The very first tool you need to get is an optimization software for your trade promotions. The tool should be able to eliminate the time consuming, error-prone promotion data management processes, and make measuring and planning of campaigns more actionable. The software you choose should enable you to track results in real-time and make adjustments accordingly to improve the sales reflections.
The trade promotion optimization software you choose should enable:
- Data harmonization: Getting all your internal and external data sources – sales, past promotion data, marketing campaign, digital media, weather, events, syndicated data integrated on one platform to compare and analyse results effectively.
- Measurement: The ability to measure the sales uplift and ROI of specific promotional events to optimize campaigns effectively.
- Strategic analysis: An aggregated view of the individual events analysed while measuring the results of a promotional event.
- Planning: Ability to provide data-backed insights for planning future promotional activities backed by the learning from the strategic analysis of data.
- Optimization: An easy mathematical model to provide the ability to create the best promotional calendars, based on a series of constraints identified by a user.
If you’re interested to learn more about trade promotion optimization softwares, you can have a quick look at our AI-Powered TPO solution, Compass. Equipped with post promotion analytics, Compass helps you measure the effectiveness of trade promotions and profitably optimize your trade promotions. It harnesses real-time data from multiple influential data sources and consumer touch points and provides crisp recommendations on the right type of promotions to be run and when. It also forecasts sales for different promotion combinations.