As a mid-market CPG brand in emerging markets doing ~$100 million to ~$1 billion in sales every year, you are in a fix. You have to fight two battles simultaneously – one on insurgent brands and the other on global brands, both of whom want to eat into your share of the shelf.
To scale up, you have already leveraged digital and feel good about it. However, to accelerate your growth and double your revenues YoY as Bizom brands do, you need a larger digital transformation vision.
Here are five solutions to leverage market opportunities and become a multi-billion dollar brand.
#1: Adopting an Integrated SFA and DMS
It’s easier to drive growth by digitising the salesforce. It’s harder to digitise multi-brand distributors and achieve your target fill rate and availability.
What you need is a 360-degree solution across multiple channels that can integrate with your ERP platform. The solution should offer flexibility and mobility for every kind of customer. For instance, small distributors might better adopt a DMS mobile version, perceiving it requires smaller investments or fewer resources.
Distributors use different accounting and ERP platforms like Tally, HEERA, Exactlly etc. Your DMS solution should also integrate easily with such platforms as Bizom Connect. Such integrations are vital to access real-time data on availability and fill rate to track lost sales. Jyothy Laboratories could scale its sales even during the pandemic due to such an integrated approach. It was the same with Emami.
Solution 2:Activate DIY Business Intelligence for Outcomes
Mid-market brands should democratise data and business insights for their entire organisation. Share the insights with your middle management, sales executives, distributors, and retailers. What you need is a Business Intelligence solution that allows your users to manipulate the data, customise the processes and integrate them with your digital initiatives.
Bizom Oneview is the only BI platform explicitly built for CPG brands to provide actionable insights to middle management and the last mile. No wonder Hershey’s India is the fastest-growing market for Hershey’s worldwide. Here’s how they leveraged Bizom Oneview for growth.
#3: Customise Your Trade Promotion Campaigns
As a fast-growing brand, you need to channel your schemes, discounts, and overall trade promotion spending correctly. You should be able to micro-segment your retail channels and customise an effective trade promotion campaign that will ensure your consumers will purchase your products the most. Bizom’s TMP solution allows you to do just that and more. Here’s a testimonial from one of our brands on how they reduced effective trade spending while doubling business.
#4: Deploy Auto Replenishment Across Channels
Mid-market brands must deploy auto-replenishment systems (ARS) to leverage real-time insights on availability to improve fill rates and avoid lost sales. An ARS syncs your primary and secondary sales through past data and predictive analytics. It enables your brand to capitalise on every market opportunity and stay ahead of the competition as Bizom brands do.
#5: Connect Directly With Your Retailers
Direct retail connect is a relatively newer concept, but during the COVID-19 crisis, it saw a massive uptake and drove our brand’s growth exponentially. Bizom Retailer App not only digitises your last mile mom-and-pop shopkeeper but also allows you to channel your trade spends digitally through loyalty programs and digital payments. No wonder Bizom brands have been able to replace inventory with data.
Bonus: Expand Your Market Through Consumer Insights
You can do more after leveraging the above solutions and hitting the ball out of the park. Deploy Bizom Eagle Eye, a game-changing solution which combines retail insights with public data on population (pop strata), affluence, and vicinity. It will provide your sales teams and distributors with business intelligence on what to sell, where to sell, and how much to sell.
I have been privileged to witness more than 500 brands grow exponentially leveraging Bizom’s technology stack. I look forward to seeing you #UpgradetoBizom.
