All brands struggle with maximizing their trade marketing ROI, especially in-store. There is an easy and a hard way to do anything. Having a blueprint to follow is similar to a roadmap. It can save you valuable time, money, & worry while exploding sales.
Welcome. This podcast is dedicated to getting your products in more store shelves and into the hands of more shoppers. One of the most important aspects of your success, of every brand’s success, is your trade marketing. Think about it. Trade marketing represents typically about 25% of all your gross sales, 25%. On top of that, 70% to 90% of all your trade marketing is wasted. Meaning, it doesn’t help you hit the objective that you’re shooting for.
In other words, you’re not achieving the objective of getting more customers to try your product. With that in mind, it is critically important that you maximize each and every opportunity to get in front of the customer. It’s difficult, if not, impossible to do this if you don’t know exactly what it cost to get your product into the hands of the shopper, what it costs to promote your product on a shelf through the temporary price reduction or display it through an in-store demo?
In other words, which one of these promotional vehicles gives you the highest ROI or return on your investment for your trade marketing? There’s a lot more to answering this question than just saying, “This is what it cost me for that particular promotion.” What you need to know is not only what did it cost you, but also what was the lift, what was the increase in sales that you achieved?
Then in addition to that, more importantly, what were the sales after the event ended? As you’re going through this process and you’re trying to understand everything, were there out of stocks, were there any mismanagement issues, mis-merchandising issues, were there any situations where the signs weren’t put up properly or the product wasn’t brought into the warehouse properly? What things could you have done better to maximize this selling opportunity?
The difference between paying lip service to this and doing it well, taking this very seriously, putting the time and effort needed and required to do it well can be the difference between you being around a year, a decade, or even longer. It can also be the difference between you getting strategic investments from partners that can actually help you grow your brand as opposed to constantly having your hand out, looking for someone to give you more money at any terms you can get.
What I’m getting at here is this is how you maximize your ROI. This is how you get more runway out of your available dollars. This is how you go from being just another package on a retailer shelf to becoming a valued and trusted partner with them, and that you maximize each and every dollar that you use in your trade marketing. One of the most effective ways to do this is with in-store demos. In-store demos are great because they allow you to get your product into the hands of a future customer, to get to know that customer and understand what their needs and wants are.
It gives you that consumer research piece that we talked about on other podcast episodes. What also can give you a much higher lift, now, the challenge here is there are a lot more components to managing and measuring the success of an in-store demo. This is what we talked about in, a three-part webinar series called, “Master the Shelf.” The attendance was great and the feedback was wonderful. To recap our conversation and to share more about how you can leverage these strategies to help build your brand, I invited the sponsors of the three-part webinar series, Yuval and Chris from Promomash on this podcast episode to talk more about it.
At the end of the podcast episode for this week’s free download, you’re going to get something that they prepared especially for you. In addition to that, we’ll tell you how to access this webinar series so that you can leverage the strategies that we shared to give yourself a competitive, significant competitive advantage.
Download the show notes below
The Essential New Item Checklist – The Recipe For Success
Empowering Brands | Raising The Bar
Ever wish you just had a roadmap? Well now you do!
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