What is JBP in marketing?
JBP means Joint Business Planning. It's like shared business planning, JBP is building winning relationships that benefit both suppliers as well as sellers and improve the good experience for consumers through clear insights.
Basically, JBP is an alignment process between the goods suppliers and sellers that produce breakthrough business plans. The main objective of JBP is to set the alignment of goals and some action plans between the two collaborative parties.
For sellers and suppliers, having a jbp marketing can produce a win-win strategy in growing sales. An effective joint business plan allows suppliers to build stronger relationships with their sellers so both partners can mutually support and take benefit from each other.
When a seller and supplier understand each other's needs and agree on common objectives, they can share insights to support each other and that helps to improve conversion, product growth, and processes.
What are the benefits of JBP?
Some benefits that actually helpful while using the jbp marketing model can be not only financial but educational as well.
Alignment: JBP being aligned on objectives creates clarity on all other areas of the business for both partners. Agreeing on the same goals, no matter how and when they are calculated, keeps both seller and supplier accountable and benefits both to meet expectations.
Exposure: Partnering with another business can bring new consumers and a new platform. In a simple seller/supplier JBP, the seller can sell the supplier’s product to its potential shoppers. At the same time, shoppers loyal to the supplier’s product can be visited the seller's eCommerce website for the first time.
ROI: By partnering with another business with a common goal, the benefits above will provide a better return on investments for both parties when the plan is executed correctly.
JBP Objectives
JBP is designed to deliver shared benefits or objectives, mutual accountability, and a perfect work strategy.
- Shoppers profile creation
- Time to time opportunity identification
- The alignment process focused on the same goal
- JBP including Scorecards and Strategies for both
- Mutually understanding joining plan development
- Understanding the seller Economics
- Differentiate JBP and Align It
- Maintain good contact with customers
Levels of JBP
There are mainly three levels of JBP present.
1. Foundational Level: In this aligns with basic metrics of sales, expenses, profit,
etc. Plan for upcoming new product introductions and necessary adjustments, etc.
2. Advanced Level: Deeper planning. Foundation Level + more complex analysis such as supply chain/logistics efficiencies, and shopper marketing process.
3. Leadership Level: This is the highest level of commitment. Advanced Level + significant investment
in high-return elements of joint value generation such as new product innovation, equity building, and joint products.
How do I prepare for a jbp marketing?
Planning for a joint business plan involves several important steps that can greatly contribute to its success. We want to make sure that we cover all the necessary aspects to ensure a successful outcome.
One important thing to consider is to conduct comprehensive research on the market and the potential partners involved. This research can greatly assist in understanding the goals, objectives, and expectations of all parties involved, as well as identifying any possible challenges or risks that may arise during the planning process.
It is of utmost importance to establish friendly and open lines of communication with our partners in order to foster effective collaboration and coordination. This can be achieved by scheduling regular meetings, creating shared document repositories, and implementing clear protocols for decision-making and problem-solving.
Moreover, it would be really helpful to create a detailed timeline and action plan so that we can stay organized and keep track of all the tasks and activities needed for the joint business plan.
It would be really great if this plan could include some specific milestones and deadlines. That way, we can all stay on track and hold ourselves accountable.
Finally, it is crucial to consistently assess and review the progress of the joint business plan, making any necessary adjustments and improvements along the way to ensure its successful implementation.
By following these steps and putting in enough time and effort into the preparation process, you can significantly improve the likelihood of a successful joint business plan.