Data has power.
In today’s world, data is an undeniable asset and maximising its value is
critical to a retailer’s success. Let’s look at five key pillars for creating a
successful commercialisation programme:
Strong retailer endorsement
It’s important that there is strong endorsement for the programme
across all key stakeholders. Enlist senior leadership to support the
programme and to act as advocates, setting clear expectations
for suppliers to participate. Invite merchants and other key team
members to participate in training activities and engage with
suppliers to demonstrate their support for the programme. This
is not a “one off” event, it involves continued reinforcement of the
importance of the customer across all interaction with suppliers.
Build a framework for embedding customer insights into your
category and joint business planning processes, ensuring that you
keep the customer at the heart of your decision making. Establish a
consistent process for merchants to work closely with suppliers to
set measurable objectives and KPIs for incorporating customer data
and insights into their plans and recommendations. When retailers
fully commit and embed a customer-centric approach, suppliers are
able to fully engage and maximise the return on their customer data
Set an expectation with suppliers that customer data and insights
should be an integral part of all joint business planning discussions -
and that you will test and implement category recommendations that
are based on valid customer and category insights. Establish annual
supplier events involving senior leadership and merchandising teams.
Celebrate successes, showcase best practices and share knowledge.
Ensure that your platform can integrate multiple data sources, while
providing a consistent, single view of the customer for your internal
and external users. Cutting edge technology provides fast, flexible, and
intuitive tools that can handle massive data sets effectively. Futureproof
your programme by ensuring that your data storage, processing and
reporting capability can adapt and be customised as your needs evolve.
Performance measurement and tracking
The ability to quantify the value for your supplier community is critical
to the ongoing success and growth of the programme. Set mutually
beneficial objectives and measure your suppliers’ performance in both
commercial and customer terms. Work collaboratively with them
to ensure that they realise the benefit of positive performance.
Get these pillars right and you are on your way to better decision-making
and a more meaningful way to collaborate with your suppliers. A shared
view of the customer and the right tools to harness the in-depth customer
insights, gives retailers the power to develop a more shopper-centric
strategy, make more effective business decisions, and sustainably grow
top and bottom-line revenue.