Sales Process Efficiency: 5 Ways FMCG Companies Can Achieve It
The fast-moving consumer goods markets and industry are directly responsible for almost half of all consumer spending in the world. Since this industry is extremely saturated with fierce competition, it's quite hard to find a good formula for improving sales efficiency.
Still, it isn't impossible to do it. If you want to improve sales rates in FMCG markets, measuring success and focusing on some crucial key performance indicators might just do the trick. Every brand must constantly analyze their performance to get valuable insight into what to improve to get the wanted results.
Here are five crucial points that you should focus on.
1. Weighted and Numeric Percentage Distribution
Weighted and numeric distribution percentages are two important variables that show FMCG companies where their product distribution stands across a variety of distribution channels when compared to the competition.
These variables allow FMCG companies to improve their negotiations with retailers, better manage their sales forces, locate unprofitable sales locations, and develop more effective sales promotion strategies. It's a direct way to understand the ups and downs of their existing distribution strategies so they can reorganize, increase revenue, and use their resources more efficiently.
These percentages help them to better understand the market conditions and rethink their sales objectives.
2. Market Share Distribution and Value
Market share distribution and value help FMCG companies measure how successful a brand is at selling their products in a particular market. It's a valuable key performance indicator that provides useful insight into the market share that one FMCG company obtains at a certain level of distribution.
It helps these companies realize the full potential of their products in the market, while at the same time providing their sales teams with enough data to find a way to gain more market share on different markets.
3. Consumption Indicators
Consumption indicators help FMCG companies boost the sales process efficiency by finding out just how many customers are actually buying their products. This directly measures the success of their promotion and advertising campaigns. The more they analyze such data, the more they're able to increase their effectiveness.
While consumption indicators provide companies with precise customer numbers, businesses can also use these indicators to understand their possibilities in the rest of the potential markets. This can also help them to understand customer behavior, which can help improve commitment and loyalty to their brand.
Such data allows for better consistency across a company’s sales channels.
4. Process Digitalization and Bringing all Process Stakeholders on Digital tools/Platforms
There are no doubts that adopting digital tools means the world for every business looking for innovative ways to improve their sales rates. Digital transformation directly increases effectiveness across every channel of distribution. The higher the quality of digital tools and platforms the FMCG companies use, the better the results.
A cloud-based field service software and the process of automation can help to increase the overall productivity, monitor production, distribution, and customer interaction and come up with a wise strategy that will bring the wanted results.
Being digitally mature means proactive decision-making, improved customer experience, innovation in product offering, and a way to connect all process stakeholders across the various digital channels and devices.
5. Location Intelligence
Location Intelligence can directly increase the effectiveness of FMCG companies' sales processes by allowing them to use the full sales potential of a certain location.
Everything depends on product distribution strategies and location intelligence helps them determine the best course of action and increase brand loyalty, turnover, product positioning, and distribution.
LI is a direct way for FMCG companies to optimize their sales strategies and realize the performance of their products in a particular area. Such data helps them remove any inconsistencies.
Through the power of modern technology, FMCG companies can streamline their sales processes and locate the top performing areas. Such tools help them to fully focus on their ups and downs and eliminate any weak points which, in turn, directly results in increased sales rates and better relations with the customers.
Know the reasons why in this era of self-help, businesses need to boost the experience of their support teams, which in turn can help to increase the overall experience of their customers.
Gone are the days when a company seeking employees would put out ads in newspapers, magazines, and more to find the right candidate. No, sir; the evolution and advancement of technology have had several far-reaching ramifications for how companies now recruit and fill up available positions in their business.
If you are thinking about starting a business and have a service attitude, you can take into account the ventures related to the health industry and thus improve people's lives. These types of businesses are profitable because they are linked to one of the first needs of the human being and besides, many people prefer to pay private services for the attention and comfort they provide.
The era of no-reply brand.com is over nowadays. This is because the time for automation and conversational communications are up upon us as today’s consumers expect much more from their preferred and loved brands
According to a recent study from FocusVision and HBR (Harvard Business Review), leading global organizations view customer insight as key to business success in 2020, while many other smaller organizations are nevertheless missing out on this opportunity to turn widely available Big-Data into insights, which can easily be utilized across businesses to attain better decisions that drive business growth.
As a sales professional, we are sure that you must have heard these terms regularly and might have used these two terms interchangeably, nevertheless, even though they sound quite alike, there is a vital difference between demand gen and lead gen to be aware of.
These days personalization is a critical tool to boost customer loyalty and also improve the overall customer experience (CX) with your brand.
If you are looking for a high quality exhibition stand, then you really need to meet an exhibition stand manufacturer. It is in fact, the best place for you to go to have an impressive stand at an exhibition or a trade show. Trust, there are myriads of benefits of going directly to the manufacturer. Wondering what are those benefits? Well, here in this post we will talk about the benefits of taking services directly from the exhibition stand manufacturers.