Before you begin implementing a trade marketing strategy, you need to do some preliminary preparation:
Set goals . Formulate what result you want to achieve using trade marketing, whether it is increasing sales volumes, strengthening cooperation with partners, or something else. If the goal is not clearly defined, it will be difficult to move forward and evaluate progress.
Analyze the market . Conduct market and competitor research. This will help you understand which approaches may be most effective. Do not skip this step. It is important to be aware of competitive offers and advantages, as well as to identify their shortcomings in order to attract a loyal audience to your brand.
Study the demand . Determine what lebanon email list resources you are willing to devote to trade marketing. Remember that investments in this area usually generate income. The share of expenses will depend on various factors, including the cost of the product, sales volume, geography, and others. It is recommended to allocate at least 10% of the total costs. Then it is worth analyzing a specific business and taking into account the specifics of the industry to determine the necessary costs for trade marketing.
If you are just planning to engage in this type of marketing, start with small test actions (cheap and short-term promotions), determine comfortable costs and study the response. As necessary, increase the budget for the most successful activities.
Creating a Trade Marketing Strategy
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Once all the preliminary activities are completed, it is time to develop a strategy. This is an important stage where it is necessary to identify the most popular products on the market, choose an appropriate pricing policy, draw up a sales plan, carry out promotional activities and organize merchandising.
Selection of popular products
First of all, it is necessary to conduct a market analysis using marketing research tools, such as demand research through WordStat or MPSTATS programs, familiarization with the activities of competitors, feedback from customers to determine the most popular products on the market, which can be obtained by conducting special “deep” interviews for CustDev research, which allows for a better understanding of customer needs.
Once you have determined what products are in your assortment, focus on the most popular ones based on the analysis you have conducted. The right choice of products will help increase sales and meet the needs of your audience.
For cooperation, choose marketing analysts. Professionals in this field will help you conduct a deep market analysis and make informed strategic decisions.
True: A shoe manufacturing company conducted a market analysis and found that demand for summer shoes in certain sizes significantly exceeded supply. It decided to increase production of these models before the start of the season.
Error: The manufacturer does not adapt the production of footwear to changing market needs, not taking into account the demands of buyers by season and size.
How to fix: Systematically track sales data to confirm that your product selection meets consumer expectations.