Has your foodservice trade promotion management solution been naughty or nice this year? If naughty, don’t start the new year off with the same solution! Your customers and internal staff deserve to have the best. So, how do you know that you’ll be starting the new year off with the right solution?
There are five things to look for in a trade promotion management solution for a manufacturer that can help you get the new year started off on the right foot.
First, let’s define trade promotion management.
“Trade promotion management typically refers to one or more software applications that assist companies in managing their complex trade promotion activity. Trade promotion management is a challenge faced by most CPG/FMCG companies around the globe. Consumer goods companies spend substantial amounts of time and money—14 percent of revenue, according to an AMR Research study—on promotions with retailers designed to boost revenue or increase/protect market share (or both).” (Source: Wikipedia)
Just because your trade promotion activity is complex, it doesn’t mean your solution has to be as well. Learn more about contract management success tips to go along with these five key features to help you find the right TPM solution. The right system will ensure you’re getting what you need in order to run your business more smoothly.
- Easy Contract Renewal Process – Creating contracts can be tedious and time consuming. It’s important to invest in a TPM system that allows your users to quickly and easily renew contracts, especially at year end. Choose a system that allows you to renew a contract without having to retype all of the data again. Also, select one that allows you to retain the same contract number so that there’s no confusion with your customers sending in the wrong contract number on their invoices.
- Useful Contract Renewal Reminders – Set up your system to notify you at the right time to start thinking about your contract renewals. Choose a solution that will allow you to set 30/60/90 day notifications prior to the expiration date. Being notified at the right time will give your sales reps the time needed to look over the contract and determine if any modifications need to be made.
- Easy Way to Determine Estimated Volume – No one wants to lose money on their foodservice contracts. So, make sure your team has the right information at their fingertips. The right solution will give you the opportunity to use the current year’s actual volume to help estimate the volume on the renewed contract.
- Easy to Use Analytics – Data is important in the trade promotion management game. If you don’t have easy access to your data, then you may not have all the relevant information needed to make profitable contract renewals. Gaining insight into your current year’s data will end up saving you money down the road.
- Affordable Solution – You don’t need to spend an arm and a leg to get a great TPM solution. Your purpose is to save money. So, choose an affordable solution that does everything you need for an affordable price.
Just because foodservice trade promotion management is complex, it doesn’t mean your solution has to be. Determine the right solution for your contract management process for 2016. GoSimple offers Simple Solutions for Complex Industries! Contact us today to request a demo!