As the end of the year approaches, it’s tempting to take the opportunity to slow down and look forward to whatever festivities you celebrate. However, this is the final few miles of your year’s marathon! If you’re not well-enough prepared, they may deprive you of the winner’s medal. So – here are five strategies that will help your CPG business close the year strong!
1 Use Your Analytics and Some AI Magic
To close the year strong, you should take a closer look at your data. A data lake is no use if you don’t syphon off the information it holds via analytics! Outsource this function if necessary.
Analytics and AI can offer far more meaningful insights than a human. Therefore, start closing your year strong by examining all data from different touch points – in real time and retrospectively. An integrated view allows you visibility throughout your supply chain from tier 3 suppliers through tier 2 suppliers to retailers. The insight helps you maximize profits and improve forecasting.
For instance, are you receiving products in the right quantity at the right time from your suppliers for the festive season? Has your store provisioning been accurate and at the right price? If not, what alterations to your revenue growth management can you make for 2023?
2 Listen to Your Consumers
Now more than ever, you need to listen to consumers, their needs, and values – a changing scenario that wields the greatest influence on the consumer packaged goods market in times of economic uncertainty!
Of the many engagement channels where you can hear and respond to your consumers, social media makes a good starting place. Consumers’ views are shifting rapidly. But listening to them as they Tweet and TikTok through daily life is vital. It helps you close the year strong by being seen to be willing to address and meet their expectations.
3 Pay Attention to the Effects of Inflation
Linked to the above is the unavoidable topic of inflation. As a consumer-based business, have you noticed the changes that your consumers are making as a result of experiencing inflation?
As the year draws to a close, identify some agile strategies and practical processes to help you counteract lower consumer spending – while still offering value. Putting less content in identical packaging has not proven acceptable to many! Could there be more mileage in encouraging customer and store loyalty, for example?
4 Secure Key Accounts
If you haven’t already, start putting strategies in place to manage your most important retailers. Set them up with value-driven answers to their needs and specific requirements. This ensures they’re well taken care of in 2023. And the bonus is you improve your business performance by generating high levels of revenues and profits from the best customers.
5 Focus on Innovation
Finally, to close the year strong and stay ahead in the economic marathon, you must continue to stand out from the competition. Focus on innovation in CPG to address both consumer changing needs and your business goals.
Innovation doesn’t have to mean “brand new.” You can profitably do something you know works but in a new way that will improve your winning strategies!
Want a Sounding Board to Help You Close the Year Strong?
Finishing in pole position (to change the metaphor!) is made more possible with teamwork and seeking help when you need it. Call us today for a consultation – we’re never too busy to help improve your end-of-year sales!
