How to benchmark business relationships
Rappor Metrics enables FMCG brands and suppliers to measure critical commercial relationships, benchmark performance across their organisation and industry, and monitor progress over time.
Unlike sales, stock and profit figures, the strength of business relationships was notoriously hard to define and often relied on anecdotal or subjective feedback, which made it difficult for business leaders to know exactly where they stood, said Duncan Curtis, director of Rappor Metrics.
Strengthening of business relationships
In contrast, the new service uses structured two-way feedback surveys to measure key relationship metrics based on 30–40 key performance indicators for each product category within chilled and fresh, frozen, confectionery, bakery, crisps and snacks, grocery, drinks, tobacco, household, and health and beauty, providing granular level insight that enabled strengthening of business relationships and smarter ways of working, Curtis claimed.
By collaborating with key industry players in each category, Rappor Metrics is said to offer participants a clear comparison of their performance versus category peers and similar categories, as well as an understanding of best practice operators and benchmarks.
An annual subscription gives access to a user-friendly custom dashboard with historic results and full transparency of performance across different business divisions and functions, as well as the category as a whole. Users can drill down, monitor trends and extract actionable insights from both quantitative and qualitative feedback, said Curtis.
‘Benchmarking and collaboration’
“Many years of experience in the FMCG sector have shown us the need for more transparency, benchmarking and collaboration,” he added. “We are excited about the benefits this granular insight can deliver across all categories.
“It will result in a more secure and efficient supply chain for brands and their customers, and a truly customer-centric business model for suppliers, which will yield greater commercial success across the board.”
To find out more, visit RapporMetrics.com or see Rappor Metrics at the Foodex and Food & Drink Expo shows, taking place at the National Exhibition Centre in Birmingham from April 16–18.
