What makes winning new business in supply chain so difficult?

Developing business for new products and services in unfamiliar markets always carries an element of risk with it. The difficulty in creating sustainable business growth in these uncertain and challenging times is hugely amplified. This is particularly true while clients remain focused on day-to-day resilience, dealing with increasing complexity. How will you assess where to play, differentiate yourself, build relationships to unlock and win new opportunities?

Ultimately it comes down to one question: what makes winning new business in supply chain so difficult?

In my experience – leading business growth across supply chain and commercial functions – developing a clear understanding of where the opportunities, risks and barriers are in the future is key. Businesses with ambition to innovate in new markets, categories and products must learn how to develop rich conversations through better understanding of their customers’ needs across the total supply chain.

There is a sweet spot for collaboration where the supplier’s solution and the customers need align to drive real value. Here are five steps to get you started on your journey:

1. Understand the size of the prize

Assess the market to assess the size of your opportunity. Good research will help you to create a market sizing framework that covers future trends and forecasts across the region with competitor landscape, implications and recommendations.

2. Decide what success looks like for your business

Create a strategy and vision for the future to identify “what success will look like” by category and product, with customer segmentation to set priorities and assign the appropriate resource.

3. Upskill your team

Invest in practical learning to transform your team and bring them along on the journey. Without this step you will struggle to get off the ground in the first place.

4. Apply learnings to the day-to-day

Understand where your new project will sit alongside the day job and what time needs to be carved out to ensure you’re able to keep momentum going.

5. Understand the practicalities

Take time to look at the real impact to your organisation. Ensure outcomes are captured and line managers are equipped to take the learnings forward and embed into personal objectives.

It is a big undertaking, but when done right you’ll reap the rewards for your business for years to come.

If you’re struggling to find the time, knowledge or resource to start your journey this is where IGD can help. We understand retail grocery supply chains all around the world, studying markets and developing actionable insights. We bring together best practice methodology that helps organisations transform commercial competency to drive high growth at speed. We have completed projects with ambitious companies across a range of countries, categories and sizes to help manufacturers and retailers.

We have developed tried and tested solutions to accelerate commercial capability in supply chain, leading to deeper engagement with customers and unlocking valuable opportunities. For a free confidential discussion of your ambitions get in touch at [email protected].