The consumer packaged goods (CPG) industry is changing at a rapid pace. Consumers are making choices faster and are armed with more information. This means that CPG marketing and sales teams need to keep pace, and it’s impossible to do so without a technology tool that provides real-time, actionable insights and intelligence. Trade Promotion Optimization (TPO) software platforms can be effective tools for improving team efficiency and return on investment. These platforms can automate the time-consuming, manual tasks associated with TPO/TPM (trade promotion management), while improving productivity, campaign performance and collaboration.
Ask the Right Questions
Choosing a TPO platform requires a comprehensive evaluation, including an assessment of business needs, staff capabilities, management support and financial resources.
Here are some questions to ask before evaluating platforms:
- What are the goals of this project and how do they match my business objectives? Is too much time spent crunching numbers? Should marketers refocus on more strategic tasks like promotional benchmarks? Will this create an opportunity to increase profits? Lower promotional spend? Increase market share?
- Are integrated communications needed? How will this differ from my Business Intelligence (BI) solution? Will other departments be willing to give up their spreadsheets? Can we create internal communication channels? Are we ready to be transparent between intelligence silos? What is the downside if we delay the process?
- What data are we hoping to integrate? Are we hoping to be able to integrate multiple data sets? Do we need real-time updates? Weekly? Monthly? Quarterly? What open API’s are available for data exchange? How can we maximize the investment in data subscriptions? Who will control the modeling and validate the data hierarchy?
- What are the reporting needs? What is our baseline today? What are our customers asking for? How much flexibility do we need? How will we present our findings? Who needs access to the dashboard, in what roles? What about Wall Street/the Board and what they want?
- How will success be defined and benchmarked? Will we be successful if we do this in a year? Quarter? Months? How much can we save? What do our customers want? What is “Best in Class” for tracking and reporting results?
To learn more about choosing a TPM/TPO platform, read our “Guide to Choosing a TPM/TPO Platform”