Are you Ready for 2024? And What Does That Mean for CPG?

warehouse worker stacking goods to illustrate ready for 2024 in the CPG world
December 12, 2023

In the world of consumer packaged goods, it’s easy to immediately imagine a scenario where your suppliers run out of essential materials and your retailers have empty shelves! So let’s look at a broader sales readiness definition, and what “ready for 2024” means in the CPG world right now.

We can safely assume that to be ready for 2024 you’ll need a sales readiness checklist that covers at the very least:

  • Strategic planning and market analysis for emerging trends and economic changes.
  • Sales team readiness to address current challenges.
  • Customer engagement and partner relationship plans.
  • Some degree of innovation, technology, or sustainability KPIs.

Are You Ready for 2024?

Strategic Planning and Market Analysis

This includes emerging trends and economic shifts that might impact your sales. For example, so-called live commerce. If your key customers live-stream, make it an aim to capitalize on raising brand awareness with them. These videos can be shown in-store as well as on social.

To be ready for 2024, your strategy should not only adapt to these trends but also anticipate them, ensuring your approach remains competitive. So – now’s the moment to reassess your position in the market and adjust your strategy accordingly.

Team Development and Sales Readiness

Your sales team is your most valuable asset: Knowing your product inside out will be crucial for them in 2024. How do customers use it? Can reps handle objections confidently? Do they have sufficient resources to manage different stages of the sales process with both suppliers, distributors, and retailers?

Today’s buyers are not only cash-aware but aim to get maximum benefit from even the everyday CPG products they have to buy. Retailers are aware of this, so make sure your team is thoroughly ready for 2024 and can confidently win prime space for your products.

Customer Engagement and Relationship Management

Have you planned your customers yet? In 2024, deepening customer relationships should be at the forefront of your strategy. A satisfied customer is a loyal customer, even with the most prosaic of CPG items. So, prioritizing customer retention through personalized experiences can significantly impact your sales success.

Ask yourself whether your CRM tactics need updating, whether for dealing with your ecosystem partners or the new customers you wish to reach.

Innovation, Technology, and Sustainability

To be ready for 2024 you need to stay relevant and appealing to your customers. They face an array of CPG options even online. How can you innovate to maximize your digital exposure next year?

And how do innovation, tech, and sustainability factor in your sales policies? For example, can you start integrating more AI into your business processes to help you drive smarter, more effective sales decisions? Are there new metrics or KPIs you should focus on to be ready for 2024?

It will also be crucial to continue incorporating sustainability and corporate responsibility (SRG) into your CPG brand. It not only aligns with global trends but also resonates with increasingly environmentally conscious consumers.

Momentum Can Help You Win in 2024

Remember, in 2024 your customers and retailers are still your business – whatever else changes. Have you allocated sufficient resources to keeping your business relevant?

At Momentum CPG, we specialize in helping businesses gain ground instead of standing still. We do this by considering your strategies, processes, people, and partnerships to ensure you have a road map for success. Ready for 2024? Schedule an appointment today and let’s talk!

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Are you Ready for 2024? And What Does That Mean for CPG?
What's the broader sales definition of being ready for 2024 in the CPG world? Learn what we consider the four main areas to target.

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