One thing is certain: any medium to large-sized consumer goods company that markets its products through traditional sales channels such as distributors and retailers will need an active and relevant Trade Marketing structure.
Retailers do not have room for suppliers who do not act as service providers. That is why Trade Marketing is essential to add value to the company and maximize its sales.
The way in which the Trade Marketing area acts will depend on various factors singapore b2b leads such as the recognition by shareholders of the importance of the sector, the culture of the company and the sales department, the profile of the hired manager and the particularities of the segment of action.
In some sectors, the implementation of Trade Marketing is easier because there is already a demand from retailers. However, in other, more conservative sectors, they are faced with an old culture that still concentrates all power in the hands of the salesperson or sales representative, which limits the scope of Trade Marketing to just merchandising.
The Trade Marketing profession of the future depends on two barriers that must be overcome:
the perception that Trade Marketing only exists to respond to Marketing requests and
the view that the only function of Trade Marketing is to do what Sales asks.
Removing these barriers involves building a strategic vision for the area, which places responsibility for strategic design and implementation of strategies in an organization's physical and digital sales channels on Trade Marketing. Only in this way will the Trade Marketing area be able to evolve and succeed in the future.
Preparing for the future of Trade Marketing
As dramatic changes occur in retail channels, traditional approaches to trade marketing are being upended. Suppliers and retailers who want to better serve their mutual customers are thinking differently and evolving their trade marketing practices to reflect these new competitive realities.
Trends and future of Trade Marketing
Trade Marketing of the future requires capitalizing on the dynamics of the current market; it is necessary to move from a product/conversion-centric approach to a consumer/experiential approach.
Trends in Trade Marketing
Every year, there are a few trends that stand out and that retailers and brands should follow to increase customer satisfaction and sales. Let's see which Trade Marketing trends you should know and study.
1 Elimination of deferred deliveries
Today’s consumers want their needs met quickly. Once, it was considered normal to wait weeks for online purchases. A decade later, consumers expect free, overnight shipping. This, coupled with the rise of online shopping, means retailers need to be prepared for the unexpected.
To keep up with the growing demand for e-commerce, retailers must establish processes that allow order fulfillment operations to be as flexible as possible. To achieve this, they must anticipate their customers’ demands by tracking the purchasing cycles in their marketplace and stocking products accordingly.
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2 Hyperpersonalization, simplifying on and off-line experiences
The rapid digitalization and fusion of experiences, driven by pandemics and lockdowns, is turning personalization from an optional add-on to an expected feature in our emerging “phygital” life. When we consider this trend in the context of the rise of the metaverse, it’s clear that personalization has not yet reached its peak.
Hyperpersonalization in the Trade Marketing of the futureA recent McKinsey study shows that companies that get personalization right grow faster than their competitors.
On the other hand, companies that opt for non-personalized interactions run significant risks:
During the pandemic, 3 in 4 shoppers adopted a new, lasting purchasing behavior
More than 70% of consumers expect personalization and 76% of them get frustrated when they don't find it
Those who decide to go the route of personalization, on the other hand, can enjoy its benefits. But it is also true that digital companies have a double advantage by going this route: they own and design customer interactions and use data as part of decision-making.