- Payel Adhikary Ghosh
- Breeze, Field Sales Management, FSM, Retail, Trading
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Consumer Packaged Goods (CPG) companies face an incredibly competitive market, making a well-structured CPG sales pipeline crucial for success. By analyzing and centralizing field sales data, CPG companies can make smarter business decisions and stay ahead of the competition. In the age of e-commerce and the “Amazon Effect,” brands need to become more efficient and intelligent in their approach.
In this piece, we’ll explore how to build a robust CPG sales pipeline, including the importance of data management, key metrics, and the benefits of a data mesh architecture. We’ll also discuss how a field sales management tool like BreezeFSM can play a vital role in strengthening your sales pipeline.
Understanding the CPG Market
CPG items are everyday products that consumers regularly replace or replenish, like food, beverages, clothing, and household goods. The CPG market’s nature makes it fiercely competitive, with businesses continually seeking ways to stay ahead.
The onslaught of digital transformation has caused a shift in consumer behavior, leading to an exponential increase in data generation for CPG companies. A CGT study reveals that most retailers do not share datasets like promotional, online sales, or pricing data with CPG companies, leading to a significant data management challenge.
The Importance of Data in CPG Sales
For CPG sales, data is king. From first-party data like ERPs and CRMs to third-party data from aggregators and open-source data, the information available to CPG companies is vast. However, managing this data and extracting meaningful information from it is a major challenge.
Collecting, orchestrating, and managing customer data, which traditionally rested with retailers and distributors, present a unique challenge. Additionally, data silos resulting from multiple data management systems across the CPG value chain, such as supply chain and manufacturing, make it difficult to access and analyze enterprise data in real-time.
With the rise of e-commerce, CPG companies have more exposure to consumer data than ever before. According to research, retail websites recorded 22 billion visits in June 2020, up from 16.07 billion global visits in January 2020. This surge in data calls for new approaches to data management and the need to build robust data pipelines.
Building Your CPG Sales Pipeline
A CPG sales pipeline is a visual representation of the sales process, where each stage reflects a buyer’s journey. It helps track the number of leads acquired, identify potential buyers, find areas for improvement in the sales cycle, and forecast revenue.
Effective pipeline management can result in up to a 28% increase in revenue, according to a Harvard Business Review study. It can help identify promising prospects, monitor team performance, discover resource gaps, and predict revenue.
Key Metrics in a CPG Sales Pipeline
The following are seven essential metrics to include in a CPG sales pipeline:
- Source of the Lead: Identifying where your leads are coming from can help track the performance of your pipeline.
- Deal Size: Segment leads based on the contract value.
- Win Rate: Measure the number of leads converted by the end of the sales cycle.
- Sales Cycle Length: Track the average sale cycle length.
- Sales Velocity: This measures the speed at which leads progress through your pipeline and convert into customers.
- Deal Fallout: Monitor the number of deals that fall out at every step of the pipeline.
- Lead Response Time: Measure how long it takes for your team to reach out to prospects.
Implementing a Data Mesh Architecture
With growing data use, there may be a need for a distributed framework to support domain-specific data consumers, with each domain handling its own data pipelines. A data mesh architecture is a modern approach that allows CPG businesses to manage growing data at scale by providing flexibility, greater data experimentation, and innovation.
Leveraging BreezeFSM for Your CPG Sales Pipeline
To strengthen your CPG sales pipeline, consider leveraging BreezeFSM, a new-age field sales management tool. BreezeFSM can help manage key aspects of your sales pipeline effectively and bring about a significant improvement in your profits.
By tracking, managing and streamlining field sales agents, BreezeFSM ensures that no sales opportunities fall through the cracks. It also aids in analyzing the time to visit clients, making the field sales activity productive with AI powered solutions to suggest products that’s relevant for the clients .
Conclusion
Building a robust and modern data pipeline architecture lays the foundation for strategic planning in the CPG industry. With the help of tools like BreezeFSM, you can strengthen your CPG sales pipeline and optimize your sales strategy to stay competitive in today’s digital era.
Invest in your CPG sales pipeline today and watch your business reap the benefits. For more information on how BreezeFSM can help, feel free to contact us.
Note: This article is based on extensive research and analysis from multiple sources. It is intended to be informational.
