Key learnings from Acumen's 2021 European Revenue Management forum
Earlier this month, we held our 2021 European Revenue Management Forum: 'Europe's consumer goods landscape in 2021: New trends, strategies, and tactics in revenue management' that brought together over 120 global leaders from across the FMCG industry. Held virtually, the agenda included inspiring presentations from revenue management leaders, thought-provoking panel discussions, and facilitated networking opportunities.
Key learnings from the day included:
Be wary of the turbulent retail landscape
The effect of the pandemic on economies has been vast, with various industries being affected in disproportionate ways. As an essential trade, retail has prevailed, but significantly changed, market trends that would typically take 6 years, have accelerated over a period of 6 months! To practice successful revenue management, it’s crucial that teams stay up to date with the latest trends in order to successfully adapt.
Set the agenda with a clear offering
Europe is a tough and advanced market, and consumer goods companies must avoid the temptation to promote more in order to sell more volume. Companies should hold on to price where possible and focus on growing brand value. Taking control and making an active effort to set the agenda with customers is worth it in the long term.
Stay in the know about new technologies
There is a lot of new technology in the revenue management space – are data scientists blinding you with science? If so, you’re not alone. When it comes to advanced technologies, it’s important to take a pragmatic view and assess options with caution. Think about the data and analytics you have, and what you can automate. Look to take some of the pain out of the data management, but stay within what your organisation is ready for. Essentially, the recommendation around artificial intelligence is not to bite off more than you can chew. First and foremost, figure out what's right for your business in order to leverage it to your advantage.
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