快消行业发展分析报告Bain贝恩咨询ppt课件

ChinaFMCGindustryRTMandWSdevelopmentpracticeBainpresentation(draft)November2013Summaryofkeymessages(1/2)FMCGcompaniesfaceaseriesofchallengesinselectingandmanagingRTMmodelswhentheypursuegrowthinChinaSheersizeofopportunity(universeofoutlets)ManagingpricingisparticularlydifficultinChina,becauseChineseshoppersare“repertoire”andbecauseofcomplexityofmarkets/channelsNeedtobalanceexecutioneffectiveness,andcosttoservewithincreasingreachMostsuccessfulFMCGcompaniesinChinaneedtobegoodatmanagingmultipleRTMmodelsatthesametimeasasustainablecompetitiveadvantage.Thereisno‘onesizefitsall’approachDirectselling(controlledmodel):CorestrengthofsomeMNCs(includingKO)fororganizedandevenfragmentedtradebutChineseFMCGplayersincreasinglyadeptatthismodelIndirectselling:commonlyutilizedbyChineseFMCGplayersgivenspeed,reachandlowercostbutmanymodelswithvaryingrolesandlevelsofcontrolThemostsuccessfulMNCandChineseFMCGstailordirectandindirectsellingmodelstodifferentmarketandchannel/customerpriorities,withstronginternalcapabilitiesandsystemstomanageconflictsbetweenmodels3_85123Summaryofkeymessages(2/2)Managinghybridmodels(combinationofdirectsellingandindirectselling)isadynamicprocess.SuccessfulFMCGscontinuouslyevolvetheirmodelsalongwithdifferentstagesofdevelopmentAdapttomarketdynamicse.g.urbanization,industryconsolidation,channelmixevolutionOptimizecostswithincreaseinscaleandinternalcapabilities,withoutsacrificingcontrolManyFMCGsinvestinbuildingdedicatedinternalcapabilitiesandsystemsforeachmodel.Forindirectselling:wholesalermanagementcapabilitiesandsystemscriticalbutsoarenetworkofscaled,capableandloyalWSManagementtoolsanddetailedplaybookstomanagepricingtransparency,marginpool,transshipment,optimizecosttoserveetc.WSrepsdedicatedtorecruiting,settingtargets,incentives,upgrading/trainingW/S,increasingloyaltyandoccasionallyrestructuringFullyintegratedwithsalessystemsFormanyFMCGcompanies,thereisalargesizeoftheprizefromsuccessfullymanagingthecomplementaryindirectsellingmodel3_85564Agenda11_89ManagingmultipleRTMmodelsinChinaKeysuccessfactorsformanagingindirectsellingmodelsinChinaSomeimplicationsforKOFMCGcompaniesinChinafaceaseriesofchallengesinselectingandmanagingRTMmodelsSheersizeofopportunity,universeofoutletsComplexityofmanagingdifferentmarketsandchannelsDifferentdropsizeandeconomicsManagingpricingisparticularlydifficultinChinaConstantlyevolvingmarketandcompetitivedynamicsLargeandfragmentednetworkofdistributors/wholesalerstomanage;size&capabilitiesvarysignificantlyEvolvinginternalcapabilitiesandcostspressures3_856_841FMCGcompaniesinChinaneedtobegoodatmanagingmultipleRTMmodelsatthesametime32_8442_842FullcontroloverPOSdisplayandactivationLargeinitialinvestmentininfrastructureandteamHighercosttoserveControloverPOSdisplayandactivationDistributorswithrightlogisticcapabilitiesfordropsizeeconomicsRelativelyhighcosttoserveCanhavevaryinglevelsofcontroloverdistributors/WS,andPOSexecutionQualityofdistributors/WScanvaryTypicallylowercosttoserveExample:WantWantdevelopedcombinationofindirectanddirectsalesmodelstosustaingrowthNote:MostrevenueisfromChinaMainlandSource:Companyannualreport;Analystreports;LiteraturesearchWantWantRTMdevelopment267_8576_8590sQuicklyexpandedacrossChinathroughindirectsalesanddistributionmodelforgeneraltrade(sameRTMforsnackfood&beverage)SellmainlythroughW/Smkts;onlymanagetier1DTs~25salesofficesinChinaVerylimitedsalesrep.#,onlyresponsibleforcollectingmoneyfromtier1distributors’00’12’05Growthconstrainedbyvaryingqualityofwholesalersandrelativelyweakinternalsalescapabilities’06’10Builtupdirectsalesmodelandinternalcapabilities&teamsformoderntradeandkeycityGT>300salesoffices&4-5kownsalesrep.KAand“HeWant”(directselling/indirectdistribution)grewto60%+ofrevenuesBuiltupindirectsalesmodelforE&DwithfocusonincreasingpenetrationExample:WantWantreliedonindirectsalesanddistributionmodeltodrivequickexpansionin90’sSource:CompanyAnnualReports;ExpertInterviews;LiteratureSearches41_85129_846_842MainlysellthroughW/Smarkets~25salesofficeinChinaVerylimitedWantWantownsalespeopleOnlyresponsibletocollectmoneyfromT1DTsNovisibilityonT2DTsorbelowWantWantT1DistributorsT2DT/WSIndirectselling&indirectdistribution(95%ofsales)MostlyGToutletsSellingDeliveryExample:WantWantbuiltupdirectsalesmodelforMTandkeycitiesfrom2006-2010Source:CompanyAnnualReports;ExpertInterviews;LiteratureSearches64_8568_8583_8487_84122_842GlobalandnationalKAretailersWantWantKAsalesT1Distributors“HeWant”salesT2DT/WSDirectselling&distribution(20%ofsales)Directselling&indirectdistribution(40%ofsales)Indirectselling&indirectdistribution(40%ofsales)RegionalandlocalMT,keycityGTFragmentedtradeDirectlysellsanddeliversto~20global&nationalKAsManagedby~200WantWantKAsalesDeliverybyowndeliveryfleetorthrough3rdpartylogisticsproviders“HeWant”modelcovers~1Mretailoutletsin2008Established~300salesoffices4-5KWantWantownsalespeopleand10-15KDSRsforboth“HeWant”&DTmgmt.in2008~15KDT/WSnationwidewithmonthlysalesrangingfromafewthousandsto100MRMBSellingDeliveryExample:WantWantthenbuiltupE&Dindirectsalesmodeltoacceleratebeveragesstartingin‘12Source:CompanyAnnualReports;ExpertInterviews;LiteratureSearches40_8541_8517_8418_8458_8579_842Global/national&selectiveregionalKAretailersWantWantKAsalesRetailT1Distributors“HeWant”salesT2DT/WSDirectselling&distribution(20%ofsales)Directselling&indirectdistribution(35%ofsales)Indirectselling&indirectdistribution(35%ofsales)RegionalandlocalMTGeneraltradeExtendKAcoveragetolargestregionalMTchains~200WantWantKAsalesDeliverybyowndeliveryfleetorthrough3rdpartylogisticsprovidersExpandedtoover350salesofficesinChinaStabilized#ofownsalespeopleandincrease#ofDSRandin-storepush-girlsIntroduced“LiangWant”projecttostrengthenin-storeexecutionStreamdownto~8KhighqualityDT/WSnationwide(onlyasmall%throughT2DT)SellingDeliveryFocusonE&DoutletsE&DT1DistributorsIndirectselling&Indirectdistribution(10%ofsales)StartedtorecruitE&DdedicatedDTswithterritoryexclusivitySupportedDTswithsegmentedentrytoolkitfordifferentE&Dtypes(layout,promoplan,etc.)T2DT/WSExample:WrigleyasanMNCcompanyadeptatmanagingindirectanddirectsellingmodels3_8510_842RTMmodel#ofcitiesProduct/brandportfolioChannelmixPhaseI:DEVELOPINGREPEATABLEMODEL(’93-’02)PhaseII:Horizontalgrowth(’02-’11)PhaseIII:Verticalgrowth(since’11)Indirectselling&distribution,withsetofscaleddistributorsReplicatedindirectselling&distribution,enlistingnewdistributorsBuiltupdirectsellingmodelforMTIndirectmodel:improveddistributorscale,capabilitiesandsystemsDirectmodel:reorganizedtobetterservedifferentKAs50-100cities100newcitiesperyear1000citiesalloverChinaMostlytraditionaltrade70%TT,30%MT50%TT,50%MT1brand:Doublemint2brands:Doublemint,ExtraMulti-category,multi-brandsFMCGstendtousedifferentRTMmodelstailoredtodifferentmarketandchannelpriorities/dynamics6_8511_843/4GeographicGeographicandchannelprioritiesChannelsDifferentmixofRTMmodels,drivenbyNatureofcategoryMarketscale/share(therebycost/economics)InternalcapabilitiesContinuouslyevolveRTMmodelsalongwithdifferentstagesofdevelopmentAdapttomarketdynamicsOptimizecostswithincreaseinscaleandinternalcapabilities,withoutsacrificingcontrol…andotherconsiderationsMetroU1U2CountyT&VMT/KAGTHigh/mid-endE&DLow-endE&DOtherchannels(e.g.sportsvenues,etc.)Example:WrigleytailorsitsRTMmodelswithdifferentialfocusonkeycitiesandTT*Carrefour,Wal-Mart,Auchan,RT-Mart,Lotus,MetroC&C**Distributioncanbedonebya3rdpartylogisticsproviderSource:ExpertInterviews;LiteratureSearchesKeycities(~50keyandprovincialcities)Bcities(~200prefecturecities)C,Dcities&rural(smallerprefecturecities,counties,towns)Global6KA*(~10%sales)OtherMT(~40%sales)TT(~50%sales)Directselling&distribution**Mixofdirectandindirectselling;IndirectdistributionIndirectselling&distributionWrigleycovers>3MoutletsinChinaandhavevisibilityon~800Koutletswheretheir~2,000salesrepsand3,400DSRssellintoCentralizedsalesdatabaseofthese~800Koutlets,andT1distributorsFocusontop50cities,withstrongsalespresenceinmarketOutletreachandflexibility3/4Whitespace(nocontrol)Developedmarket(greaterlevelofcontrol)54_8460_84Stage2Stage1Contract/conditionalityCompensationmodelNocontract;purelytransactionalBasic2partycontract,subjecttorenewaleachyearMarkup+rebatesonvol.targetMarkup+rebatesonvol.target&conditionsLevelofPOScontrol/visitsInfrequentvisitbyDSRsNotknownCategoryexclusiveContractwithsalestarget&highlevelexecutionKPIFloorpricemarkupVisibility/trackingOnlysalestowholesalerPOSvisibilitythroughroutecoverageAuditsonwholesalerVisitedbyDSRsandsomebysalesMarkup+Rebatesbasedonvol.target&productavailabilityAnnualcontract,subjecttobasicconditions….Trackingof2ndtierWSutilizedbywholesalerTrackingof2ndtierWSandPOScoveredMorefrequentvisitbyDSRsFragmentedtrade:IndirectsellingmodelevolutionwithincreasinglocalscaleExample:WrigleycontinuouslyevolvesitsRTMmodelwithlocalscaletoassertgreatercontrol3/4Example:BeverageCo.evolvesfromindirectsellingmodeltodirectmodelasitslocalmarketshareincreases‘Marketentry’:Indirectsellingwithlittlecontrol‘Developingstage’:Evolvestowardsdirectselling‘Stronghold’:Directselling,strongcontrol,moderatecostOntrade&TTFMCGco.MasterWST2WSFMCGco.MasterWSNewChannelOntrade1Ontrade2TT…Territory1Ontrade1Ontrade2TTTerritory2…FMCGco.Territory1T1WST2WSSalesplanningSalestargetplanningSalestacticplanningSalesrepmanagementDistribution&warehousingOrdering&InvoicingPost-salesservicesChanneldevelopmentChannelmaintenance*SalestargetplanningSalestacticplanningSalesrepmanagementDistribution&warehousingOrdering&InvoicingPost-salesservicesChanneldevelopmentChannelmaintenance*SalestargetplanningSalestacticplanningSalesrepmanagementDistribution&warehousingOrdering&InvoicingPost-salesservicesChanneldevelopmentChannelmaintenance*Channelmgmt.LogisticsSource:BainexperienceWSinchargeFMCGco.incharge#ofsalesrep<5percityinearlystage(keyroleistodevelopWS)30-50percityinmaturestage(#ofoutletsvs.#ofsalesrep=200:1,keyroleistomanageandsuperviseT1WS)#ofWS1-210-2010-30percity(#ofoutletsvs.#ofsalesrep=40-50:1,keyroleistovisitoutlets,manageactivationandW/Smanagement)OntradeTTTerritory3T1WST2WSOntradeTTT1WST2WST1WS2-5T2WSOntrade&TTOntrade&TT……T1WST2WSOntradeTTTerritory2……T2WS3/4W/SfocusedonlyonnewchannelAgenda11_89ManagingmultipleRTMmodelsinChinaKeysuccessfactorsformanagingindirectsellingmodelsinChinaSomeimplicationsforKOSomekeyconsiderationsforrolesandtypeofindirectsellinganddistributionmodel5Dowehaveresources,capabilities,andrelationshipnetworktoattractexclusive&financiallycapabledistributors?Attractivereturns:grossandnetmargins,salesturnover,tradeterms,logisticscostas%oftotalcost,etc.BrandstrengthKnowledgetransfer:businessandinfrastructuresetup,systems,etc.Aretherelarge,loyalandscalabledistributorswithincompany’sexistingdistributornetwork?Ifyes,howmanyandwherearetheylocated?Alternatively,aretherenon-FMCGcompanydistributorswhicharelargeenoughandnon-boundedbyexclusivearrangementsavailabletoworkwithcompany?Dowehavethecapabilitiestomanagethecomplexityofhavinglargenumberofdistributors?Dowehavetheresources,capabilities,andrelationship/trusttogrowourdistributornetworkandmanagetheirdailyoperations?Salesforcetraining,daily/weeklyplanningmeetings,performancetracking,etc.WhataretherolesofdifferentRTMmodelsbygeography/channelandstageofdevelopment?Howtomanageindirectanddirectsellingmodelsatthesametime?AbilitytogettheeconomicsrighttoattractdistributorsAvailabilityofscaled/scalabledistributorsCapabilitiesCapabilitytomanagemultiplemodels4_855_856_858_855FlywheelofW/Smgmt.capabilities&systemthatovertimeresultinnetworkofscaled,capableandloyalWS34_84Optimization/restructuringFullyintegratedCost-to-serve&optimizationWholesaleManagementcapabilities&systemWholesalerdevelopmentPerformancetargetsRecruitmentPerformancemgt.ScaleandloyaltymgtKPIs/scorecardPricemgtMarginpoolmgtProductportfolioTerritorydefinitionandrolesExample1:WrigleyhasdevelopedaleadingW/Smgmt.system5Pricingtransparency&controlAdvanceddistributordatabaseSalesInformationmgmtsystemSystematictrackingmechanismtoensuretransparencyandcontrolovertradepricing“DNAprogram”since2004tominimizeimpactfromtransshipmentandcounterfeitgoods(throughbarcodetracking)SeverepunishmentsifdistributorsbreaktherulesTier1DTsautomaticallylinkedintonationaldistributordatabase‘fromordertocash’Sales,inventory,wholesalercapabilityCustomerhotlineforallwholesalersOrderplacementandfulfillmentInventorymanagementandreplenishmenthistoryFreight&deliverystatusSalessystemthatlinksdistributorinformationwithsales/routeplansTracksell-inondailybasis,bykeySKUTrackdistributorKPIsandperformanceTracktransshipment,counterfeitandothercomplaints/issueswithplanstointervenePlanstolinkintoSAPsystemsovertime10_8415_8516_8517_85Logisticscapabilities:Smallvans&electric-poweredbicyclestoenhanceproductivity6-sidedstandtostoreanddisplayproductsEasiertotransportEarnamoreprominentdisplayspotattheoutlet(e.g.nexttocashregister)EasytospotwhenstockislowtopromptreplenishmentorderKPIs:SalestargetsIn-storedisplayrequirementsOn-timepaymentcollectionDTsalesreps:Onaverage,eachDSR/SRcancover~20-30outletsperday*~300-500outletscoveredpermonthMonthlysalary~2,000RMB(inclusiveofbase+commission)Example1:WrigleyhasovertimedevelopedandtrainedbroadnetworkofDTsandDSRs5TypicalproWWYdistributorcoveringTT11_84*IncludesrevisitsofthesameoutletswithinamonthExample2:WantWanthasdevelopedadedicatedsystemtomanageits8KwholesalersinChina5Source:Companyannualreports;LiteraturesearchesSystematicallymanageW/Sperformance…withgreatersupportofgoodperforming,scaledW/SClearW/SsegmentationcriteriabasedonperformanceTransparenttoalltheW/SthroughdedicatedW/SwebsiteCriteriaincl.marketsharewithintheterritory,volume/revenuetarget,in-storeexecution,etc.Systematicprocessoftargetsetting,tracking&evaluationAtnational,regionalandlocallevelTieincentives(bonus,rebatesorupgrading)withtheperformancerating“Wereviewthewholesalerperformancedatabaseeachyeartoratethemandrewardthemaccordingly.Thenextyearweengagemorewiththehighperformers.Theobjectiveistoconvertthemintoourdistributionpartners.”Chairman&CEO,WantWantChinaHoldingsSpecialfinancingsupport,trainings,talentdevelopforhighperformanceW/SDedicatedwebsitetointeractwithwholesalers“In2013,wewillcontinueprovidingvalueadditionservicestowholesalersthatcontributehighrevenuetoourbusinesstoincreasetheirloyalty.”Chairman&CEO,WantWantChinaHoldings4_8414_8916_85Example2:…anddevelopedtoolsfordirectsalesforcethatarealsobeingtransferredtoW/S5DailysalesreportcardMorningbriefingscheduleKeyfeaturesVisualrepre-sentationSource:“HeWant”ProjectTrainingMaterialsDatarequirementperoutletissimpleandnotexcessiveRequirementsinclude:#ofSKUson-shelf,#ofSKUsreceivedbytheoutletthatday,#ofpreviouslyun-introducedSKUsreceivedbytheoutletthatday,valueofnewsalesorderPlanneddown-to-the-minuteReport-outsonpreviousday’shighlightsEmphasisonthebroaderteamandcompany,notontheindividualthroughrecitationofcompanyvaluesandgroupexercisesAlotsingingandslogans11_8512_8514_84DevelopbusinesspartnertoreachfullpotentialTerminateormanage“downside”InvesttodevelopthecapabilityExample3:SnackFoodCo.usespre-agreedcriteriaandtoolstoassessandupgrade/restructureDTsSource:BainexperienceHighLowLowTop10wholesalerContributionandcommitmenttoSnackfoodco.CapabilityandpotentialFinancialstrength(25%)Logisticscapabilities(25%)Warehousefacilities(25%)Distributioncoverage(10%)Systemcompatibility(5%)Servicinglevels,etc.(10%)Sales(40%)Historicalsalesgrowth(20%)Est.Snackfoodco.shareofwallet(20%)Yearsofcooperationandexclusivity(20%)33_845EngageHighSource:BainexperienceTerminateormanage“downside”EngageDevelopbusinesspartnertoreachfullpotentialInvesttodevelopthecapabilityBest-in-classlogisticproviderin4keyandT1citiesPotentiallyexpandintosurroundingT2/3citiesandprovidein-storeservicingProvidegooddeliveryserviceinT1and2/3citiesBest-in-classlogisticsproviderin4keyandT1citiesPotentiallyexpandintoT2/3citiesandprovidein-storeservicingProvidebasiclogisticsandin-storeservicingintailT2/3citiesExpectedroles:Dev&support:Moreflexiblecredittermsorfavorablefinancialtreatmentbasedoninputcriteria*E.g.fundingofinvestmentonwarehouse,trucks,etc.DevelophighlycustomizedjointbusinessplanEnhancestrategicrelationshipandalignmentEnsureeffectiveinfosharingTailoredtrainingandinvestmenttoimprovecapabilitiesE.g.ARcollection,deliveryrouteoptimizationCloselymonitorandensureeffectiveinfosharingMotivatebusinessgrowthwithmoreflexiblecredittermsorfavorablefinancialtreatment*EngageW/Sthroughtop-to-topmeetings,strategicalignment,etc.ProvidemorefavorabletermstostrengthenpartnershipE.g.largergeoallocationcoveredbyW/SownbranchofficesDevelopdetaileddevelopmentplanandcloselymonitorperformanceLookforpotentialsubstitutesorconsolidatebylargewholesalersifitfailstomeetcriteria1448979_84Example3:…withclearrolesandsalestargetsforeachgroupofDTs5Agenda11_89ManagingmultipleRTMmodelsinChinaKeysuccessfactorsformanagingindirectsellingmodelsinChinaSomeimplicationsforKORecap:6keymessagesFMCGcompaniesfaceaseriesofchallengesinselectingandmanagingRTMmodelswhentheypursuegrowthinChinaMostsuccessfulFMCGcompaniesinChinaneedtobegoodatmanagingmultipleRTMmodelsatthesametimeasasustainablecompetitiveadvantage.Thereisno‘onesizefitsall’approachThemostsuccessfulMNCandChineseFMCGstailordirectandindirectsellingmodelstodifferentmarketandchannel/customerpriorities,withstronginternalcapabilitiesandsystemstomanageconflictsbetweenmodelsManaginghybridmodels(combinationofdirectsellingandindirectselling)isadynamicprocess.SuccessfulFMCGscontinuouslyevolvetheirmodelsalongwithdifferentstagesofdevelopmentManyFMCGsinvestinbuildingdedicatedinternalcapabilitiesandsystemsforeachmodel.Forindirectselling:wholesalermanagementcapabilitiesandsystemscriticalbutsoarenetworkofscaled,capableandloyalWSFormanyFMCGcompanies,thereisalargesizeoftheprizefromsuccessfullymanagingthecomplementaryindirectsellingmodel3_85123456ImplicationsforKO4_85ClearneedtobegoodatmanagingmultipleRTMmodelsatthesametime.Yourcompetitorsarebecomingbetteratthis,andthebarisbeingraisedIndirectmodelisveryimportanttoKO,andweneedtoproactivelymanagewholesalelikewemanageourcontrolledmodelWeneedtodiscussanddeterminehowtobuildTheright‘semi-controlled’modelforKOTherequiredinternalcapabilitiesandsystemsAnetworkofscaled,capableandloyalWSThereisalargesizeofprizefromrollingouttheabovesuccessfully此 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