The full report, available here, uncovers four priority sales capabilities that are crucial for organizations to focus on. Over the past few weeks, we have been providing a short brief of each of those priority areas, which is expanded upon in the report.

The last of the four priorities is Strategic Partnerships, a way of understanding not only how to build new connections, but how to leverage them differently in the future.

Retailers and manufacturers alike face common post-COVID challenges, including unreliable sales history over the past two years, making it difficult to forecast consumer and shopper response accurately. Moreover, historic levels of sustained inflation are stretching and reshaping shoppers’ purchasing power and perceptions of value.

Navigating this uncertain post-COVID period requires experimentation, as both sectors grapple with evolving market dynamics and consumer behaviors. However, it’s essential to recognize that retailers’ and manufacturers’ data and operational sophistication are developing at uneven rates. Therefore, manufacturers need to invest with retailers based on their current capabilities rather than solely their long-term aspirations, fostering collaborative growth strategies that align with present realities.

The technical capability to target and influence specific shopper behavior is rapidly advancing, shifting focus from accumulating larger, potentially redundant datasets towards refining data to engage mutually attractive shoppers. Despite having complementary data, retailers and manufacturers have yet to fully share this valuable resource.

To capitalize on this potential, risk-taking and investment within strategic partnerships are necessary. Proprietary datasets are primed for sharing, but establishing confidential spaces and securing senior leader alignment are crucial to developing market-leading models. It’s critical to identify retailers equipped with the necessary operational and technical capabilities to foster successful collaboration and drive innovation forward.

In conclusion, as the retail landscape continues to evolve amidst unprecedented challenges and opportunities, it’s evident that the keys to success lie in agility, collaboration, and innovation. By embracing technology, fostering strategic partnerships, and prioritizing the development of essential skills, both retailers and manufacturers can navigate the complexities of the post-COVID era with confidence.

As we move forward, the imperative remains to adapt, experiment, and evolve, ensuring that we not only meet but exceed the ever-changing expectations of today’s consumers. Together, by leveraging insights, creativity, and resilience, we can shape a future where sustainable growth and mutual prosperity thrive.