An ideal trade promotion optimization software should be able to provide accurate granular insights and support a forward-thinking strategy with a predictive and prescriptive analysis. Here are some key elements that must be present in every trade promotion solution:
Takes Data From All Relevant Data Sources In The Right Format
The solution needs to be fed with raw data from multiple consumer and market touch points and data sources. This acts as a solid foundation for an analysis to be run and provides a holistic view of reality.
Some important sources include:
- Internal data: Market research, Past promotions, Primary sales, secondary sales, Marketing campaigns, POS etc.
- External data: Syndicated data, Social, Weather, TRP, Digital Analytics, Events, competitor campaigns etc.
The more sources considered, the higher the accuracy of your trade promotions strategy.
Easy To Use And Less Dependence On A High Skilled Crew
The Trade Promotion Optimization solution needs to be a self-service one, i.e, it should allow users to customize reports and filter dashboards by themselves, whenever they want, without having to depend on the IT department.
Ability To Learn, Measure and Optimize
Measuring trade promotion effectiveness is a tricky job for most consumer goods manufacturers. An ideal trade promotion software should be able to effectively harness the data from your past trade promotions, measure effectiveness and provide meaningful recommendations from the analysis. This in-depth and powerful analysis can be effectively performed only when the TPO software is integrated with AI technologies like machine learning, advanced analytics etc.