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Top Features of a Promotion Management Solution

Choosing the Right Solution for your Retail Business

When exploring options for a promotion management solution, it can feel overwhelming to find the perfect fit for your business needs.


You may find yourself sifting through different software companies that all offer various capabilities and features and describe their solution differently.

 

Throughout this blog, discover the top features of a Promotion Management solution to look out for.

Table of Contents

What is a Promotion Management Solution?

A Promotion Management solution is a tool for managing promotions from inception to execution, allowing the retailer to optimize the entire promotion lifecycle.

 

Though promotion management has long been around, we’ve seen many changes within the retail space that have required a need for a solution that can manage and optimize promotions efficiently.

what is promo management

A few changes that have pushed the need for a solution:

  • The awakening of the omnichannel revolution sparked a shift toward personalization and loyalty strategies.
  • Inflation caused consumers to have more interest in promotions.
  • Waste reduction has been made a top priority for businesses.

With all of these changes, there has been a need for promotion management to be redefined and improved.

Top features to look for in a Promotion Management Solution

1- Single solution for the entire end-to-end promotion lifecycle

Today, many retailers work within different processes and systems to manage promotions. An optimal software will serve as the one true source for all promotional management, which involves:

  • Planning and negotiating promotions (campaigns/events).
  • Submitting promotions for review.
  • Finalizing promotions.
  • Measuring results.
Single promotion management solution

2- Enables collaboration and coordination across departments

Internal and external collaboration across departments and suppliers should be embedded into the solution for efficiency and improved coordination. This includes:

  • Multi-role capabilities with unique functionalities for different roles. This includes departments such as Merchandising, Marketing, Supply Chain, Store Ops, and Vendors.
  • Process in place for workflows and approvals throughout each phase of promotion management.
  • Vendor collaboration to optimize deals and maximize trade funds
Promotion Management solution enables collaboration across departments

3- Customer-driven

Pushing out a promotion that resonates with the desired target audience is a huge factor in promotion success. A Promotion Management solution will have the capabilities to:

  • Optimize and recommend customer-targeted promotions and personalization.
  • Leverage CRM data to provide personalized and targeted promotions for the retailer’s customers.
  • Track how customers respond to promotions and then segment the customer based on behavior and demographics (segments are dynamic).
Customer driven Promotion

4- Leverages advanced technology

Artificial intelligence and machine learning give the retailer the ability to process large amounts of data and even get real-time insights while they plan and analyze both promotions and events.

 

Advanced technology within an optimal promotion solution will:

  • Use trained models that are specifically trained for retail/wholesalers’ use cases.
  • Provide recommendations for specific business goals and projections of financial KPIs.
  • Ability to optimize down to the individual customer level.
  • Manage large data sets at the lowest levels of granularity.
leverages Advanced Technology

Additionally, promotion management software should have scalable technology that is built on a modern tech stack, which includes:

  1. Intuitive user experience with a sleek user interface.
  2. Reliable backend stack for storage, retrieval, processing, and security of data and business logic.

By using advanced technology, the most challenging problems retailers and wholesalers face are resolved. For example, advanced technology gives retailers the upper hand of being able to optimize accurately at the customer segment level.

Introducing Cognira’s Promotion Management Solution

At Cognira, we built a single platform for all promotion management, equipping retailers with a premium solution that captures the most significant financial opportunity within promotions.

 

Our solution brings all promotion management into one place– making it effortless to analyze, plan, forecast, and optimize promotions. We designed our solution to effectively manage the entire lifecycle of promotions– whether supporting in-store discounts, weekly circulars, online advertisements, or targeted offers.

 

We cover the necessities of a top-of-the-line promotion management solution:

✔️ Single Solution

✔️ Leverages Advanced Technology

✔️ Enables collaboration across departments and vendors

✔️ Customer-driven solution

For additional capabilities that we offer, or to learn more about our Promotion Management solution, schedule a demo with us here.

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