20 Dec Grow sales
CPGBrokers & Associates starting working with Prince of Peace – Tiger Balm in 2010.
Key channels that we focused on included food, drug, mass/multi outlet, independent drug, health/nutritional, and DIY.
The CPGBrokers structure included implementing a master broker model to help support existing sales resources at Prince of Peace and provide increased broker focus with a goal to increase Sales nationally requiring the right broker horsepower to help accomplish.
Key was to manage brokers to provide more daily/weekly focus on the Tiger balm brand. All brokers were to be evaluated for effort, portfolio fit, and ability to prioritize Tiger Balm and deliver positive results.
Goal was to increase new item sales presentation activity and general contact with retail buyers, implement promotional programming in store, improve assortment, thus bring new consumers to brand and increase ACV penetration by channel, and by SKU.
We strengthen broker structure by evaluating performance/fit to position for manufacturer sales growth and improved profitability. Increased broker focus created capacity to execute several business development programs:
* Restructured brokers and developed new call responsibility that created increased contact with retailer. New CPG brokers account profile lower span of control (less manufacturers), which allowed for a more greater focus on brand.
* Develop annual operating plan by account to monitor sku profile and assortment objectives, sales, submitted and approved promotional activity, metrics on penetration by sku
* Created brand go-to-market strategy which identified distribution voids
* Increased participated in key trade shows to expose brand and create multiple touch points in the independent drug and DIY channels increasing brand trial.
* Create direct Marketing campaigns targeting the pharmacists to create strong advocacy and category recommendations that influenced trial and repeat purchase.
By 2016, four out the last seven years, Tiger Balm sales performance doubled that the category growth average, with brand ACV distribution growing to 76% vs. 65% in early 2010, and brand retail sales doubling to $24M by end of 2015 from $11M in 2010.
Tiger Balm’s #1 product ACV increased 20%, but sales increased 98% ($10.3M vs $5.2M)
Tiger Balm expanded deeper into the independent drug and DIY channel, now in over 5K new accounts with major distributors and retailers such as Amerisource Bergen, McKesson, and Ace Hardware.
Brand advocacy via social/digital footprint expanded in Facebook with Likes increasing to 160K+ vs 20K, outpacing the nearest competitors in this category by at least 3X.
* Source- Nielsen, 12/27/15, and 10/30/11 with F/D/M.