Review Your Resolutions: Part 2
We all made new resolutions for our business this year. In trying to prioritize some key resolutions into the top 10 ideas for everyone to consider implementing, I came up with a top 5 for retailers and a top 5 for manufacturers. Last month was for retailers; this month, it’s the manufacturers’ turn.
1. Re-evaluate your customer base and keep on building to limit any exposure you might have.
I hear too many stories about manufacturers having too many eggs in too few baskets. When a retailer goes elsewhere for your product, you might be in for too much of a shock to survive.
2. Benchmark your offerings against your competitors’.
Do you know what your competitors are doing to improve? Whether it's innovative co-packers, new packaging capabilities, improved R&D or QA certification, there are areas in which suppliers are spending time and effort. You cannot afford to be left behind.
3. Spend more time in your customers’ stores and those of their competitors.
Retailers often tell me that when the manufacturer reps come calling, they haven’t been into their stores or those of their competitors beforehand. Come on folks, that’s a pretty basic requirement. The truth is out there!
4. Evaluate your uniqueness and development capabilities.
We all think we are unique. But are you? Can you stand up to your competition — in terms of speed to market, innovation, added value, improved service, etc.? Have you reviewed you product development capabilities lately? Sure, we all hear that retailers don’t necessarily want uniqueness. But I’m not talking niche products (although some retailers certainly do seek such capability). I’m talking about giving retailers what they actually do want, and tailoring your process to beat your competitor.
5. Develop your sustainability strategy to withstand the highest scrutiny.
Many of us talk green. But will your company’s practices stand up to scrutiny? Or are you greenwashing? There is credibility to be gained for real initiatives in sustainable practice. Are you getting into this? Or waiting to be told? Please don’t wait any longer.
Like I told retailers last month, don’t let 2010 get away from us. There’s a lot to be done, for sure. And everyone is heads down and hands to the wheel. But don’t forget some strategic thought behind the process. It is never too late for a strategic review and benchmarking of your competition.
The post-recession recovery (if that’s what we are in right now) is a crucial time for continuing the upswing in our private label business. Let’s not miss the opportunity to protect and maintain the progress we have made in the last two years.
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