Trade promotion is a critical component of the CPG supply chain. It’s an important method to Increase sales, create awareness, boost adoption and larger assortment for companies with distributors, wholesalers, retailers. In this blog, we’ll take a look at different types of trade promotion their planning, and how they work and why they are so essential for the success of a business.
Trade promotions are often the most effective way to increase sales. In fact, they can be very successful in driving product awareness and sales by offering discounts on products that people have not yet heard about or even seen in stores. This makes trade-in programs extremely effective for both manufacturers and retailers alike because it allows them to promote their products without having to invest heavily upfront costs into advertising campaigns or other promotional methods like coupons or giveaways (which may not be compatible with each other).
Trade promotions can help companies gain market share because if more people buy their products than others’, help them acquire more customers and get better market coverage. Some types of trade promotions are:
A trade promotion management solution should be able to help brands and retailers analyze past performances while creating strategy models for future trade promotions.
The following features are an essential part of managing trade promotions efficiently:
Botree extensive DMS Suite has inbuilt features that can help companies deploy trade promotions in real time and adjust strategies at a micro geography level on the fly.
Trade promotion planning is a dynamic and ever-evolving process. It is key for brands to stay abreast of changes in the industry to stay competitive. Software solutions have been developed that allow retailers and manufacturers to manage their trade promotions effectively, so that both can be confident about their success.
