The retail world is an ever-changing ecosystem that demands continuous evolution. That’s why we recently gathered thought leaders of successful retail giants like Nutrabolt, Basemakers, and The Good Crisp Company to chat actionable tips brands of all sizes and stages can leverage to succeed in today’s retail landscape.
Here we’ll dive into key strategies to consider for your team - from resource allocation and retail execution to creating incentive structures and fostering relationships with partners. It is designed to help you navigate this complex landscape, understand changing consumer behaviors, market trends, and ultimately, drive more sales for your brand.
1) Resource allocation is crucial for brands in the retail industry. Brands need to identify and invest in their systemically important retail partners to drive growth and protect their brand's life cycle.
2) Retail execution plays a vital role in a brand's success. Out-of-stocks and voids are the primary reasons why brands get discontinued from retail chains. Brands should focus on identifying high-volume stores and work with partners to solve these issues through effective retail execution.
3) Brands must pivot and adjust field strategy based on changing retail landscape. Brands should focus on activities that will drive the most significant results and allocate resources effectively, including routing, training, and management.
4) Profitability and cash flow are critical for brands. Brands need to manage their cash flow effectively and make their cash go further, especially in the early stages of building a brand.
5) Building a successful team requires tracking and measuring goals, coaching, and accountability. Individual and collective habits within the company are important factors in achieving goals.
6) Working closely with retail partners can yield the best results. Investing in relationships and collaboration with partners, rather than solely relying on ads or endcap spots, can increase sales and strengthen customer relationships.
7) Having a clear plan is crucial when building a successful field team. Knowing what you want to achieve and having a strategy in place before hiring a field team is important to see a return on investment.
8) Using key metrics to understand the impact of your reps. Utilizing metrics like IRI data, off-shelf numbers, and changes in sales patterns over time can help evaluate the impact of a field team and identify areas for improvement, increases efficiency, and ensures that sales representatives are performing at their best.
9) Incentives can motivate sales teams and create a competitive environment. By leveraging incentives, teams can drive home the right behaviors and make critical difference for sales success and winning in a competitive market.
10) Lean into opportunities and don’t fear the road less traveled. Many brands chose to expand its field team quickly during the pandemic, despite labor shortages in the industry. By leaning into the opportunity and investing in their field team, these brands positioned itself for growth and success. - The Power of Incentives: How Nutrabolt Motivates Their Sales Team.