The COVID-19 pandemic brought about significant changes in the way consumer packaged goods (CPGs) operate. Before the pandemic, discounts were the go-to strategy for CPGs, typically offered as percentage-based savings like 10%, 20%, or 30%.
However, the post-pandemic landscape demanded a shift in promotional tactics. CPGs had to revamp their approach and move away from traditional discounts to embrace enticing multi-pack offers, such as “buy two, get one free” or “two for the price of one”.
Why the change? Consumers altered their behavior and became less responsive to standard discounts. They found greater appeal in multi-pack savings, allowing them to save money on multiple purchases. CPGs quickly recognized this shift and adjusted their strategies accordingly.
CPGs also realized that promotions no longer needed to span an entire month or longer. Instead, they discovered the power of shorter, more targeted campaigns. Offering promotions for a week or a specific weekend became the new norm.
As CPGs fine-tuned their promotional tactics, they also became more budget-conscious. They understood that the impact of multi-pack savings differed from that of traditional discounts. By listening to their customers, CPGs learned that aligning promotions with multi-pack savings and running them for shorter durations helped maximize their budgets effectively.
This transformation led to a meticulously crafted promotional approach that resonates with today’s consumers. CPGs adapted to the changing demands, delivering irresistible offers precisely when customers are most receptive.
Amid the ongoing challenges posed by the pandemic, the CPG industry has embraced this new era. With agility and consumer-focused strategies, CPGs have harnessed the power of multi-pack savings, optimized their timing, and made efficient use of their budgets. These adaptations enable them to captivate consumers in an era where traditional discounts have given way to engaging multi-saving experiences.
As a professional in the CPG industry, you understand the complexities of pricing and promotions and how each business has its own unique requirements. Achieving revenue growth management (RGM) success calls for a tailored approach that aligns with the specific needs of your business. That’s where Wise Athena comes into play.
Wise Athena is committed to the success of its clients and strives to help them make effective pricing and trade promotion decisions that will deliver greater return on investment (ROI). We understand that the best way to provide effective solutions is by listening to our clients, and we are excited to introduce two new features to our SaaS platform that will help them generate smarter promotions and pricing strategies: Multi-buy and Daily Promotions.
1. Multi-buy is a powerful new feature in our platform (Athena®) that allows you to determine the most efficient promotional dynamic for your business. You can compare different promotions, such as 3×2, or 2×1.5, based on your category or segment, retailer type, and timing. With this data-driven approach, you can choose the right promotion type that will provide the best ROI for your business.
With Multi-buy, you can take advantage of the following key benefits:
- Increase sales with smarter promotions: Multi-buy empowers consumer goods companies to make data-driven decisions about their promotional strategy. By comparing different promotions and analyzing their performance, businesses can identify the most effective promotion type for each category or segment, retailer type, and timing. This helps increase sales and effectively capture new revenue opportunities.
- Optimize your promotional strategy: With Multi-buy, you can optimize your promotional strategy and achieve a better ROI. By using the insights generated by this innovative feature, CPGs can fine-tune their promotions to maximize their impact and profitability. This leads to smarter, more effective promotional strategies that boost revenue growth and improve the bottom line.
Gain a competitive edge and increase market share: With Multi-buy, you can optimize your pricing and promotions to increase household consumption and capture new revenue opportunities. By offering targeted and attractive promotions, you can attract new customers and retain existing ones, leading to increased market share and revenue growth for your business.
2. Daily Promotions is another innovative new feature that provides an analysis of promotional performance on a daily basis. This allows CPG companies to generate scenarios and predict the days or weeks when their promotions will be most profitable, helping them to effectively capture new revenue opportunities.
Here are some key benefits of Daily Promotions:
- Reduced promotional waste: By generating scenarios and predicting the most profitable days or weeks for your promotions, you can reduce promotional waste and optimize your promotional spend. This can help you be more efficient in your promotional strategies, ultimately leading to increased revenue growth.
- Increased ROI: Wise Athena’s Daily Promotions feature allows you to identify the most profitable days or weeks for your promotions and optimize your spending by focusing on the times when you are most likely to see a boost in revenue.
- Customer engagement: With Wise Athena’s Daily Promotions, CPGs can now create more personalized and relevant promotions on a daily basis. This allows them to capture new revenue opportunities more effectively by applying promotions during shorter periods of time, such as 1–2 days or 1 week, versus the traditional month-long promotions.
Our solutions are powered by AI and machine learning models that analyze vast amounts of data to provide you with accurate predictions and insights. With Wise Athena, you can make more informed decisions based on accurate data and predictions, helping you maximize your ROI and capture new revenue opportunities.
We are proud to present these innovative features, which mark a new era in the world of promotional dynamics for CPGs. As a leader in the industry, you can now take advantage of these cutting-edge tools to create more effective promotions and pricing strategies that will drive growth and improve your bottom line.
To learn more about our solutions and how they can help your business, contact our experts at email@example.com or book a demo here. We look forward to helping you achieve your revenue growth goals.