When considering your company’s profitability, it’s a good idea to model the retailer’s profit as well. Brands that don’t do this don’t have any idea if their relationship with a retailer is fair or lopsided.
Utilize advanced analytics to assess the ROI and profitability of trade promotions and allocate budgets to the most effective ones, optimizing spend and improving profitability. Need help with this one? Together with Crisp, we’ve got you.
Find inefficiencies within internal staff. Do a comprehensive cost-benefit analysis on the costly functions in your company, with an eye specifically to the possibility of outsourcing any non-mission-critical activities that don’t support business growth. A good example is the admin work related to deductions. If too much of your staff’s hours are being absorbed by this, there are options.
Work closely with brokers and retailers for optimal shelf placement and assortment to drive category growth. Building on those relationships during challenging times is critical, as competition for their attention is higher than ever.
No matter your brand’s size, this is the time when you and your team need to focus only on mission-critical aspects of your business. That means the founder should not be spending their valuable time on areas like managing the demo program or processing deductions
Retail staff are your primary conduit to the shopper. If they love and know how to sell your products it will pay huge dividends. Provide training and resources to ensure they can effectively promote and recommend your products to shoppers.
I hope you found these ten strategies helpful. CPG brands that can navigate through economic downturns are proven to emerge stronger and set themselves up well for growth when the storm passes.
Have you tried any of these strategies already? What have you had to adjust about your business to stay healthy?
Here at Promomash there’s lots we can do to help brands with several of these strategies. If you want to learn more, just contact us.