IDENTIFYING THE RIGHT STORES WITH STAYINFRONT RDI
In this tough economic climate, volume-led sales growth is increasingly difficult to achieve. Consumers are becoming more nonchalant with the latest promotional pricing, incentivizing them to switch brands. All CPG companies must improve their sales-driving strategies to maximize their investments’ effectiveness and productivity. This prioritizes revenue management programs and drives the desire to improve trade spend efficiency. Field sales leaders are also challenged with achieving more with the same resources and in certain instances, they’re tasked with accomplishing more with less.
One of the more frequent conversations I am currently having with CPG leaders in developing markets attests to these restrictions. This is even more challenging in markets where the brand owner relies on a distributor’s field sales team. Historically, it has proven to be complex to identify new outlets to replace tail-end stores or those that have closed due to market churn. This ‘leaky bucket’ effect can damage brand distribution and sales performance if not addressed.
The advent of AI and machine learning has enabled new, sophisticated modeling techniques to identify sales potential for new outlets to compare with the existing call file. This ensures that field sales leaders can be laser-guided on their new outlet opening and ensure the existing resources are more productive. In leading companies, some field teams have been provided with an app to geolocate the new outlets near the existing call file. This encourages field sales teams to focus on opening new accounts rather than randomly prospecting for new outlets. This method has broad applications, from expanding market coverage into new territories to verifying that the existing call file is targeted at the right stores to call on. This new set of solutions will help CPG companies address the need to demonstrate productivity benefits.
CPG companies looking to leverage volume-led sales growth should look for a retail optimization partner with productivity in mind. StayinFront Retail Data Insight (RDI) is a valuable partner for CPG companies looking to compete in today’s challenging economic environment. StayinFront RDI’s Intelligent Guided Selling (IGS) engine is the latest in predictive technology. StayinFront RDI’s IGS engine works in modern and traditional trade channels, using several data types to create a well-rounded understanding of each unique marketplace.
As the standards in CPG marketplaces continue to shift, stay competitive with innovative solutions from StayinFront. Contact one of our experts to get started today.