IMPROVING FIELD SALES ROI WITH STAYINFRONT RETAIL DATA INSIGHT
Knowing the ROI of the Field Sales Force has never been more important to ensure the optimum level of resources is allocated to ensure perfect retail execution. Field Sales teams are expensive to run and their impact on sales can be difficult to calculate. Many brand owners rely on imprecise assumptions about the impact of sales activities on revenues to generate an assumed ROI. However, the advent of more widely available retailer Scan or POS (Point of Sale) data allied with flexible SFA systems means that brand owners can know with certainty the ROI of their field sales solutions.
How is ROI Typically Measured in the Grocery Channel Today?
Traditionally, the ROI of Field Sales is not dealt with in a forensic way by most brand owners. Of course, brand owners with large field sales teams, whether in house or outsourced, are interested in tracking the impact and value of their investment, but often lack the systems or tools to perform a detailed calculation.
Many legacy ways of working are based on assumptions. These have their roots in well-meaning and reasonable thinking, which will nevertheless produce an unreliable approximation of the ROI rather than a solid figure.
This approach is typically deployed by brokers or field sales agencies.
Is There a Better Way?
Happily, for the data scientist, many of the world’s leading retailers make available detailed data about the sales of their suppliers’ products. Often provided via a self-serve web portal, this information can be extremely granular. At the extreme of the granularity, continuum brand owners can see the number of units and value sales of every SKU in every store, on a daily basis.
The Scan or PoS (Point of Sale) data can then be used to calculate the incremental effect of specific sales actions taken in store.
To find out more on how introducing ROI mentality to a CPG sales team can help you produce great results, download the Improving Field Sales ROI White Paper. This white paper examines some of the fundamental prerequisites brand owners should consider in setting up effective measurement tools.
Contact your local StayinFront representative to find out how Field Sales ROI can help your business.