Retail Relationship Management (RRM)
RRM - a CRM for retail buyers and sales people who sell to retail
What is the difference between an RRM and CRM
The brand/retail relationship is managed by a group of people working in brands, retailers and distributors. This group of Key Account Managers, Retailer Buyers, E-commerce Managers and Sales Operations control in excess of $50tn a year.
A retail relationship management system is a tool for these people to help manage their day-to-day work.
Unlike a CRM this relationship is not built on a one-off deal - it's built on managing and optimising a product and its sell through, stock holding, listing and pricing. An RRM has a complex product management element that is supported by contacts that allows messaging and discussion around these products to be done in a structured and optimal manner to increase product sales for brands, distributors and retailers.
How can an RRM help me?
We have four key use cases:
- Product listing
- Orders
- Digital product merchandising
- Pricing
1. Product listing
Getting a product listed on a retailer involves both extensive discussion with the retail buyer to determine if the product is suitable for that retailer's assortment strategy. Moreover, once this decision has been made product information and details has to now be shared with the retailer. Content Distribution Networks can help with this, but key information such as the GTIN and MPN really need to be communicated carefully to ensure that correct data is used.
2. Orders
An RRM can help manage the process of getting orders (and re-orders) increasing the number of products and quantity of orders. Buyers and Sales Teams are increasingly being expected to manage a broader product portfolio as online stores allow more niche customer segments to be addressed.
3. Digital product merchandising
The digital shelf introduced the need for a more comprehensive analysis of retailers' e-commerce sites to ensure that (1) consumers can find your product on the retailer's website and (2) that the optimal and correct product information is displayed to ensure consumers have the confidence to buy the product.
4. Pricing
Pricing discussion is always a huge discussion.
In North America, pricing is very much about agreed parameters, which needs to be recorded to ensure compliance.
In Europe and many other countries pricing has a number of legal requirements - key, and where an RRM can provide help, is to record conversations and establish and make sure this is legally compliant.
"Retail is detail" - James Gulliver
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