Retail, CPG and Logistics
Seasonal product optimisation: Tailored trade promotion management strategies
Seasonal products – be it Valentine’s Day products, Christmas specials, or winter and summer clothing lines – are an integral part of any retail and Consumer Packaged Goods (CPG) company. Although their time-sensitive nature often makes them challenging to promote, leveraging effective trade promotion strategies can help you generate excitement around them and encourage sales. However, a trade promotion approach to seasonal products has to be different for it to succeed.
Understanding trade promotion management
Trade promotion refers to the targeted marketing activities and incentives companies offer to drive the sales of a specific product or product line. And trade promotion management is the planning, execution, and evaluation of these activities. Trade promotion can take the form of special pricing, discounts, rebates, or other financial incentives to attract customers.
Effective trade promotion strategies align the promotion with overall business objectives, customise promotions for different target segments, and leverage a data-driven approach to boost sales, strengthen loyalty, launch new products, or even clear out inventory.
But how can you design and implement an effective trade promotion strategy, especially for a time-sensitive seasonal product?
Trade promotion strategies for seasonal products
Promoting seasonal products needs consideration for many factors, including timing of promotion, pricing, product placement, and many more. Although careful planning and execution are the foundation of a successful trade promotion strategy, here are some best practices that can help you effectively promote your seasonal products:
Plan ahead
Planning ahead is crucial when promoting seasonal products. You cannot depend just on a small marketing window for the seasonal trade policy to be successful. Advance planning can help you ensure that a robust strategy is in place, you have all the resources you need, and your trade partners are also ready for the promotion. Moreover, leveraging content to create year-round relevance and affinity can help you boost brand awareness and loyalty, increasing the chances of success.
Focus on a theme and position your product as a need
Designing your promotion around a theme and positioning your product as a necessity (not just a luxury a customer would want) for the season can be crucial to the success of your seasonal trade promotion strategy. For example, the promotion strategy for a Valentine’s Day campaign can focus on creating a “Valentine’s look”, making the customers feel more confident and glamorous in their romantic pursuits. This way, you can place your products as something the customers must have if they want to be happy on Valentine’s Day.
Leverage multi-channel marketing
In today's omni-channel world, multi-channel marketing is your friend. You can leverage it to reach customers across different touchpoints and boost engagement effectively. Moreover, intensifying your media campaigns leading up to the seasonal events ensures that customers remember your promotion and come to you for their seasonal needs.
Offer bundle or package deals
Offering bundles of similar products or package deals gives your customers a reason to purchase. It is also an effective way to ensure they buy multiple items and boost your sales.
Leverage retail partnerships
Your retail partnerships can help you increase the reach of your seasonal promotions. Collaborating with them to create joint promotions, like in-store displays or online ads, can be an effective way to attract customers towards your seasonal products.
Consider ways to serve them beyond the season
Your seasonal trade promotion strategy cannot end with the season. Looking for ways to serve them beyond the season and retargeting them with post-season emails can help boost brand loyalty and encourage customers to stick with your brand year-round.
Connect with your customers on a personal level
Listening to what your customers are saying and connecting with them on a personal level can be a great way to ensure trade promotion success. Personalised offers during and after the season can ensure customer satisfaction and loyalty for a long-lasting relationship.
Automate outreach and trade promotions
Trade promotion services and automation tools can simplify outreach and trade promotions for enhanced campaign effectiveness. This is especially effective in reaching past customers and encouraging repeat purchases and loyalty.
Define clear goals and performance metrics
Without a clear roadmap to measure success, you cannot evaluate the effectiveness of your trade promotion strategy. Be sure to define clear goals – like sales targets or brand awareness – and performance metrics can help you measure your progress against benchmarks and assess the effectiveness of your campaign.
How can Infosys BPM help?
With Infosys BPM trade promotion services, you can transform your trade promotion management and streamline your trade promotion journey. With services like:
- Business process consulting and advisory services
- Managed trade promotion services
- Technology consulting and implementation services
- Analytics advisory and data consulting
Infosys BPM can help you improve the effectiveness and efficiency of your trade promotion strategies, delivering enhanced customer experience when promoting seasonal products.
