Joint Business Plans (JBPs) are an important tool for FMCG companies to collaborate with their customers and develop a mutually beneficial strategy.
A great Joint Business Plan with your customer helps with:
Enhanced Engagement: The process of creating a JBP is, in itself, a pathway to drive better quality engagement. Collaborative ways of working are established and refined during the process and endure well beyond the 6-12-week period of creation.
Improved Alignment: JBPs help FMCG companies align their goals and objectives with those of their customers. By working together, both parties develop a shared understanding of what success looks like and how it can be achieved.
Category Centricity: As the common ground between supplier and retailer, collectively identifying and prioritizing consumer & shopper opportunities is central to the JBP process, over both short-term and long-term time horizons.
Enhanced Innovation: JBPs provide an opportunity for suppliers and their customers to share insights, which can lead to shared ideation and fast-tracked New Product Development initiatives.
Increased Efficiency: By working together on a JBP, FMCG companies and their partner customers can streamline their operations, identifying and reducing inefficiencies. This can result in cost savings and increased profitability for both parties.
Better Relationships: A JBP demonstrates commitment to the relationship on both sides. This enables suppliers and customers to build trust and a mutual understanding which in turn fosters a greater willingness to integrate strategies and support each other's platforms and priorities.
Competitive Advantage: With improved communication and mutual understanding, JBPs can help FMCG companies gain a competitive advantage as they better-tailor their approach, and engage earlier, to meet customer needs and preferences (Customer Centricity).
Improved Results: Engaging well together, pooling resources, following a practical and powerful JBP process and executing shared plans together improves business performance and creates joint value.
Our Top Tips to a great JBP
Stage 1: Groundwork & Intent
Stage 2: Situation Assessment
Stage 3: Strategy Integration
Stage 4: JBP Development
Stage 5: Execution and Ways of Working
Shape the Future, don't be Shaped by It
In summary, Joint Business Plans enable FMCG companies to collaborate with their customers and develop mutually beneficial strategy, plans and ways of working. They improve alignment, increase efficiency, enhance innovation, build better customer relationships - ultimately delivering better ongoing commercial results and often creating competitive advantage.
Whilst different customers will have different preferences on how to do a JBP with them, the journey is as important as the destination. We've shared some tips that, in our experience, help you and your customer get the most out of JBP together.
Finally, a thought: If a job is worth doing, it’s worth doing extremely well. Set yourself up for success with JBPs by carefully considering these top tips, and for more support, please reach out to us at Real World Marketing.
Why Real World Marketing?
Our experienced consultants and trainers are former FMCG leaders who have guided some of the brightest minds in o
ur field. With deep-rooted expertise in the consumer goods industry, we are well-placed to support you and your teams as trusted coaches and mentors, with help tailored to your unique requirements.