions till the end of your campaign could result in your campaign becoming lost in the sea of brands competing for attention to enhance their last-minute sales.
Consider the scenario of entering into a store that has a variety of similar products from several brands on display. You might want to stick with a brand that you’ve already tried and tested. However, there is a potential that you will prefer a product from a newer brand if it appears to be of higher quality. Customers often feel overwhelmed and befuddled while deciding which brand to choose. This is understandable.
This method is always effective since you allow your customers to get a feel for your product before pressuring them to make a purchase. This instils a sense of confidence in the customer and alleviates any concerns about the transaction. It is also an excellent method of introducing new features to a current product or introducing new items that have just been introduced.
It’s very much the same as going to a makeup counter and trying out different items before purchasing.
One of the essential tools you can invest in is optimization software for your trade marketing campaigns. To make campaign measurement and plan more actionable, the solution should reduce time-consuming and error-prone promotion data handling operations. The software you select should allow you to track outcomes in real-time and make adjustments as needed to optimize your website’s sales reflections
The trade promotion optimization software that you select should be able to do the following:
To compare and analyze outcomes efficiently, it is necessary to bring all your internal and external data sources together on one platform. This includes sales data from previous promotions and marketing campaign data from digital media, weather, events, and syndicated data.
Measurement: The ability to track and quantify the increase in sales and return on investment (ROI) from certain promotional events to optimize campaigns successfully.
When evaluating the results of a promotional event, a strategic analysis provides an aggregated view of the various events that were examined.
Planning: The ability to deliver data-backed insights for future promotional actions based on the learning from strategic data analysis.
When a user specifies a set of criteria, an easy mathematical model is developed that gives the user the power to construct the best promotional calendars based on those limitations.
If you’re interested in learning more about trade promotion optimization software, you may take a look at our AI-Powered Trade Promotion Optimization solution, Compass. Compass, which is equipped with post-promotion analytics, assists you in determining the efficacy of trade promotions and profitably optimizing your trade promotion campaigns. It collects real-time data from various influential data sources and consumer touchpoints. It makes straightforward suggestions on the types of promotions that should be run and when they should be conducted. Additionally, it anticipates sales for various marketing combinations