Elaina Best on LinkedIn: Certificate of Completion (2024)

Elaina Best

Account Manager

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Just finished the course “Selling into Industries: Retail and Consumer Products” by Dean Karrel! Check it out: https://lnkd.in/eVR2SAZ2 #salesstrategy.

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  • Smartwyre

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    Maintaining an effective pricing strategy in 2023 has been difficult for Ag retailers across the board.And when your organization doesn't have the right tools in place, the issue looms even larger.Discover how your organization can maximize sales rep performance and improve pricing effectiveness in our webinar this Friday.Register here:

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    Why are “SKU Rat” projects so difficult?For one, it’s hard to quantify the P&L impact of trimming the product line. The lost revenue is perfectly clear, but the cost savings are in dozens of buckets throughout the organization which makes them hard to pin down.Further, the pain of a bloated product line is felt in Operations, in the form of frequent line changeovers, out of stocks AND/OR aging inventory and general inefficiencies. But the cure rests in Marketing, the group that typically “owns” the product line and is charged with continually bringing new products to market.Often, as soon as someone suggests that it's time to review the product line, Sales and Marketing circle the wagons. And what starts as a SKU Rationalization project quickly becomes a “SKU Justification” project! When it’s over, everyone has put in a lot of effort, but no one is satisfied with the result.Experience has shown that a well-designed approach can get all departments on the same page and dealing with the same information. It starts with the understanding that there are more options than “keep or kill,” and that there are valid reasons to keep some underperforming products in the line. By ranking every product on several key metrics, the team shares a clear view of which products are weighing down the P&L and what (if any) actions can be taken besides discontinuation. And frankly, it helps if the project is led by someone with no “skin in the game.”Finally, it’s interesting that “products” which are developed, nurtured, and welcomed to the family are demoted to “SKU’s” when they underperform! For this reason, we reject “SKU Rationalization” in favor of “Product Line Optimization.”If you’re facing another “SKU Rat” project, drop me a line and I’ll be happy to share some further thoughts.

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Elaina Best on LinkedIn: Certificate of Completion (34)

Elaina Best on LinkedIn: Certificate of Completion (35)

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