Planning is a crucial part of the promotion management lifecycle. It serves as the foundation for promotion success since it is where retailers strategize on objectives and spend, and create the promotion.
Throughout this blog, we’ll break down the basics of promotion planning, sharing benefits and practical tips and strategies that will support the retailer’s bottom line.
The promotion management lifecycle involves many different business operations such as merchandising, marketing, vendors, supply chain, and store operations. A large portion of the lifecycle involves both marketing and merchants to plan campaigns, events, and of course, promotions.
The promotional planning phase requires merchants to develop strategic promotions that will assist in executing promotional campaigns, events, and activities.
Here are the following steps involved in promotion planning:
It’s no secret that planning is essential to effectively achieve goals and objectives. According to Harvard Business School, “This process is used to prioritize efforts, effectively allocate resources, align shareholders and employees on the organization’s goals, and ensure those goals are backed by data and sound reasoning.”
For promotions in particular, here is how retailers can benefit from investing in promotional planning:
A smarter approach to promotion planning is necessary to increase the chances of success.
Recent studies have revealed that a staggering 72% of promotions in the retail industry fail to break even, despite significant investments in consulting and IT services.
Leveraging advanced technologies such as AI can create more effective and targeted campaigns. A well-designed AI model can be customized to suit a retailer’s brand, product offerings, target audiences, and past promotional experiences, promising improved outcomes and increased profits from promotional events. By incorporating AI-powered solutions into their promotion planning, retailers can gain a competitive edge in the market and increase their chances of success.
Cognira’s Promo Planner supports strategic planning with flexible and configurable workflows for managing promotions both internally and externally. Retailers are able to plan across the entire promotion lifecycle, effectively collaborate across departments, support unique workflows, and can integrate our Promo Planner into all up and downstream systems.
Retailers can expect to create effective campaigns, events, and promotions that drive traffic, generate leads, and increase sales.
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