Have you ever gifted someone the latest piece of technology, only to see them a few months later and find out that it is being used rarely, if at all? When considering revenue management solutions, a similar story goes, as unless you have the right process in place, you won’t be using your tool to its full potential.
When searching for a new tool to manage your promotions we often see businesses focusing on functionality. However, maximising the return of your promotions is rarely blocked by what the tool can do; what is more important is the streamlined process carried out by your teams that ties everything together.
The value of an effective process is often overlooked. In our experience, this is what defines the success of an implementation. Our clients would agree that the implementation of process is the key stone of their revenue management function.
So why is it that process is so important when it comes to promotional management?
It provides visibility
Although the tool is what provides visibility of your data, efficient processes are what ensures you reap the benefits week after week. If you hadn’t had that meeting, or engaged in group reviews of reports, you may well have let key indicators go unnoticed.
For many of our clients, they find that a more structured process allows them to act upon promotional insights, rather than just gather them. As a result, the enhanced visibility leads to tangible business benefits, rather than lost insights.
Teams become more efficient
A direct benefit of an optimised process means that teams work to focussed agendas, align their workload to key promotional meetings with clear inputs and outputs, and waste far less time. With one of our clients, through both implementing the tool and optimising their process, they managed to reduce the time spent on a specific annual project by 80%. An efficient process means both ROI and increased time, a significant benefit for increasingly stretched account teams.
It allows you to regain control
Perhaps the most valuable benefit from implementing a clear and effective process is the ability to expose further risks and opportunities in your promotional plan. Many of our clients have been able to implement more effective guidelines & a clear approval process for their promotions based on the change management work we have completed with them.
To summarise, an optimised promotional management process it crucial to achieving your goals. In fact, our view is that it is so important, it’s now a core element of our implementation package, rather than an optional extra. Our OPMP (Optimizing the Promotional Management Process) programme delivers an assessment of your promotional management process benchmarked against the Acumen Promotional Management Framework. It also provides a set of opportunities to improve, suggested areas of focus for change, a clearly documented new process, roles & responsibilities, and finally a roll out plan.
Get in touch
Want to know more about our change management services? Get in touch with our experts and email us at firstname.lastname@example.org for more information, we’d love to work with you to take your revenue management function to its full potential.