The biggest challenge — and opportunity — facing retailers and suppliers today is partnering together to better understand consumer needs to grow existing categories and create entirely new ones, Jim Flannery, director of global business development for Procter & Gamble told DSNTV in a special edition of DSN Executive Viewpoints.
"What can we do to better understand consumer needs so that we can get that consumer to extend the portfolio of products she's using to meet those needs," Flannery said. For example, "we used to sell toothpaste. Now we talk to our trading partners about the oral care category ... if we can get that customer who's just using paste and [get them] to switch out their toothbrushes every six weeks."
The other way to grow the top line is to create new categories, he explained. "Think of Swiffer. That's a verb now; people 'swiffer,'" Flannery said. "That's a category that didn't even exist before we got into it." For more, including how Procter & Gamble is working with retailers to move the customer relationship from a transaction-based to an engagement-based model, watch the video below.