Making your best better – Part 1
In this new 5-part series, we look at the role some of the foundational commercial processes that manufacturers and brands use to manage relationships with their most important retail customers, and how these are helping businesses to be their best.
In part one we look at “Make your Best Better”, nearly all employees inside a brand are tasked with growth.
For employees in a CPG or manufacturing company tools attached to managing category management and promotional optimization processes are key soldiers in that fight.
But they all suffer from a critical shortcoming: their deep reliance on historical data, which makes it difficult for them to model transformational growth
To overcome this shortcoming, what are some of the critical success factors to “making your best better?”
- Take a abundant, wide-angle market view:
- In the Institute for Real Growth (IRG) a critical factor from successful brands is the ability to see a wider market. By blending a wider market lens into your process and systems, your strategic vision will reach a broader section of the market.
- Embrace abundant tools:
- At an assortment level, knowing which SKUs genuinely expand a category’s economic footprint is essential. Understanding the true interplay of category-level demand makes the “best” category solution a stronger economic proposition for the retailer as well.
- Sustain abundant revenue growth:
- A better “best” is one where revenue growth management principles are integrated into category strategy to guide product innovation. Revenue growth management can and should be a guide to building a category with greater economic potential.
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