FMCG companies across the globe enjoy the benefits of having huge market potential because of the population of any country. Moreover, they are characterized by a well-set-up distribution network between the unorganized and the organized sectors. Allied Market Research predicted that the global FMCG market will grow to $15,362 Bn by 2025- at an astounding compound growth rate of 5.4%.
Every manufacturing company in the FMCG domain looks for ways to increase revenue, penetrate new markets, and optimize costs. However, with such a massive volume of production and an enormous number of channel partners to collaborate with, it becomes a hassle of manufacturing companies in the space to manage the distribution network and keep track of primary and secondary sales.
This is where secondary sales tracking software comes into play. Such software allows businesses in the FMCG sector to have complete control over their distributor network and gain high visibility into their sales.
Automating Sales Activities to get control over secondary sales
Several functions can be automated and digitized to help FMCG business owners keep a tab of their secondary sales activities. A few of these are:
● Reporting on the field - Setting up a stable reporting system for the frontline field force can help FMCG companies gain insights into their secondary sales data and capture information as incidents happen on the field.
● Surveys and feedback - Allowing distributors to submit their feedback is another way for FMCG companies to gauge their interest and know their opinion on the pricing, sales strategy, and so on. Real-time surveys and feedback help FMCG businesses measure the effectiveness of campaigns from a secondary selling point of view.
● Invoicing and ordering - By automating the process of invoicing and ordering, companies can look into sales generation and revenue coming in from secondary channels. On-field sales personnel capture this information and capture orders for processing. By relaying this information directly to the sales team managers, companies can make use of insights collected from the data.
● Order and leads management - By managing orders and leads, companies can make up for a more efficient sales team that makes data-driven decisions. By capturing the right information and following-up at the right time, businesses can increase conversions.
● Sales tracking and forecasting - FMCG companies use secondary sales tracking software to track, predict, and manage secondary sales. These companies gain by learning about all their distributors, what they order, and how they react to new products, and so on. Forecasting helps businesses maintain the right inventory and stock levels.
Tracking secondary sales data is critical for a business to maintain its competitive standing through predicting and optimizing not only for primary sales but for secondary sales too. IDC, in fact documented that SFA integrated, secondary tracking can help in reducing the sales cycle by 18%.
A distributor management software or a secondary sales tracking software can help businesses capitalize on all the collected data. Running analytics on the data facilitates deriving insights that enable decision making and strategizing for improving secondary sales.