Market Coverage Optimization is one of the most important aspects of a sales strategy. FMCG & Consumer Durables companies can have a massive improvement in productivity & cost savings by optimizing their market coverage. Recently, many FMCG companies have started optimizing their market coverage particularly with respect to their ongoing engagement with retailers.
There could be many reasons for optimizing market coverage. Firstly, if the company is able to optimize the market coverage, it can increase the market coverage in a predictable and scalable manner. Secondly, the company can efficiently reduce the cost of its market operations if the market coverage is optimized well. Lastly, if the company’s sales reps are doing their activities and covering their territories in a very efficient manner, they can gradually increase their productivity. Thus, increasing the sales output of the brand.
Now let’s see how an FMCG/CD brand can use technology to optimize their market coverage and can solve various challenges in the journey of retailer engagement to ensure increased efficiency. There are 4 simple steps in which companies can easily go forward to optimize their market coverage. Let’s have a look at those steps and then talk about them in the on-demand webinar in detail.
The first step is data-driven segmentation. It is about capturing the true sales potential of every single store in the network and then creating differentiated engagements based on detailed data-driven profiles. The second step is using route optimization algorithms that are specialized for FMCG & Consumer Durables sales operations. These algorithms create highly optimized visit plans for the sales team members.
The third step is taking the physical mode of covering the retailers and then adding a digital layer on the top, thus covering more retailers in a highly cost-efficient manner. The fourth step is the implementation of intelligent visits which helps in troubleshooting the on-ground problems, for example, a company might be running all the sales operations and covering the retailers but there may occur some problems in the execution on a day-to-day basis.
Now, let’s talk about each step in detail.