10.3 Periodic commercial meeting
Other departments in your team also form the key stakeholders – all functional departments (merchandising, operations and marketing) need to work together collectively to ensure that the sales forecast and business KPIs are met. There are three key departments that need to be kept in the loop:
Of course, for smaller companies, a ‘team’ may just be one person… but the need for a commercial meeting still stands.
For the marketing and operations team, it’s good to let them know if the KPIs set are met. Since marketing team is in charge of targeting the consumers, and the operation team is in charge of the store overall functions (including online customer service team), both teams should know if their strategies are working – and where else to improve if not.
Drawing back to the core range example. If the brand’s core range isn’t selling well, here’s what each team can do:
- Devise a campaign or competition to drive exposure to the slow-movers
- Offer the slow-movers to influencers for digital promotions
- Style the slow-movers on mannequins for increased visibility
- Incentivise team to sell the slow-movers with a specific target to achieve