Salesforce innovates Trade Promotion Management with new capabilities for driving revenue growth
Consumer Goods companies spend approximately 20% of their revenue on trade promotions. But two-third of their promotions fail due to their inefficiency in trade and in-store execution.
The supply chain disruption and cost of goods further add to this inefficiency and costs the industry almost $100 billion per year. On top of that, using outdated technology and manual spreadsheets by many consumer goods companies accounts for more inefficiency.
Therefore, to help CG companies manage promotions and retail executions efficiently and effectively, Salesforce introduced new innovations and features in Consumer Goods Cloud.
Salesforce’s Chief Product Officer, David Schmaier said, “ Consumer goods companies who effectively manage their promotional activities have more opportunities for growth in this new digital-first world. However, many companies still rely on outdated software to help them manage these processes. Trade Promotion Management in Consumer Goods Cloud helps these companies unlock revenue growth while removing the silos between marketing, sales, and execution teams so they can better serve and grow their business with loyal customers.”
New Innovations in a nutshell
Salesforce Trade Promotion Management innovations aim to streamline the process of promotion planning, unclamping silos, and derive a single source of truth that optimizes trade spend efficacy.
With the latest mobile offline execution app, field agents can perform their store visiting activities while staying offline.
In short, these capabilities in the new innovations are all set to offer a complete solution for the complex requirements of CG companies enabling them to engage better with customers and eventually earn more revenue.
Key Features of these innovations
⮞ Planning promotions and budgets– This capability empowers the Sales team to get clear visibility into customers’ accounts and create the right promotions strategy and fuel revenue growth. Account managers now can manage customers’ business plans and budgets more effectively helping them to optimize trade spend efficacy.
⮞ Unified Account View– This allows teams to couple trade activity with national marketing campaigns and retail programs for garnering higher ROI for the promotions. The unified view of accounts across media, trade, and merchandising makes the cross-functional alignment stronger.
⮞ Analytics for measuring trade spend efficacy– These analytics help leaders to measure their trade spend effectiveness and thus drive more promotional ROI. The insights help to replicate successful campaigns and find tactics for improving the slow-performing ones.
⮞ Management of funds and Claim payment– With stronger visibility into budgets and liabilities, sales leaders can verify the funding available for their campaign and match claims with payments after the promotion is over.
It is worth mentioning that in the POI 2021 Enterprise Planning Vendor Panorama Report, Salesforce Consumer Cloud received the Five Best in Class distinctions from Promotion Optimization Institute (POI).
So, if you are interested in deploying Salesforce’s unique capabilities to your business, reach out to us for a result-driven Salesforce Consultation. You may check out our services section on our website and start with Salesforce Project Estimation demo here!