Quite simply you need it! Trade Promotion Management (TPM), typically refers to the software solutions used by organisations to manage their complex trade promotion activity.
As a strategy for improving the bottom line and rewarding shareholders, many organisations are addressing the processes they use for managing their trade promotion activities, by taking the benefits of TPM software solutions into consideration.
So when it comes to managing trade promotions what are the typical challenges?
You have no promotional tracking tools and restricted insight into what’s going on with your promotions, making it difficult to manage the financial performance of your promotions.
You’re using manual systems to manage your promotional deals, that aren’t integrated with your organisation’s ERP solution and this often results in inaccuracies when pricing calculations are manually reconciled.
The inability to be creative around the types of promotions you set up, is not only frustrating, but also impacts on the ability to drive sales.
Without integrated systems and organisational wide visibility on trade promotion activity, the left hand doesn’t talk to the right hand and team members work in isolation.
You’ll have a long list of promotional components up your sleeve including off-invoice discounting, billbacks, scanbacks, BOGOF (buy one get one free), and more! You’ll also be able to include or exclude customers and items within a desired date range across multiple pricing or promotion components.
You’ll be able to better drive sales efforts through creating advanced mix and match promotions, cross-selling, upselling and complex free goods offers.
With a rules-based workflow for exception management, you can ensure collaborative decisions between the broker and account managers, through to sales operations and finance.
You’ll be able to monitor promotion performance in real-time and adjust and respond to exceptions as they occur using dynamic pricing management. Just amazing!
In brief, Trade Promotion Management Software provides tools to develop and execute complex trade promotions in a much, much smarter way. With increased visibility and promotional tracking tools, you can dramatically improve your organisation’s promotional performance
So if you need advice on how you could be better managing your systems and processes for your organisation’s trade and promotional spend, talking to a reputable TPM software solution provider is an absolute must-do.