How Brands Improve Joint Business Planning with Data-Driven Insights
In a fast-changing retail landscape, Joint Business Planning (JBP) has never been more important for brands and retailers looking to align on shared goals and unlock mutual growth. Yet, with eCommerce and social media rapidly reshaping consumer behavior, outdated JBP methods often leave opportunities untapped. It’s time to reimagine JBP with the power of data-driven insights and real-time eCommerce analytics. Let’s dive into how brands can stay ahead and turn collaboration into measurable success.
The Data Gap Challenge
A recent Digital Shelf Institute survey revealed a significant hurdle in JBP: both brands and retailers feel they lack sufficient data from each other. This gap spans category trends, shopper behaviors, and overarching strategies, hindering effective collaboration.
Five Key Areas for Data-Driven JBPs
1. Business Analysis & Consumer Insights
Brands need to share in-depth shopper insights and leverage real-time eCommerce analytics. This creates a common ground for planning and understanding shifts in consumer preferences.
2. Growth-Oriented Strategies
Developing collaborative marketing plans that span both in-store and online channels is essential. Brands should focus on innovating in product development, category management, and promotions to resonate with target audiences.
3. Investment Alignment
Transparency in resource allocation is key. Brands and retailers should collaborate on trade spend, advertising budgets, and campaign investments. Establishing shared ROI benchmarks ensures accountability and impact.
4. Performance Tracking
Real-time monitoring of KPIs such as sales growth, conversion rates, and category performance allows for agility and continuous improvement. Sharing post-campaign insights helps identify successful tactics and areas for refinement.
5. Continuous Optimization
The market evolves rapidly, so JBPs must adapt quickly. Using data-driven insights to refine strategies and uncover new growth opportunities is crucial for ongoing success.
Real-World Success Stories
Mars and Tesco's Bold Move
Mars partnered with Tesco in the UK to test a category-redefining idea. Instead of simply negotiating shelf space for a new product, Tesco created an entirely new aisle dedicated to the category. This showcases the power of aligned data-driven strategies and collaboration.
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BIC's Bodymark: Redefining Product Categories
BIC's Bodymark, a marker for temporary skin tattoos, used strategic online storytelling to reposition itself. Initially categorized as a stationery product, Bodymark leveraged social media and first-party data to reveal its potential as a beauty tool. This insight convinced retailers to stock the product in beauty aisles, opening up new growth opportunities.
A Food & Beverage Brand's Messaging Breakthrough
A leading Food & Beverage brand used MikMak Insights to determine whether plant-based or low-calorie messaging resonated more with consumers. The results showed that plant-based messaging was 7 times more effective, especially among Walmart shoppers in Chicago. This insight led to a shift in in-store messaging at Walmart, demonstrating how eCommerce data can drive omnichannel outcomes.
The Future of JBPs: Breaking Down Silos
The path forward for Joint Business Planning lies in fostering transparent, data-driven collaboration. By integrating isolated data into shared insights, leveraging real-time analytics, and adopting advanced analytics solutions, brands and retailers can unlock shared growth opportunities and adapt to market changes more effectively.
Learn More
For a deeper dive into actionable strategies to improve your Joint Business Planning and to drive mutual growth with your retailer partners, read our latest eBook:?