Does Digitising Trade Promotion Management Boost Revenue?
Trade promotion management (TPM) is the process of planning, executing and monitoring the marketing and sales activities that support a company’s exports. It can be a challenging and time-consuming process, which is where digital solutions come in. By digitising TPM, businesses can save time and money by streamlining the process.
A trade promotion management solution is effective if it complies with global trade regulations. Many business owners don’t realise that their trade promotion efforts are subject to various regulations around the world, including those related to pricing models and export quotas. By using a TPM solution that complies with these rules, you can avoid any legal issues in the future.
However, this is not all; the benefits of using a trade promotion management solution are many more. Let’s dive into the post to learn more.
The Benefits of Digitizing Trade Promotion Management
TPM is a critical piece of the marketing puzzle, and digitising it can help to improve collaboration between different parts of the business, as well as better assess and measure post-promotion performance. By automating routine tasks, TPM can help companies forecast, budget and spend more efficiently while also providing greater visibility into end-to-end sales processes. Also, it can help target customers better with the right promotional activities, thereby deepening customer relationships.
There are a number of benefits to digitising TPM, including:
- Improved Collaboration: By making it easier for CPGs (consumer packaged goods), retailers and distributors to work together, TPM can make it easier for people to talk to each other and make decisions faster.
- Improved Post-Promotion Analysis & Measurement: Due to improved data analysis capabilities, marketers can better understand how their campaigns are performing post-promotion, an important step in making informed merchandising decisions and targeting the right customers.
- Optimized Forecasting & Spending: Having accurate forecasts enables companies to make smarter spending decisions when it comes to marketing resources and advertising campaigns. This helps them stay ahead of competitors while also maintaining budgets in difficult economic times.
- Automated TPM Task Management for Various Revenue Growth: With TPM fully digitised, various revenue growth areas, such as product innovation or new product launches, can be managed more effectively with automated task management. This helps companies reach their target market faster while reducing the risk associated with unplanned spending or missed opportunities.
- Greater Visibility on End-to-End Sales Processes: By leveraging real-time data streams from various parts of the business ecosystem (marketing, sales and distribution), marketers are able to see all aspects of their sales process in one place, which enhances decision-making across all departments involved in selling products.
- Increased Scalability & Agility for All Sizes of Companies: Due to its automation features and modular design, TPM is highly scalable, making it perfect for companies of all sizes that want enhanced efficiency and reduced administrative costs associated with trade promotion activities.
To Wrap Up
Here, we have seen how digitising trade promotion management and a trade spend management system can help boost a company’s revenue. By streamlining processes, automating routine tasks and increasing visibility and accountability, digitising TPM can help companies save time, money and energy. What’s more, digital TPM also helps companies target customers better by understanding which pricing models are most effective in driving sales results.